Privately controlled 19X Inc. said Monday it was calling off its $12-a-share bid for media licenser CKX Inc., which holds the rights to the name and likeness of Elvis Presley and Muhammad Ali.
Controlled by CKX (nasdaq: CKXE)'s chairman and chief executive, Robert F.X. Sillerman and by "American Idol" creator Simon Fuller, 19X Inc. cited turmoil in the financial sector for its decision.
Sillerman said in a release he "intends to approach the board with an alternate acquisition proposal" by Oct. 31.
CKX shares rose 15 cents, or 1.2 percent, Monday and closed before the announcement at $12.95.