CKX purchased for $509 million
By Various News Sources
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CKx Inc., the parent company of Elvis Presley Enterprises since 2005, will now be in the hands of a New York private equity firm.

As key shareholders in CKX,
Priscilla Presley (Elvis' EX-Wife) and daughter Lisa Marie Presley gave the OK for Apollo Global Management to buy it for
$509 million. CKX, which owns
Elvis Presley Enterprises and a part in Graceland, is partnered with Cirque du Soleil and MGM Resorts in Viva Elvis at Aria.

The megabucks deal also includes an 80 percent interest in licensing rights to
Muhammad Ali, who is managed by Siegfried & Roy’s Las Vegas guru Bernie

The company manages investment capital for institutional investors with a goal of restructuring corporations, making leveraged buyouts and then taking a
minority position in the companies.

Graceland becomes Apollo’s property seven years into a stalled expansion of the mansion’s footprint even as CKx expanded the spread of the Elvis image

Since CKx CEO
Robert Sillerman announced the company’s acquisition of the majority share of Graceland and the image and intellectual property of Elvis
in 2005 from The Promenade Trust – the estate of the late entertainer – there have been plans to create new Elvis-themed attractions.

The centrepiece was a $250 million proposed expansion and reconfiguration of the area around the entertainer’s Whitehaven mansion. Sillerman, in
particular, talked about a restoration of the mansion to its 1970s appearance and moving the plaza on the other side of Elvis Presley Boulevard to the same
side of the street as the mansion. The plaza property land would then be used for an expansion of Elvis-related shops, hotels and resort type attractions.

Elvis Presley Enterprises even bought several apartment complexes west of the plaza property and north of the mansion as part of the expansion and
demolished the apartment units.

As that was going on, the Elvis image took up permanent residence in Las Vegas with a
Viva ELVIS Cirque du Soleil show that opened in 2008.

But the Memphis-based plans ran into the national economic recession and have stalled since then with CKx executives saying they still intended to pursue
them but over a longer time frame or by separating pieces of the plan.

Sillerman, who had been the point person for the new Graceland image and presence, resigned as chairman and CEO of CKx n May 2010 but has remained
the largest shareholder in the company. He has also served as a consultant to the company since his departure from its ranks. When he left as CEO,
Sillerman said his intent was to try to buy CKx.

As the largest shareholder, Sillerman’s approval was required for the acquisition by Apollo. So was the approval of The Promenade Trust. Both have approved
of the merger.

The CKx board has recommended approval of the deal, which now goes to CKx stockholders who would get $5.50 in cash for each share they hold. It is a 40
percent premium over CKx’s average closing price for the last six months and a 25 percent premium over the closing price of the stock on Monday.

CKx canceled a first quarter earnings call with investors scheduled for Monday morning.

CKx reported it earned $7.2 million in the first three months of the year with a 20 percent drop in revenue.

The quarterly report also shows a 7.5 percent decrease in visitors to Graceland from the first quarter of 2010. The report attributed the drop to 80,524 visitors
in the three months to “inclement regional and national winter weather and a later Easter Holiday.” The first quarter of 2010 also included numbers from a one
time concert series in Europe that boosted attendance.

The first quarter report also shows CKx earned $1.4 million in revenue for the three months on the VivaELVIS Cirque du Soleil show in Las Vegas and another
$1.8 million in royalty based revenue from the intellectual property related to the permanent live theater show.