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UPDATE: Sillerman Completes Elvis Deal

(CelebrityAccess MediaWire) — Robert F.X. Sillerman, the mastermind behind acquisitions giant SFX, has purchased an 85% controlling interest in entities that own the name, image and likeness of Elvis Presley and his properties, including Graceland.

The company that acquired the rights is going by the business name CKX, and plans to acquire, control, develop and build content in various forms of media.

Sillerman commented, “We are excited to launch CKX with our investment in the Presley assets. I can think of no better way to introduce our artist-centered business than to reintroduce Elvis Presley in this digital age,” in a press release from the company.

CKX purchase included $50.1 million in cash, 1.49 million shares of Series B Convertible Preferred Stock and 500,000 shares of common stock, as well as money to cover a $25.1 million business debt incurred by the Presley estate. –by CelebrityAccess Staff Writers