The following story is hot off the press:
CKX, Inc. to Acquire and Shut Down ''Elvis'' Themed Museum in Las Vegas; Company Will Cease Operations, Clearing Path for Major Themed Attraction
NEW YORK--(BUSINESS WIRE)--Sept. 27, 2005--CKX, Inc. (NASDAQ: CKXE) announced today that its subsidiary, Elvis Presley Enterprises, Inc., has agreed to acquire the assets of the Elvis-A-Rama museum, located off the strip in Las Vegas, including the trademark to the name "Elvis-A-Rama," the related website and a substantial portion of the memorabilia currently on display at the Las Vegas-based establishment. The existing museum will be permanently closed and the Elvis-A-Rama name retired as part of CKX's overall plan to bring a world class Elvis-themed attraction to the Las Vegas strip.
Robert F.X. Sillerman, Chairman and CEO of CKX commented "As we have mentioned on numerous occasions, establishing a major presence for the 'Elvis' brand in Las Vegas is an important priority of the company. The closure of the museum together with the purchase of the artifacts and memorabilia currently located there, clears the way for implementation of our plan."
CKX is acquiring these assets from Chris Davidson and certain other minority partners. Mr. Davidson has been collecting Elvis memorabilia for over ten years and is among the world's most well known private collectors of such items.
As part of the purchase, the Company will grant to Mr. Davidson the right to open a licensed Elvis-themed museum in Hawaii, a location often associated with Mr. Presley. In addition to receipt of the licensing fee, the Company will retain the right to acquire a significant equity interest in the Hawaiian operations. Hawaii served as the location for three of Mr. Presley's films and perhaps most famously, was home to the 1973 concert "Elvis, Aloha from Hawaii," which was broadcast worldwide and ultimately viewed by more than 1.5 billion people around the world.