‘Idol’ Parent Poised for Blockbuster Deal (CKXE, LCAPA, TWX, WMG, CBS, CRWN, DIS, DISCA)
TV magnate Simon Fuller and former banker Roger Jenkins are expected to bid $600 million for CKX (CKXE), the entertainment company behind “American Idol” and “So You Think You Can Dance”, according to The Wall Street Journal. Fuller, who created the “Idol” franchise, and Jenkins have reportedly raised a $1 billion fund with which to make business acquisitions.
As a whole, the Diversified Entertainment Stocks Index is up 1% on the day. CKX is soaring by 22% for the day and 27% for the week.
The former chairman and CEO of CKX, Robert F.X. Stillerman, recently resigned from the company. Stillerman had been trying to take to company private for years. According to <>?The Wall Street Journal, three years ago he and Fuller tried, but were unable to raise the needed capital given the then developing financial downturn. Stillerman is still the largest shareholder in CKX with 20% of the shares.
Elsewhere in the sector, Liberty Media Capital Shs (LCAPA), Time Warner (TWX), and Warner Music Group (WMG) are all trading positively for the day, up around 1%. CBS (CBS), Crown Media Holdings (CRWN), Walt Disney (DIS), and Discovery Communications (DISCA) are all moving lower for the day by about -1%. Over the last week, all of the index’s components have moved higher.
Investors can track theDiversified Entertainment Stocks Index for performance trends and a suite of other metrics at tickerspy.com
|Home | Find | Research | Track | Register | My Account | Logout||Web site design by LightMix|
|© 2010 Indie research Corp. All rights reserved.|