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MEMPHIS, Tenn.--(BUSINESS WIRE)--Dec. 16, 2004--
Robert F.X. Sillerman and his new media and
entertainment company, which will be named CKX, Inc., have entered
into a definitive agreement to acquire a majority interest in the
assets comprising the estate of Elvis Presley.
The new partnership will conduct all business activities
concerning EPE, Graceland and tour operations; however, the
transaction was structured so that the title to Graceland and its
13.6-acre grounds in Memphis, TN, and most of Elvis's personal effects
remain with Lisa Marie Presley.
The new partnership includes all trademark rights to the name,
likeness and image of Elvis Presley and all EPE-owned intellectual
property, including its collection of photographs, archival documents
and footage, and EPE's successful music publishing catalog, as well as
the Graceland visitor center complex and Heartbreak Hotel across the
street from the mansion and all other EPE real estate investments.
In a related transaction, Mr. Sillerman announced that he expects,
through an affiliated entity, to acquire approximately 94 percent of
the common equity of Sports Entertainment Enterprises, Inc.
(OTCBB:SPEA), an inactive publicly traded company, through which the
business of CKX will be conducted. Please see Mr. Sillerman's and
SPEA's releases for further information on this transaction.
"For the past few years I've been looking for someone to join
forces with to expand the many facets of EPE, to take it to new levels
internationally, and to make it an even greater force in the
entertainment industry," said Lisa Marie Presley, singer/songwriter
and sole heir to the Elvis Presley Estate. "I feel confident that Bob
Sillerman and his team are the right people to do this with. My
greatest responsibility to my father is to preserve and protect his
legacy, and this is an exciting new structure that opens up an
incredible array of opportunities with a major infusion of new
investment capital to do just that," continued Presley. "It's the
ideal partnership in that I retain Graceland and my father's personal
effects, yet joining forces with Bob Sillerman will give us the
opportunity to grow even further the intellectual and entertainment
properties."
Commenting on the transaction, Mr. Sillerman said, "I am extremely
excited about our new venture, which we believe will bring unique
concepts to different aspects of the utilization of entertainment
content and will challenge the current models of distribution and
consumption of content. I am fully committed to the success of CKX and
there is no better way to launch our new company than by assuming the
opportunity and responsibility, together with the Presley family and
the current management of Elvis Presley Enterprises, of continuing and
expanding the heritage of Elvis Presley. I believe Elvis to be the
single most significant icon in American pop culture."
No staffing or personnel changes are anticipated within the EPE
organization. Priscilla Presley remains as an executive consultant,
Jack Soden remains as CEO and Gary Hovey remains Executive Vice
President and head of the Los Angeles office. All of EPE's management
team and staff will remain in place and Graceland tour operations will
continue with business as usual.
EPE was created in 1980 by Priscilla Presley on behalf of the
Elvis Presley estate. Its business extends far beyond the Graceland
operation. It includes worldwide licensing of Elvis-related products
and ventures, the development of Elvis-related music, film, video,
television and stage productions, the ongoing development of EPE's
Internet presence, the management of significant music publishing
assets, the Heartbreak Hotel in Memphis and more.
Mr. Sillerman was the founder, a major shareholder and served as
Executive Chairman of SFX Entertainment from its inception in 1997
until its sale to Clear Channel Communications in August 2000. SFX
Entertainment was the largest presenter, promoter and producer of live
events in the world. Prior to that, Mr. Sillerman was a founder, major
shareholder and served as Executive Chairman of SFX Broadcasting, a
major owner and operator of radio stations, from its inception in 1992
through its sale in 1998 to an affiliate of buyout firm Hicks, Muse,
Tate & Furst.
For additional information on Elvis, Graceland and Elvis Presley
Enterprises, visit Elvis.com.
