American Idol firm goes for $509 million and Elvis's girl gets a chunk
Two big names from the past , Elvis Presley and Muhammad Ali, are in the headlines in a big showbusiness deal today
The CKX company, which has been up for sale for years, announced the $509 million deal with Apollo Global Management today.
CKX shareholders will get $5.50 per share and the board is recommending that they accept the offer.
Apollo said it had the support of CKX's two key shareholders. One is Promenade Trust, the company's partner in Elvis Presley Enterprises, whose sole beneficiary is his daughter, Lisa Marie Presley.
CKX operates Elvis Presley's Graceland mansion and has an 80% interest in licensing rights to the name and image of Muhammad Ali. The other shareholder supporting the deal is company founder Robert F.X. Sillerman, now a consultant to the company.