Private equity firm Apollo considers CKX deal
'American Idol' producer has been on the block for monthsThere is new life in the long-running sales process of CKX Inc., the entertainment firm that owns the "American Idol" franchise and rights to Elvis Presley and Muhammad Ali, the New York Post reported Tuesday.
Private equity firm Apollo Management has held meetings with the two main suitors - Allen Shapiro, CEO of Mosaic Media Group, and Robert Sillerman, CKX's founder and former chairman and CEO.
Amid a lack of bidding activity, CKX recently signalled that it plans to finalize a potential sale or decision to take itself off the auction block soon. Apollo is considering the best way to finance a possible deal and which suitor would yield more success, according to the Post.
Sillerman has said he is eyeing a takeover offer of up to $535 million. Meanwhile, reports have said that JP Morgan Chase's One Equity Partners has decided not to pursue a deal.