Apollo Management considering bid for American Idol

Apollo Management, the U.S. private equity firm, is considering a joint bid with one of the other firms eyeing up CKX Inc, the company that makes the American Idol television show. According to the New York Post, Apollo owner Leon Black is trying to decide whether the best means of buying the firm would be outright or with through debt financing. Last month, Robert Sillerman, CKX’s founder and former CEO, said he was preparing a bid for the company for $5.50 to $5.75, which values the company at just over $500 million.

(Reuters) – U.S. private equity firm Apollo Management is considering a joint bid with one of the other parties interested in buying CKX Inc , which owns pop talent show “American Idol”, the New York Post said.

Leon Black’s Apollo Management has had meetings with two possible partners, Mosaic Media Group CEO Allen Shapiro, and Robert Sillerman, CKX’s founder and former CEO, the Post said, citing sources familiar with the talks.

Apollo is mulling the best way to finance any deal, either through buying the firm outright or through debt financing, the Post said.

The move comes six months after CKX confirmed it was in talks to sell itself. Last month, Sillerman had said he was preparing to bid for the New-York based company for about $5.50-$5.75 a share in cash, which would value the company at just over $500 million.

CKX and Apollo Management could not immediately be reached for comment by Reuters outside regular U.S. business hours.
(Reporting by Mansi Dutta in Bangalore; Editing by Will Waterman)