CORE Media Group
 | |
| Subsidiary of EndemolShine Group | |
| Industry | Entertainment |
| Fate | Bankruptcy |
| Founded | February 7, 2005 (United States) |
| Defunct | May 30, 2016 |
| Headquarters |
650 Madison Avenue New York City |
Key people |
Marc Graboff, Founder Peter Hurwitz, President Kim Williams, CFO |
| Products | entertainment content, intellectual property services, American Idol/Idol series |
| Owner |
21st Century Fox (50%) Apollo Global Management (50%) |
Number of employees | 115 |
| Subsidiaries | 19 Entertainment and Sharp Entertainment |
| Website |
www |
CORE Media Group, formerly CKX, Inc., was an American company founded on February 7, 2005 that owned and developed entertainment content and intellectual property.
Background
The "C" and "K" in "CKX" stood for "Content is King", representing the focus of the company's business strategy to acquire established content, and then to improve, enhance and develop the marketing of such content. The "X" takes the initial of founder Robert F.X. Sillerman. This is a trademark of many Sillerman companies, such as "SFX Entertainment" and "FXM Asset Management"
History
Before its founding in 2005, and during a period from 1986 to August 2002, the company operated a franchise of golf equipment, formerly known as Sports Entertainment Enterprises. In August 2002 the company sold all of its former assets. From September 2002 to February 2005, the company's main priority was to pursue a transaction with a business enterprise.
As a result, it began building a stake in the image rights of boxer Muhammad Ali. In 2005, it bought British company 19 Entertainment from Simon Fuller, who subsequently joined the company's board. With the purchase, the company acquired a majority share of the rights to the Idol series, including American Idol and So You Think You Can Dance, as well as Pop Idol in Great Britain and numerous other international versions. Later that year it bought an entertainment agency, with artists on its roster such as Robin Williams, Billy Crystal and Woody Allen. In 2005, the company bought 85% of the rights to the name, image and likeness of Elvis Presley, and the operations of Graceland, from the trust of Lisa Marie Presley.
In 2007, Fuller and Sillerman launched a takeover bid for CKX, valuing it at $1.3bn or $13.75 per share, but their attempt failed due to its timing coinciding with the start of the Global Credit Crunch.[1]
Recent events
In February 2010, Sillerman resigned from CKX. Still holding 21% of the shares, he began working with One Equity Partners on a $550m-$560m takeover bid. In May, Fuller teamed up with former Barclays Capital executive Roger Jenkins, creating a $1Bn fund. They propose as their first purchase CKX, at a bid level of $600m. On the current share price, CKX is valued at $395m, with $101m of debt and $55m of cash at the end of first quarter 2010.[1]
Apollo Management bought the company on June 21, 2011.[2]
CKX was renamed CORE Media Group in May 2012.[3]
On November 19, 2013, it was announced that CORE Media Group had sold its stake in Elvis Presley Enterprises and Muhammad Ali Enterprises.
On May 15, 2014, Apollo and 21st Century Fox announced a joint venture to combine 21st Century Fox's Shine Group and Apollo's Endemol and CORE Media Group.[4]
On May 30, 2016, less than a month after the final episode of American Idol aired, CORE Media Group filed for Chapter 11 bankruptcy.
Assets and holdings
CORE's assets and holdings at present included:
- 19 Entertainment - acquired from Simon Fuller in 2005 for $200 million. 19 owns, among other things, a share of the rights to the Idol series, including Pop Idol in Great Britain, American Idol in the United States, and numerous other international versions, and So You Think You Can Dance in the United States.
- Sharp Entertainment - acquired 2012[5]
References
- 1 2 Andrew Edgecliffe-Johnson (2010-05-28). "'American Idol' creator planning bid for CKX". Financial Times. Retrieved 2010-05-28.
- ↑ "CKx, Inc." Affiliate of Apollo Global Management Completes Acquisition of CKX, Inc. ir.ckx.com Retrieved on April 19, 2012
- ↑ CKx Rebrands Itself As Core Media, Adds To Management Team Under Marc Graboff
- ↑ 21st Century Fox & Apollo In Joint Venture Talks For Shine, Endemol And CORE Media NANCY TARTAGLIONE, International Editor deadline.com, Retrieved on May 18, 2014
- ↑ Core Media acquires Sharp reality shop