CKX sells itself to Apollo

FROM GRACELAND TO APOLLO: CKX agreed to sell itself this morning to private equity firm Apollo Global Management in a deal valued at $509 million, the L.A. Times website reports. Apollo said it had the support of CKX founder and key shareholder Robert F.X. Sillerman, who is now a consultant to the company. Besides American Idol producer 19 Entertainment, founded but no longer owned by Simon Fuller, CKX operates Elvis Presley's Graceland and an 80% interest in licensing rights to the name and image of Muhammad Ali. Both Fuller and Sillerman had reportedly kicked the tires of the company last year, as had One Equity Partners, a private-equity arm of JP Morgan Chase that had teamed up with Hollywood veteran deal-maker and Mosaic Media head Allen Shapiro. More recently, the Gores Group made an offer that the CKX ignored. Under the terms of the deal, CKX shareholders will get $5.50 per share. The board said it would recommend that its shareholders accept the offer. (5/10a)