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Legal Counsel in Acquisition of CKX
Three top Am Law 100 listed firms have advised on Apollo Global Management's $510 million announced acquisition of U.S. entertainment company CKX, owner of television shows like American Idol and So You Think You Can Dance. CKX also owns an 85% stake in Elvis Presley Enterprises, which manages the late rock star's estate, handles licensing agreements and runs tours of Presley's former Graceland home. CKX also owns the intellectual property behind the names and images of boxing legend Muhammad Ali. The deal value represented a 40% premium on the closing price for CKX stock over the past six months, Bloomberg reported.
Paul, Weiss, Rifkind, Wharton & Garrison corporate partner/media and entertainment practice chair James Schwab and M&A partner Neil Goldman have led a team advising Apollo on the deal. The New York-based private equity firm run by Leon Black has been a longtime M&A and litigation client of Paul Weiss, which also recently advised Warner Music Group on its $3.3 billion sale to Access Industries (see, http://amlawdaily.typepad.com/amlawdaily/2011/05/warner-deals.html).
Gregory Ezring, co-chair of the corporate finance and capital markets practice at O'Melveny & Myers in New York, has served as finance counsel to Apollo, along with O'Melveny partner Monica Thurmond and associate Rachel Springer. O'Melveny has a long history advising Apollo, and in March, SEC filings revealed that Thurmond was advising Apollo on a future initial public offering that would raise roughly $473 million (see, http://amlawdaily.typepad.com/amlawdaily/2011/03/apollo-ipo.html). (Ezring and Thurmond are leaving O'Melveny with five other corporate partners to join Paul Weiss.)
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