(CelebrityAccess MediaWire) —
CKX, Inc. was added to the Russell 1000 Index, the Russell 2500 Index, the Russell Midcap Index, the Russell Midcap Growth Index, the Russell Small Cap Completeness Index and the Russell Small Cap Completeness Growth Index, according to the final membership lists released by the Russell Investment Group on July 1. The Russell 1000 Index measures the performance of the 1,000 largest companies in the Russell 3000 Index and is constructed to provide a comprehensive and unbiased barometer for the large-cap segment of the U.S. equity market.
"This is an important achievement for CKX at this early stage in our development and reflects the fact that investors are interested in our growth strategy and accomplishments to date," said Robert F.X. Sillerman, chairman and chief executive officer of CKX. "We believe that being a member of the Russell indexes will increase our visibility to the investment community and facilitate greater fund interest in our stock."
CKX recently raised $253.0 million in a public stock offering and was added to the Russell 3000 Index in June 2005.
Russell indexes are widely used by investment managers and institutional investors for index funds and as benchmarks for both passive and active investment strategies. More than $2.5 trillion in assets currently are benchmarked to them. Investment managers who oversee these funds purchase shares of member stocks according to that company's weighting in the particular index. The Russell 1000Index offers investors access to the extensive large-cap segment of the U.S. equity universe representing approximately 92% of the U.S. market. –Jane Cohen and Bob Grosswiner