Sillerman's Exit Strategy

NEW YORK (CelebrityAccess MediaWire) — Robert F.X. Sillerman will have a soft landing after he takes his bow from CKX and his exit package includes a cash payout of $3.3 million along with a "consulting fee" of a cool $1 million clams.

Sillerman's exit package also includes $25,000 a month to defray the cost of new office space, a car, driver and an administrative assistant. CKX is also picking up the tab for his health insurance for the next three years, to the tune of $75,000 and recompensing him $100,000 for his unused vacation time.

Sillerman, who in 2005 founded CKX, the parent corporation behind "American Idol" producers 19 Media, is still the firm's largest shareholder, sitting atop a 20.6% stake in the company. Sillerman announced his resignation in early May, has already indicated that he's considering making a bid for the company, the Los Angeles Times reported.

Other potential buyers who have expressed possible interest in CKX include JP Morgan Chase's private equity shop One Equity Partners as well as Allen Shapiro's Mosaic Media Group, a management company launched in 1999 by Eric Gold and Jim Miller, younger brother to Fox News contributor Dennis Miller. – CelebrityAccess Staff Writers

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