New York-based CKX, which also holds the rights to the names and likenesses of Muhammad Ali, David Beckham and Elvis Presley, said in a statement that a committee of independent directors had approved the lowered $12 per share offer, which was made on May 12. Last June, 19X had agreed to buy CKX for $13.75 a share. But earlier this month, the buyer said a "seismic shift'' in credit markets warranted the reduced price.
The transaction value is based on 99 million common and preferred shares outstanding. 19X will also assume $100 million of debt. The parties have also agreed to extend the deadline for closing the deal to Oct. 31.
The buyer is a private company formed by CKX chairman and CEO Robert Sillerman and American Idol producer Simon Fuller, a CKX director and the chief executive of CKX unit 19 Entertainment Ltd. - Peter Moreira
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Media license firm CKX Inc., which holds the rights to the "American Idol" brand, agreed Wednesday to accept a revised buyout proposal from 19X Inc. worth about $1.27 billion in cash and assumed debt. 
