[Johnny Ryall]

Company Pursuing $250M Graceland Revamp in Sale Talks
ANDY MEEK | The Daily News

The ownership of CKx Inc., the company that owns 85 percent of Elvis Presley Enterprises and which is pursuing a $250 million revamp of Graceland and the surrounding area, may be getting all shook up. The Wall Street Journal reported today CKx is in talks to be bought out by One Equity Partners, the private equity arm of J.P. Morgan Chase & Co. CKx confirmed the sale discussions, but not the potential buyer, with a brief statement. “In response to market rumors, CKx Inc. confirmed today that it is engaged in discussions regarding a possible transaction involving a possible sale of the company,” the statement reads. “CKx cautioned that there can be no assurance that it will enter into any agreement with respect to a transaction, or as to the timing, price or terms thereof, or that the price or terms in any such transaction will be as speculated. “CKx … does not expect to make any additional statements or provide any further information regarding the status of any discussions or any possible transaction unless a definitive agreement is entered into or adopted.”

CKx owns popular television brands like “American Idol” and “So you think you can dance.” It’s unclear what effect a sale would have on CKx’s long-simmering plans to revamp the Graceland area. In early 2009, CKx took a $900,000 write-off on the preliminary design work for the effort. In CKx’s 2009 annual report released earlier this month, the company reaffirmed its goals for Memphis. “The company remains committed to the Graceland redevelopment and will continue to pursue opportunities on its own or with third parties,” the report reads. Memphis Mayor A C Wharton Jr. met with CKx chief executive Robert Sillerman earlier this year during a trip Wharton took to New York. “Bob authorized us to quote him as saying, ‘He’s not committed to doing Graceland – he’s going to do Graceland,’” Wharton said.