Just two weeks after a groundbreaking $250 million deal was cut over the posthumous distribution rights of the King of Pop, another so-called King’s estate has upped the ante. Telegraph reports (via Spinner) that NYC-based entertainment company CKX, which owns 85 percent of Elvis Presley’s image, likeness, and name, as well as American freakin’ Idol, is on the verge of being bought out by One Equity Partners, a division of JP Morgan Chase valued at $550 million.
This story broke late last night, causing quite the ruckus — especially among AI followers — which led to CKX ensuring the Wall Street Journal a few hours ago that “no deal was certain.” Rock ‘n’ roll is priceless, you see, thus making it kinda hard to negotiate stock options and whatnot. Either way, I guess those hips were dangerous after all.
Did I mention that CKX also owns the marketing rights of boxing great Muhammad Ali? ‘Tis true.