NEW YORK (CelebrityAccess MediaWire) — CKX, Inc., parent company behind 19 Entertainment, and the estate of Elvis Presley among others has announced its financial results for 2008.
Overall, revenue for CKX rose 8% over to $288.1 million, substantially due to increases at 19 Entertainment, the company behind American Idol, which was up 37.1% from last year. This offset sharp declines in the Elvis Presley (12.8%) and Muhammad Ali (63.8%) businesses.
Operating income before depreciation, amortization, non-cash stock compensation and non-cash impairment charges ("OIBDAN") rose 45.1 percent to $96.7 million in 2008.
"We are pleased to report significant growth in our 2008 revenue and OIBDAN. These exceptional results are a testament to the strength of our underlying brands, including American Idol and Elvis Presley. With several new initiatives already underway and planned, the outlook for 2009 and 2010 continues to be extremely positive." said Robert F.X. Sillerman, CEO and Chairman of CKX. – CelebrityAccess Staff Writers