CKX Not For Sale
CKX is off the shopping block, after all. After saying “thanks, but no thanks” to former chairman Robert Sillerman, the “American Idol” franchise owner said Oct. 27 that it has broken off talks to sell itself.
“While the board was contacted by a number of potential parties and received and reviewed several expressions of interest in an acquisition … or controlling interest in the Company, the Board did not receive any proposals that it felt were in the best interests of the shareholders,” according to a CKX statement.
Chief exec Michael Ferrel added, “With the conclusion of sale discussions, we are excited to continue driving growth through our terrific set of core assets and improving the overall profitability of the Company.” He said CKX would continue to build on the “major progress” already made in the restructuring of 19 Entertainment.
Among those believed to be suitors for at least a piece of the company were private equity firms One Equity Partners and Apollo Management, and Sillerman.
CKX owns marketing rights to Elvis Presley and Muhammad Ali in addition to 19 Entertainment and the “Idol” franchise.