Simon Fuller is leaving one 'X' for two -- CKX for XIX
What is Simon Fuller's obsession with the number 19?
Fuller, the "American Idol" producer who cut his ties to Robert F.X. Sillerman's CKX Inc. earlier this week to go his own way, has named his new company XIX Entertainment Ltd., according to documents detailing the split that were filed at the Securities and Exchange Commission late this afternoon. Of course, his old company was 19 Entertainment, producer of Fox's "American Idol" and "So You Think You Can Dance," which he sold to CKX five years ago for $200 million.
As part of Fuller's deal to leave CKX, he also gave up his CKX board seat and signed a consulting agreement with the company. The move came after Sillerman, who is chief executive of CKX, squashed speculation that Fuller was making a power play for the top job there.
CKX can take as much as a 30% stake in XIX, according to a Securities and Exchange Commission filing. Fuller, meanwhile, gets almost $3 million in signing bonuses and consulting fees. Furthermore, he gets a $5-million advance against 10% of the net profit in "American Idol" and "So You Think You Can Dance" for this year. Fuller will continue to get 10% of the net profit for the two shows as long as he remains a consultant to CKX.
Fuller also will exit with more than $1.6 million in compensation and confidentiality payments.
-- Joe Flint