NEW YORK (CelebrityAccess MediaWire) — CKX has reportedly ended talks with investors looking to purchase the company, including efforts led by former CEO Robert F.X. Sillerman and by "American Idol" creator Simon Fuller.
In a statement released by CKX, the company said its board of directors "did not receive any proposals that it felt were in the best interests of shareholders" and had determined to "discontinue discussions and intends to continue to operate the company on a stand-alone basis."
CKX had received several offers, which were reported to be in the $500-600 million range, but the company didn't appear to weigh them seriously. The company, who's largest revenue source comes from the Fox show "American Idol", seems to be gambling that new celebrity judges such as Jennifer Lopez and Steven Tyler will extend the show's lifespan. While ratings for recent seasons of the long-running talent show are off of their highs, season finales are still pulling in more than 24 million viewers and the show is one of the most highly-rated in television history.
As previously reported in CelebrityAccess, Sillerman had left his post as CEO at CKX on May 7th, with an eye towards buying the publicly traded company and had been working with private equity group One Equity Partners on a bid for the firm. Sillerman's offer was rejected, despite coming in at $5.50-$5.75 per share, more than a dollar over the $4.31 NASDAQ share price for CKX at the time of the offer. Sillerman remains the company's largest shareholder, holding 20.6% of the firm's outstanding shares. – Ian Courtney