via Hollywood Reporter:
NEW YORK — 19 Entertainment owner CKX expects to unveil before month’s end a long-term extension with Fox for the hit show “American Idol, ” CKX chairman and CEO Robert Sillerman said on an investor conference call Tuesday.
Sillerman lauded “Idol” judge Simon Cowell, who is leaving after this season, as a great talent but argued “Idol” is bigger than one man.
“As talented as Cowell is…’Idol’s’ future with this long-term extension is guaranteed, ” he said on the call.
He also lauded the “Idol” premiere week ratings as “spectacular.”
Fox has a deal for “Idol” through next season and had been close to securing the show for what is believed to be three additional years.
Simon Fuller’s consulting deal with CKX will not only earn him 10% of Idol’s profits, but allow him to branch out into film production, an area Sillerman had no interest. Fuller is considering a movie about the life and times of Elvis Presley. CKX holds the rights to Presley.
Also, Simon Cowell just signed a deal with Sony, swapping 100% ownership of his production company SYCO for a 50% stake in the new joint venture. Cowell and Sony will bring the UK hit X Factor to FOX in the fall, 2011.
Looks like everybody involved has plans to make lots of money. We’ll see how it all shakes out.