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Apollo to Buy TV Production Company CKx
As reported in The Wall Street Journal, The New York Times "DealBook," Bloomberg, the Los Angeles Times, Reuters, and others, Paul, Weiss advised Colonel Holdings, Inc., an affiliate of our client Apollo Global Management, in its agreement to purchase CKx, Inc., the company that owns the rights to the television shows "American Idol" and "So You Think You Can Dance," for approximately $510 million.
Under the terms of the agreement, announced on May 10, CKx stockholders will receive $5.50 in cash for each share held, a price representing an approximately 40% premium over CKx's average closing price over the past six months and an approximately 25% premium over the closing price yesterday.
The assets owned by CKx, which include the names and likeness rights for Elvis Presley and Muhammad Ali, present a strong foundation for Apollo, which has a successful history of investing in the media and entertainment sector, to build upon.
The Paul, Weiss team advising Apollo includes corporate partners Neil Goldman, Charles H. Googe and James H. Schwab; tax partner David R. Sicular; employee benefits partner Lawrence I. Witdorchic; and real estate partner Meredith J. Kane.