CKX Inc., the owner of rights to the Elvis Presley and Muhammad Ali names and the "American Idol" television show, said it would be taken private in a $1.33-billion buyout led by its chief executive.
Shares of the New York-based company soared as much as 44% following the announcement.
Shareholders will receive $13.75 in cash and one share of FX Luxury Realty for each share of CKX, the company said. FX Luxury, an affiliate of CEO Robert F.X. Sillerman's CKX, has real estate interests in Las Vegas as well as licenses to use Elvis Presley's and Muhammad Ali's names in the development of real estate and attractions.