Elvis week hits stride as buyout buzz heats up

Thousands of Elvis Presley fans have gathered on Memphis for the annual commemoration of the American music icon’s life and death. At the same time, CKx Inc., “American Idol” franchise owner and 85 percent of Elvis Presley Enterprise, has at least two offers to buy the company.

While “American Idol” is CKx’s main money maker, Elvis is still an earner. The company owns all the rights to its name, image and likeness of the said franchise. Last year, Elvis, who died in 1977, earned more than $60 million in revenue from royalties.

Robert Sillerman, the company’s former CEO, and Simon Fuller, the British media mogul who created the “Idol” franchise before selling his company, 19 Entertainment, to CKx in 2005 are among the familiar faces to have offered by CKx.

CKx CEO said that “There is upside and growth to Elvis, and I think anybody who would buy it is someone who’s going to come in and believe they can take it to the next level,”.

Category: Celebrity, Entertainment, Events