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Cross-country drive on 2 gallons of gas
LONDON, May 29 (UPI) -- An investor group led by "American Idol" creator Simon Fuller has made a buyout offer, "Idol" owner CKX confirms.
The British producer originally sold his 19 Entertainment TV production and talent management business to New York City's CKX for about $100 million, The Hollywood Reporter said.
The report said CKX is considering the Fuller offer along with other options.
News of the offer came after CKX shares jumped a third in Nasdaq trading Friday, which put the company value at $500 million, the report said.
The Reporter said Fuller is believed to have joined with former Barclays Capital deal-maker Roger Jenkins and the two have put together a $1 billion fund to buy sports and entertainment assets.
The report said it wasn't the first time Fuller had attempted a buyout. Three years ago, he made a $1.3 billion bid for the company. The bid was made in concert with Bob Sillerman, then CKX chairman and chief executive officer, but the deal was derailed by collapsing credit markets.
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