19X lowers offer price for CKX to $12 per share; market conditions blamed

By Lisa Kerner

Charlotte, N.C., May 12 - 19X, Inc. lowered its offer price for CKX, Inc. to $12.00 per share and requested the deadline for closing the transaction be extended to Sept. 30.

The revisions were attributed to changes in the market for media companies and buyout transactions in general, a CKX news release stated.

It was previously reported that CKX agreed to sell the company to 19X for $13.75 per share.

19X's Robert F.X. Sillerman said 19X is committed to completing the acquisition that "takes into account the seismic shift in the buyout world" since the company first entered into the transactions.

New York-based CKX owns and develops entertainment content.

19X is a private company owned and controlled by Sillerman and Simon R. Fuller, a CKX director and CEO of 19X subsidiary 19 Entertainment Ltd. London-based 19 Entertainment produces entertainment properties, including "American Idol."

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