MOST POPULAR reality show of American TV 'American Idol' is up for sale, it received an offer of acquisition on Friday from a group of investors led by British media baron Simon Fuller.
CKK Inc. said it is evaluating the proposal and other strategic alternatives. Fuller created the “Idol” franchises but sold it to CKK in 2005. As per reports, former Barclays banker Roger Jenkins offered $600 million to CKK for the deal. Fuller and Jenkins have created a $1 billion fund fro the acquisition.
Earlier, Robert F.X. Sillerman, CKK'S founder, chairman and CEO, resigned and said he was considering buying the company. He is the single largest shareholder with 21% stake.
Fuller's latest interest come after a nine-year successful run of the show, which said goodbye to its famously caustic judge Simon Cowell on Wednesday.
Although 'American Idol' remains the top show in its category, but in recent years it has seen decline in its viewer ship. In the first quarter, CKX posted a net loss as revenue fell 18 percent to $66.6 million amid restructuring costs.
Shares of CKX, which is based in New York, jumped $1, or 23 percent, to $5.32 in late trading.
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