Sillerman’s Function (X)

“American Idol” owner and CKX head Robert Sillerman has a new venture up his sleeve.

In a $3.6 million deal, Sillerman recently acquired control of Gateway Industries, a company that specializes in database development and web site design/development that had no revenue last year. Following news of the sale, Gateway shares closed at $1.89, or a gain of about 14,000 percent. The stock had been trading for about one cent.

Sillerman’s new company will be called Function (X). Details regarding the new venture have yet to be disclosed.