'American Idol' Owner CKX Ends Sales Discussions
Company decides to go it alone as CEO vows to boost financials
NEW YORK - CKX Inc., the company behind the American Idol and So You Think You Can Dance TV franchises, is off the auction block again.
The company, which also owns the rights to the Elvis Presley and Muhammad Ali names, said Wednesday that it has finished considering a potential sale with founder and former CEO Robert "FX" Sillerman, Idol creator Simon Fuller and private equity groups having reportedly been in the hunt.
Fuller and Sillerman also tried to take the company private together a couple of years ago.
"While the board was contacted by a number of potential parties and received and reviewed several expressions of interest in an acquisition of the company or a controlling interest in the company, the board did not receive any proposals that it felt were in the best interests of shareholders," the firm said in a statement, adding it "intends to continue to operate the company on a stand-alone basis."
Management recently said that it would decide on either a sale or going it alone well before year's end given that the process had been going on since at least March.
CEO Michael Ferrel his team will focus on "driving growth through our terrific set of core assets and improving the overall profitability of the company."