Apollo Buys "American Idol" Owner CKx Inc.--UPDATED

Buyout shop Apollo Global Management will acquire publicly traded CKx Inc., a company that owns the rights to the name, image and likeness of Elvis Presley; the "American Idol" television series; and other entertainment properties. The deal is valued at about $510 million. Apollo will pay CKx shareholder $5.50 per share, a 40% premium over the company’s average closing price over the past six months. Goldman Sachs is providing debt financing for the deal.

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