19X can't close CKX acquisition by Oct. 31 deadline; alternative offer possible

By Lisa Kerner

Charlotte, N.C., Sept. 22 - 19X, Inc.'s Robert F.X. Sillerman said the company doesn't believe it can close its pending acquisition of CKX, Inc. at the current price of $12 per share or by the Oct. 31 transaction deadline.

Sillerman blamed the recent turmoil in the financial sector and the related tightening of the financing markets, according to a CKX news release.

However, Sillerman said he intends to approach CKX's board of directors with an alternate acquisition proposal by Oct. 31.

CKX said it is reviewing its alternatives and will consider any proposal presented to it, including a revised proposal by Sillerman.

New York-based CKX owns and develops entertainment content.

19X is a private company owned and controlled by Sillerman, the chairman and chief executive officer of CKX, and Simon R. Fuller, a director of CKX and the CEO of 19 Entertainment Ltd, a wholly owned subsidiary of CKX. London-based 19 Entertainment produces entertainment properties, including "American Idol."

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