CKX, Inc. Announces Director Change
Company to fill vacancy within regulatory timeframe
NEW YORK, Jan 23, 2009 (BUSINESS WIRE) — On January 15, 2009, CKX, Inc. (NASDAQ: CKXE) disclosed that John D. Miller, one of the Company’s independent directors, had resigned from the Company’s Board of Directors, effective January 12, 2009. Mr. Miller had served as a Director of the Company since February 2005 and was a member of the Audit Committee and the Compensation Committee. In disclosing the resignation, the Company noted that Mr. Miller had proposed that the Company consider making an investment in an unaffiliated company in which he holds an equity interest and for which he serves as a paid advisor and was therefore resigning to minimize any perceived or potential conflict of interest arising from such consideration and potential investment. Notwithstanding his resignation, the investment transaction proposed by Mr. Miller as referenced above will be subject to the Company’s review process for related party transactions and, if consummated, will be disclosed in accordance with the SEC rules and regulations regarding disclosure of related party transactions.
About CKX, Inc.
CKX, Inc. is engaged in the ownership, development and commercial utilization of entertainment content. To date, the Company has focused on acquiring globally recognized entertainment content and related assets, including the rights to the name, image and likeness of Elvis Presley, the operations of Graceland, the rights to the name, image and likeness of Muhammad Ali and proprietary rights to the IDOLS television brand, including the American Idol series in the United States and local adaptations of the IDOLS television show format which, collectively, air in over 100 countries around the world.
On March 17, 2005, we acquired 19 Entertainment Limited and entered into a long-term employment agreement with Simon Fuller, its founder and the creative force behind its most successful projects. In addition to continuing to oversee the operations of 19 Entertainment and its subsidiaries, Mr. Fuller will play a key role in planning and implementing our overall creative direction. 19 Entertainment, based in the United Kingdom, is a leading creator, producer and promoter of entertainment properties. Since forming 19 Entertainment in 1985, Mr. Fuller has been instrumental in creating, developing and marketing multiple globally successful and profitable entertainment properties, including the Spice Girls, S Club 7 and, most recently, the IDOLS television show format. Each of these was conceived as a multi-platform entertainment property and has experienced substantial success on a worldwide basis, generating multiple revenue streams, including recorded music, music publishing, television, film, merchandising, sponsorship, artist management and promotion. Recently, 19 Entertainment entered into a partnership with David Beckham and Victoria Beckham. We believe the partnership with the Beckhams creates an ideal opportunity to develop and share in new and valuable content and relationships, each offering multiple revenue opportunities across various entertainment platforms and distribution channels. The company has recording contracts with and/or manages or has managed former American Idol and Pop Idol participants, such as Kelly Clarkson, Chris Daughtry, Carrie Underwood, Ruben Studdard ad Clay Aiken.
On August 9, 2005, we acquired Morra, Brezner, Steinberg & Tenenbaum Entertainment, Inc. (”MBST”) a leading manager of comedic talent and producer of motion pictures and television programming, and entered into long-term employment relationships with the principals of MBST, Larry Brezner, David Steinberg and Steve Tenenbaum, who continue to oversee the day-to-day operations of MBST. MBST is a full service management company with a roster of more than 35 clients, representing an array of Oscar, Tony, Emmy and Grammy winning artists including Robin Williams, Billy Crystal and Woody Allen, jazz legend John Pizzarelli, comedian/writer Jeff Ross, comedian Jim Norton and director Bob Weide. MBST has had an advisory relationship with Apple Corps, the holding corporation for the Beatles, for more than 15 years. In addition to its management activities, MBST has been responsible for the production of numerous motion pictures and television productions over the years, including Arthur, Good Morning Vietnam, Throw Momma From the Train, The Vanishing, The Greatest Game Ever Played and Match Point.