CKX (CKXE) Agrees to Revised Buyout Terms from 19X

May 28, 2008 8:20 AM EDT

CKX, Inc. (Nasdaq: CKXE), announced today that its Board of Directors has reached an agreement in connection with the revised acquisition proposal made by 19X, Inc., on May 12, 2008, to modify certain terms of the pending agreement to acquire CKX.

Terms of the revised proposal include:

• 19X will pay each CKX stockholder $12.00 per share in cash and the deadline for closing has been extended to October 31, 2008.
  
• 19X has agreed to increase the break-up fee payable to CKX in the event that the merger is not completed by the new outside deadline by offering an additional $500,000 payable in cash, and by reducing the value of the stock, if any, used to pay the initial $37 million fee from $12.00 to $11.08 per share. As a result of the reduction in the attributed stock price, Mr. Sillerman, the CEO and Chairman of 19X, would pay to CKX approximately 256,016 additional CKX shares as part of the break-up fee if 19X elected to pay in shares;
  
• CKX will conduct a new "go shop" period that will last not less than 45 and no more than 60 days, during which time the Special Committee, through its financial advisor, will actively solicit superior offers for the Company.

CKX, Inc., together with its subsidiaries, engages in the ownership, development, management, and commercial utilization of entertainment content worldwide.

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