PRIVATE EQUITY FIRM EYES IDOL PARENT COMPANY
One Equity Partners, the private equity arm of JPMorgan Chase & Co, has reportedly made an offer for the show's parent company, CKX, for about $6 a share.
A deal at that price would value the company at approximately $558 million.
The purchase doesn't include either Simon Cowell or Paula Abdul.
"In response to market rumors, CKX confirmed today that it is engaged in discussions regarding a possible transaction involving the sale of the company," it said in a statement.
Owned by media magnate Robert F.X. Sillerman, who sold his concert promotion and sports agency SFX Entertainment to Clear Channel in 2000 for $4.4 billion, CKX has proprietary rights not only to the Idol's worldwide television brand, but also to the names, images and likenesses of Elvis Presley and boxer Muhammad Ali. Sillerman originally acquired the majority rights to Idol through a cash and stock deal with Simon Fuller's 19 Entertainment in March 2005 worth a reported $192 million.
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A CHORUS OF PRAISE: IVORS 2024 NOMS
