Back in this May 11 Times article Simon Fuller, creator of American Idol, said that Robert Sillerman, who bought and merged Fuller’s 19 Entertainment into his company, CKX, was “teaching him the financial world on a grand scale.” Fuller said he did not mind being on salary, because one day, he would run his own business again.
It looks like that day has come.
Simon Fuller, together with Robert Sillerman, launched a $1.3 billion management buy-out of CKX, it was announced on Friday.
CKX will be going private through a merger with 19X, Inc. a private company owned by Sillerman and Fuller. According to Business Week, “The cash portion of the offer is a 29% premium to CKX’s closing share price of $10.63 on Thursday. On Friday, shares soared to a high of $15.34 before coming back a bit.”
Shareholders will receive $13.75 in cash and one share of FX Luxury Realty LLC for each share of CKX.
