Key Developments For CKX, Inc.
CKX, Inc. (CKXE.O) (Nasdaq)
CKX Inc.'s 19 Entertainment Acquires 51% Of Storm Model Management
CKX Inc. announced that 19 Entertainment, a wholly owned subsidiary of the Company has acquired a 51% ownership stake in Storm Model Management Ltd, the UK-based model agency run by Sarah Doukas and her brother Simon Chambers. The financial ters were not disclosed.
CKX Inc. Announces New Partnership With Ryan Seacrest
19 Entertainment, a wholly owned subsidiary of CKX Inc. announced a new partnership with Ryan Seacrest. The television and radio host, successful producer and entrepreneur has committed to a new, long-term agreement that secures his availability as host of the No.1-rated TV show American Idol through 2012. The partnership will provide the opportunity for Mr. Seacrest and his wholly owned Ryan Seacrest Productions banner (RSP) to work together with American Idol creator Simon Fuller on new entertainment endeavors. These new projects will be in addition to both of their continuing commitments to American Idol.
CKX Inc. And 19 Entertainment Limited Announce Co Production Deal With ITV
19 Entertainment Limited, a division of CKX Inc. announced that it has entered into a non exclusive co production and co development deal with ITV Studios, the production arm of United Kingdom television company ITV. The agreement calls for 19 Entertainment and ITV to work together to create six new, unscripted television formats for broadcast in the U.K. and throughout the world, with 19 and ITV sharing equally in the rights to the co developed programs.
CKX Inc. Announces Resignation Of Michael G. Ferrel As President-DJ
Dow Jones reported that President, Michael G. Ferrel of CKX Inc. notified the Company that he is resigning from his position.
CKX Inc. Agrees To Revised Buy Out Offer From 19X
CKX Inc. announced that its Board of Directors has reached an agreement in connection with the revised acquisition proposal made by 19X, Inc., on May 12, 2008, to modify certain terms of the pending agreement to acquire CKX. . The revised terms include the following; 19X will pay each CKX stockholder $12.00 per share in cash; The outside deadline for closing the transaction has been extended to October 31, 2008; 19X has agreed to increase the break-up fee payable to CKX in the event that the merger is not completed by the new outside deadline by offering an additional $500,000 payable in cash, and by reducing the value of the stock, if any, used to pay the initial $37 million fee from $12.00 to $11.08 per share. As a result of the reduction in the attributed stock price, Mr. Sillerman, on behalf of 19X, would pay to CKX approximately 256,016 additional CKX shares as part of the break-up fee if 19X elected to pay in shares; Stockholders holding at least 73% of CKX's outstanding shares must vote in favor of the deal for the deal to be approved rather than 50%, as provided in the original transaction; and CKX will conduct a new go shop period that will last not less than 45 and no more than 60 days, during which time the Special Committee, through its financial advisor, will actively solicit superior offers for the CKX.
