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Monday, June 7, 2010

Azoff Eyes Idol

AZOFF EYES IDOL: Irving Azoff is reportedly set to back Allen Shapiro's fight to buy American Idol franchise owner CKX Inc. The N.Y. Post reports he is ready to invest as much as $200 million for between 25 and 33% of the company. Shapiro’s bid is backed by One Equity Partners, an arm of JPMorgan Chase. A group headed by Simon Fuller, an American Idol principal who sold his company, 19 Entertainment, to CKX in 2005 for $300 million, is the other bidder, with an offer of $600 million. CKX, valued at $460 million, owns the rights to Elvis Presley and Muhammad Ali, among others. Robert Sillerman, who retains a 20% stake in the company, unexpectedly stepped down a few weeks ago, replaced by CEO Michael Ferrel. (6/7a)

 
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