'American Idol,' 'So You Think You Can Dance' for sale? Do you have $558 million?
According to the Wall Street Journal, "One Equity Partners, J.P. Morgan Chase & Co.'s private-equity arm, is nearing a deal to buy out CKX Inc., the owner of the blockbuster television enterprise "American Idol" and "So You Think You Can Dance," for roughly $6 a share, according to people familiar with the matter."
At $6 per share, the entire franchise would be worth $558 million.
"In response to market rumors, CKX confirmed today that it is engaged in discussions regarding a possible transaction involving the sale of the company," it said in a statement.
CEO Robert F.X. Sillerman has said that he is "extremely frustrated" with the stock price and who can blame him, as he turned down an offer in 2007 to sell the company at $13.75 per share, which valued it at over $1.3 billion.
One has to think the decline in stock price is due to both producer Simon Fuller leaving CKX, Inc. and Simon Cowell leaving "American Idol" at the end of the current season
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Photo credit: FOX