CKX agrees to revised offer from 19X

By Lisa Kerner

Charlotte, N.C., May 28 - The board of directors of CKX, Inc. agreed to a modified buyout offer from 19X, Inc. of $12.00 per share.

It was previously reported that CKX agreed to sell the company to 19X for $13.75 per share.

In addition, the outside closing date has been extended to Oct. 31 and the break-up fee payable to CKX was increased by $500,000, a CKX news release said.

The deal requires the approval of at least 73% of CKX's outstanding shares, according to the release.

CKX will conduct a new go-shop period that will last 45 to 60 days.

The revisions were attributed to changes in the market for media companies and buyout transactions in general, according to CKX.

As previously reported, the sale of CKX will be accomplished through a merger with 19X, a private company owned and controlled by Robert F.X. Sillerman, chairman and chief executive officer of CKX, and Simon R. Fuller, a CKX director and CEO of 19 Entertainment Ltd., a wholly owned subsidiary of CKX.

New York-based CKX owns and develops entertainment content.

London-based 19 Entertainment produces entertainment properties, including "American Idol."

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