The parent company of “American Idol” has been sold. Along with the deal comes the name and likeness rights to Elvis Presley and Muhammad Ali, and the fox franchise "So You Think You Can Dance."
Apollo Global Management bought the lot for around $511 million.
Sounds like a bargain, eh?
The owners of the franchise had it on the market for around 2 years, so its value was a bit stale.
“While we are disappointed that the company wasn’t able to garner more than $5.50/share, especially with strong results from American Idol this season and the contract with Fox up for renewal, we believe the unique nature of these assets make for a limited buying audience,” Argento said in a research note. “Apollo looks to be getting a good deal, and will now be able to play hardball with Fox on a new [American Idol] deal.”