"American Idol" creator Simon Fuller is trying to buy the company that owns the hit show.
Sources confirm to Billboard.biz that the TV mogul and ex-Barclays Capital banker Roger Jenkins will submit a letter outlining a $600 million bid for CKX Inc., owner of "Idol," "So You Think You Can Dance," and the rights to the names and images of Elvis Presley and Muhammad Ali. The letter could come as early as tomorrow (Friday) but could come Tuesday, after the Memorial Day holiday in the U.S.
Sources familiar with the situation tell Billboard.biz that Fuller and Jenkins' bid has been in the works for the last six months and that
acquisitions are planned on a similar scale, from an investment fund worth at least $1 billion.
According to the Wall Street Journal , which first reported the story, CKX' former chairman and CEO Robert F.X. Sillerman owns about 20% of the company and is its largest shareholder.
Though he created "Idol," sources say Fuller has never owned more than a small share of CKX. Jenkins is a storied banker who helped Barclays avoid a government bailout by negotiating an almost 6-billion-pound investment from Qatar and Abu Dhabi in 2008.