SC 13E3/A

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

SCHEDULE 13E-3

(Amendment No. 1)

Rule 13e-3 Transaction Statement
Pursuant to Section 13(e) of
the Securities Exchange Act of 1934

CKX, INC.

(Name of the Issuer)

CKX, INC.
19X, INC.
19X ACQUISITION CORP.
ROBERT F.X. SILLERMAN
LAURA BAUDO SILLERMAN
SILLERMAN CAPITAL HOLDINGS L.P.
SIMON FULLER
MICHAEL G. FERREL
MITCHELL J. SLATER
HOWARD J. TYTEL
THOMAS P. BENSON

(Names of Person(s) Filing Statement)

Common Stock, par value $0.01 per share
Series B Convertible Preferred Stock, par value $0.01 per share
Series C Convertible Preferred Stock, par value $0.01 per share

(Title of Class of Securities)

12562M106

(CUSIP Number of Class of Securities)

CKX, Inc.
650 Madison Avenue
New York, New York 10022
Attn: Howard J. Tytel, Esq.
(212) 838-3100 19X, Inc.
650 Madison Avenue, 16^th Floor
New York, New York 10022
Attn: Robert F.X. Sillerman
(212) 838-3100

(Name, Address, and Telephone Numbers of Person Authorized to Receive Notices and Communications on Behalf of the Persons Filing Statement)

With copies to

Greenberg Traurig, LLP
200 Park Avenue
New York, New York 10166
Attn: Alan I. Annex, Esq.
(212) 801 9200 Paul, Hastings, Janofsky & Walker, LLP
75 E. 55th Street
New York, New York 10022
Attn: William F. Schwitter, Esq.
(212) 618-6400

This statement is filed in connection with (check the appropriate box):

a.	þ	The filing of solicitation materials or an information statement subject to Regulation 14A, Regulation 14C or Rule 13e-3(c) under the Securities Exchange Act of 1934.
b.	o	The filing of a registration statement under the Securities Act of 1933.
c.	o	A tender offer.
d.	o	None of the above.

Check the following box if the soliciting materials or information statement referred to in checking box (a) are preliminary copies:     þ

Check the following box if the filing is a final amendment reporting the results of the transaction:     o

Calculation of Filing Fee

Transaction valuation*	Amount of filing fee
$1,338,054,477.50	$52,585.54*

*

Calculated solely for the purpose of determining the filing fee. As of January 22, 2008, there were (i) 97,231,842 shares of common stock, par value $0.01 per share, of CKX, Inc. (“Common Stock”), 1,491,817 shares of Series B Convertible Preferred Stock, par value $0.01 per share, of CKX, Inc. (the “Series B Preferred Stock”), and one share of Series C Convertible Preferred Stock, par value $0.01 per share, of CKX, Inc. (the “Series C Preferred Stock”), issued and outstanding. The filing fee was determined by adding (A) the product of (i) the number of shares of Common Stock that are proposed to be acquired in the merger and (ii) the maximum merger consideration in effect at the time of the calculation and payment of the Filing Fee of $13.75 per share, plus (B) $558,325 expected to be paid to holders of stock options with an exercise price of less than the maximum per share merger consideration of $13.75 in effect at the time of the calculation and payment of the Filing Fee granted by CKX, Inc. to purchase shares of Common Stock in exchange for the cancellation of such options, (C) $22,824,800 expected to be paid to the holder the shares of Series B Preferred Stock and Series C Preferred Stock ((A), (B), and (C) together, the “Total Consideration”). The payment of the filing fee, calculated in accordance with Exchange Act Rule 0-11(c)(1), was calculated by multiplying the Total Consideration by 0.00003930.

þ

Check the box if any part of the fee is offset as provided by Exchange Act Rule 0-11(a)(2) and identify the filing with which the offsetting fee was previously paid. Identify the previous filing by registration statement number, or the Form or Schedule and the date of its filing.

Amount Previously Paid: $ 52,585.54

Form or Registration No.: Schedule 14A

Filing Party: CKX, Inc.

Date Filed: January 24, 2008

INTRODUCTION

This Amendment No. 1 to Rule 13e-3 Transaction Statement (this “Transaction Statement”) is being filed with the Securities and Exchange Commission (the “SEC”) pursuant to Section 13(e) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), by CKX, Inc., a Delaware corporation (the “Company” or “CKX”), 19X, Inc., a Delaware corporation (“19X”), 19X Acquisition Corp. (“19X Acquisition”), Robert F.X. Sillerman, Laura Baudo Sillerman, Sillerman Capital Holdings L.P., Simon Fuller, Michael G. Ferrel, Mitchell J. Slater, Howard J. Tytel, and Thomas P. Benson (Messrs. Sillerman, Fuller, Ferrel, Slater, Tytel and Benson and Laura Baudo Sillerman, together with CKX, 19X, 19X Acquisition and Sillerman Capital Holdings L.P., the “Filing Persons”). Mr. Sillerman is the Chairman and Chief Executive Officer of CKX and the President and Treasurer and a director of each of 19X and 19X Acquisition. Laura Baudo Sillerman is Mr. Sillerman’s spouse and a shareholder in the Company, and Sillerman Capital Holdings L.P. is a Delaware a limited partnership controlled by Mr. Sillerman. Mr. Fuller is a director of CKX and the Chief Executive Officer of its wholly-owned subsidiary 19 Entertainment Limited and the Chief Executive Officer and Assistant Treasurer and a director of each of 19X and 19X Acquisition. Each of Messrs. Ferrel, Slater, Tytel and Benson is a member of CKX’s senior management and may invest in 19X as part of the equity financing of the merger transaction described below.

This Transaction Statement relates to the Agreement and Plan of Merger, dated as of June 1, 2007, and as amended on August 1, 2007, September 27, 2007, January 23, 2008 and May 27, 2008 among CKX, 19X and 19X Acquisition, as may be further amended (the “Merger Agreement”). If the Merger Agreement is adopted by CKX’s stockholders and the other conditions to the closing of the Merger (as defined below) are satisfied, 19X Acquisition will merge with and into CKX (the “Merger”), with CKX continuing as the surviving corporation. As a result of the Merger, CKX, the issuer of the equity securities that are the subject of the Rule 13e-3 transaction, will become a wholly-owned subsidiary of 19X.

Concurrently with the filing of this Transaction Statement, CKX is filing with the SEC a revised preliminary proxy statement (the “Proxy Statement”) under Regulation 14A of the Exchange Act, pursuant to which CKX’s board of directors is soliciting proxies from stockholders of CKX in connection with the Merger. The Proxy Statement is attached hereto as Exhibit (a)(2)(ii). A copy of the Merger Agreement is attached to the Proxy Statement as Annexes A through E thereof and is incorporated herein by reference. As of the date hereof, the Proxy Statement is in preliminary form and is subject to completion or amendment.

Pursuant to General Instruction F to Schedule 13E-3, the information in the Proxy Statement, including all annexes, exhibits and appendices thereto, is expressly incorporated by reference herein in its entirety, and responses to each item herein are qualified in their entirety by the information contained in the Proxy Statement. The cross references below are being supplied pursuant to General Instruction G to Schedule 13E-3 and show the location in the Proxy Statement of the information required to be included in response to the items of Schedule 13E-3. Capitalized terms used but not defined herein have the meanings assigned to them in the Proxy Statement.

All information contained in, or incorporated by reference in, the Schedule 13E-3 and the Proxy Statement concerning the Company has been supplied by the Company. All information contained in, or incorporated by reference in, the Schedule 13E-3 and the Proxy Statement concerning 19X or 19X Acquisition has been supplied by 19X. All information contained in, or incorporated by reference in, the Schedule 13E-3 and the Proxy Statement concerning each filing person other than the Company, 19X or 19X Acquisition, was supplied by each such filing person, and no other filing person, including the Company, 19X or 19X Acquisition, takes responsibility for the accuracy of any information not supplied by such filing person.

The filing of this Transaction Statement shall not be construed as an admission by any Filing Person or by any affiliate of a Filing Person, that CKX is “controlled” by any other Filing Person, or that any other Filing Person is an “affiliate” of CKX within the meaning of Rule 13e-3 under Section 13(e) of the Exchange Act.

TABLE OF CONTENTS

	ITEM 1. SUMMARY OF TERM SHEET
	ITEM 2. SUBJECT COMPANY INFORMATION
	ITEM 3. IDENTITY AND BACKGROUND OF FILING PERSONS
	ITEM 4. TERMS OF THE TRANSACTION
	ITEM 5. PAST CONTACTS, TRANSACTIONS, NEGOTIATIONS AND AGREEMENTS
	ITEM 6. PURPOSES OF THE TRANSACTION AND PLANS OR PROPOSALS
	ITEM 7. PURPOSES, ALTERNATIVES, REASONS AND EFFECTS
	ITEM 8. FAIRNESS OF THE TRANSACTION
	ITEM 9. REPORTS, OPINIONS, APPRAISALS AND CERTAIN NEGOTIATIONS.
	ITEM 10. SOURCES AND AMOUNTS OF FUNDS OR OTHER CONSIDERATION.
	ITEM 11. INTEREST IN SECURITIES OF THE SUBJECT COMPANY.
	ITEM 12. THE SOLICITATION OR RECOMMENDATION.
	ITEM 13. FINANCIAL INFORMATION.
	ITEM 14. PERSONS/ASSETS, RETAINED, EMPLOYED, COMPENSATED OR USED.
	ITEM 15. ADDITIONAL INFORMATION.
	ITEM 16. EXHIBITS.
SIGNATURES
EXHIBIT INDEX
EX-99.B.II: LETTER AMENDING THE DEBT COMMITMENT AND ENGAGEMENT LETTER
EX-99.C.1: PRESENTATION OF HOULIHAN, LOKEY, HOWARD & ZUKIN FINANCIAL ADVISORS, INC.
EX-99.C.2: PRESENTATION OF HOULIHAN, LOKEY, HOWARD & ZUKIN FINANCIAL ADVISORS, INC.
EX-99.C.3: PRESENTATION OF HOULIHAN, LOKEY, HOWARD & ZUKIN FINANCIAL ADVISORS, INC.
EX-99.C.4: DRAFT PRESENTATION OF HOULIHAN, LOKEY, HOWARD & ZUKIN FINANCIAL ADVISORS, INC.
EX-99.C.5: DRAFT PRESENTATION OF HOULIHAN, LOKEY, HOWARD & ZUKIN FINANCIAL ADVISORS, INC.
EX-99.C.6: DRAFT PRESENTATION OF HOULIHAN, LOKEY, HOWARD & ZUKIN FINANCIAL ADVISORS, INC.
EX-99.C.7: OPINION OF HOULIHAN, LOKEY, HOWARD & ZUKIN FINANCIAL ADVISORS, INC.
EX-99.C.8: OPINION OF HOULIHAN, LOKEY, HOWARD & ZUKIN FINANCIAL ADVISORS, INC.
EX-99.D.11: LETTER AMENDING THE SILLERMAN COMMITMENT LETTER

ITEM 1. SUMMARY OF TERM SHEET.

Regulation M-A Item 1001

The information set forth in the Proxy Statement under the caption “SUMMARY TERM SHEET” is incorporated herein by reference.

ITEM 2. SUBJECT COMPANY INFORMATION.

Regulation M-A Item 1002

(a)	Name and Address. The information set forth in the Proxy Statement under the caption “SUMMARY TERM SHEET – The Parties to the Merger” is incorporated herein by reference.
(b)	Securities. The information set forth in the Proxy Statement under the caption “THE SPECIAL MEETING – Record Date; Shares Outstanding and Entitled to Vote” is incorporated herein by reference.
(c)	Trading Market and Price. The information set forth in the Proxy Statement under the caption “OTHER IMPORTANT INFORMATION REGARDING CKX – Market for Common Stock, Dividends and Public Offering of Common Stock” is incorporated herein by reference.
(d)	Dividends. The information set forth in the Proxy Statement under the caption “OTHER IMPORTANT INFORMATION REGARDING CKX – Market for Common Stock, Dividends and Public Offering of Common Stock” is incorporated herein by reference.
(e)	Prior Public Offerings. The information set forth in the Proxy Statement under the caption “OTHER IMPORTANT INFORMATION REGARDING CKX – Market for Common Stock, Dividends and Public Offering of Common Stock” is incorporated herein by reference.
(f)	Prior Stock Purchases. The information set forth in the Proxy Statement under the caption “OTHER IMPORTANT INFORMATION REGARDING CKX – Prior Purchases and Sales of CKX Securities” is incorporated herein by reference.

ITEM 3. IDENTITY AND BACKGROUND OF FILING PERSONS.

Regulation M-A Item 1003

(a) Name and Address. The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

• “SUMMARY TERM SHEET – The Parties to the Merger”

• “THE PARTIES TO THE TRANSACTION”

• “OTHER IMPORTANT INFORMATION REGARDING CKX – Directors and Executive Officers”

• “IMPORTANT INFORMATION REGARDING 19X, 19X ACQUISITION AND THE INVESTOR GROUP AND SILLERMAN AFFILIATES”

(b) Business and Background of Entities. The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

• “THE PARTIES TO THE TRANSACTION”

• “IMPORTANT INFORMATION REGARDING 19X, 19X ACQUISITION AND THE INVESTOR GROUP AND SILLERMAN AFFILIATES”

(c) Business and Background of Natural Persons. The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

• “OTHER IMPORTANT INFORMATION REGARDING CKX – Directors and Executive Officers”

• “IMPORTANT INFORMATION REGARDING 19X, 19X ACQUISITION AND THE INVESTOR GROUP AND SILLERMAN AFFILIATES”

ITEM 4. TERMS OF THE TRANSACTION.

Regulation M-A Item 1004

(a) Material Terms. The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

• “SUMMARY TERM SHEET”

• “QUESTIONS AND ANSWERS ABOUT THE SPECIAL MEETING AND THE MERGER”

• “SPECIAL FACTORS – Background of the Merger”

• “SPECIAL FACTORS – Recommendation of the Special Committee and of the CKX Board of Directors; Reasons for the Merger; Fairness of the Merger”

• “SPECIAL FACTORS – 19X’s Mr. Sillerman’s and the Sillerman Affiliates’, Mr. Fuller’s and Other Members of the Management Group’s Reasons for the Merger”

• “SPECIAL FACTORS – Certain Effects of the Merger”

• “SPECIAL FACTORS – Interests of Certain Persons in the Merger”

• “SPECIAL FACTORS – Material U.S. Federal Income Tax Consequences of the Merger”

• “SPECIAL FACTORS – Accounting Treatment”

• “THE SPECIAL MEETING”

• “THE MERGER AGREEMENT”

• Annex A – Agreement and Plan of Merger, dated as of June 1, 2007

• Annex B – Amendment No. 1, dated as of August 1, 2007, to the Agreement and Plan of Merger

• Annex C – Amendment No. 2, dated as of September 27, 2007, to Agreement and Plan of Merger

• Annex D – Amendment No. 3, dated as of January 23, 2008, to Agreement and Plan of Merger

• Annex E – Amendment No. 4, dated as of May 27, 2008 to Agreement and Plan of Merger.

(c) Different Terms. The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

• “SPECIAL FACTORS – Certain Effects of the Merger”

• “SPECIAL FACTORS – Plans for CKX After the Merger”

• “SPECIAL FACTORS – Interests of Certain Persons in the Merger”

• “SPECIAL FACTORS – Source and Amount of Funds; Financing for the Merger”

• “THE MANAGEMENT COOPERATION AGREEMENT AND WAIVER OF CHANGE IN CONTROL PAYMENTS”

• “TREATMENT OF CKX’S SERIES B CONVERTIBLE PREFERRED STOCK AND SERIES C CONVERTIBLE PREFERRED STOCK”

(d) Appraisal Rights. The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

• “SPECIAL FACTORS – Appraisal Rights”

• Annex G – Section 262 of the General Corporation Law of the State of Delaware

(e)	Provisions for Unaffiliated Security Holders. The information set forth in the Proxy Statement under the caption “PROVISIONS FOR UNAFFILIATED STOCKHOLDERS” is incorporated herein by reference.
(f)	Eligibility for Listing or Trading. Not applicable.

ITEM 5. PAST CONTACTS, TRANSACTIONS, NEGOTIATIONS AND AGREEMENTS.

Regulation M-A Item 1005

(a) Transactions. The information set forth in the Proxy Statement under the following captions is incorporated herein by reference.

• “SPECIAL FACTORS — Interests of Certain Persons in the Merger”

• “OTHER IMPORTANT INFORMATION REGARDING CKX – Prior Purchases and Sales of CKX Securities”

(b) and (c) Significant Corporate Events; Negotiations or Contacts. The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

• “SPECIAL FACTORS – Background of the Merger”

• “SPECIAL FACTORS – Recommendation of the Special Committee and of the CKX Board of Directors; Reasons for the Merger; Fairness of the Merger”

• “SPECIAL FACTORS – 19X’s, Mr. Sillerman's and the Sillerman Affiliates', Mr. Fuller's and Other Members of the Management Group’s Reasons for the Merger”

• “SPECIAL FACTORS – Interests of Certain Persons in the Merger”

• “SPECIAL FACTORS – Source and Amount of Funds; Financing for the Merger”

• “THE MANAGEMENT COOPERATION AGREEMENT AND WAIVER OF CHANGE IN CONTROL PAYMENTS”

• “TREATMENT OF CKX’S SERIES B CONVERTIBLE PREFERRED STOCK AND SERIES C CONVERTIBLE PREFERRED STOCK”

(e) Agreements Involving the Subject Company’s Securities. The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

• “SPECIAL FACTORS – Background of the Merger”

• “SPECIAL FACTORS – Interests of Certain Persons in the Merger”

• “SPECIAL FACTORS – Source and Amount of Funds; Financing for the Merger”

• “THE MERGER AGREEMENT”

• “THE MANAGEMENT COOPERATION AGREEMENT AND WAIVER OF CHANGE IN CONTROL PAYMENTS”

• “TREATMENT OF CKX’S SERIES B CONVERTIBLE PREFERRED STOCK AND SERIES C CONVERTIBLE PREFERRED STOCK”

ITEM 6. PURPOSES OF THE TRANSACTION AND PLANS OR PROPOSALS.

Regulation M-A Item 1006

(b) Use of Securities Acquired. The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

• “SPECIAL FACTORS – Certain Effects of the Merger”

• “SPECIAL FACTORS – Plans for CKX After the Merger”

• “THE MERGER AGREEMENT—Merger Consideration and Conversion of Securities”

(c) (1)-(8) Plans. The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

• “SPECIAL FACTORS – Background of the Merger”

• “SPECIAL FACTORS – Recommendation of the Special Committee and of the CKX Board of Directors; Reasons for the Merger; Fairness of the Merger”

• “SPECIAL FACTORS – 19X’s, Mr. Sillerman’s and the Sillerman Affiliates’, Mr. Fuller’s and Other Members of the Management Group’s Reasons for the Merger”

• “SPECIAL FACTORS – Certain Effects of the Merger”

• “SPECIAL FACTORS – Plans for CKX After the Merger”

• “SPECIAL FACTORS – Source and Amount of Funds; Financing for the Merger”

• “THE MERGER AGREEMENT”

• “THE MANAGEMENT COOPERATION AGREEMENT AND WAIVER OF CHANGE IN CONTROL PAYMENTS”

• “TREATMENT OF CKX’S SERIES B CONVERTIBLE PREFERRED STOCK AND SERIES C CONVERTIBLE PREFERRED STOCK”

ITEM 7. PURPOSES, ALTERNATIVES, REASONS AND EFFECTS.

Regulation M-A Item 1013

(a) Purposes. The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

• “SPECIAL FACTORS – Background of the Merger”

• “SPECIAL FACTORS – Recommendation of the Special Committee and of the CKX Board of Directors; Reasons for the Merger; Fairness of the Merger”

• “SPECIAL FACTORS – Opinion of Houlihan Lokey Howard & Zukin Financial Advisors, Inc.”

• “SPECIAL FACTORS – 19X’s, Mr. Sillerman’s and the Sillerman Affiliates’, Mr. Fuller’s and Other Members of the Management Group’s Reasons for the Merger”

• “SPECIAL FACTORS – Certain Effects of the Merger”

• “SPECIAL FACTORS – Plans for CKX After the Merger”

(b) Alternatives. The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

• “SPECIAL FACTORS – Background of the Merger”

• “SPECIAL FACTORS – Recommendation of the Special Committee and of the CKX Board of Directors; Reasons for the Merger; Fairness of the Merger”

• “SPECIAL FACTORS – Opinion of Houlihan Lokey Howard & Zukin Financial Advisors, Inc.”

• “SPECIAL FACTORS – 19X’s, Mr. Sillerman’s and the Sillerman Affiliates’, Mr. Fuller’s and Other Members of the Management Group’s Reasons for the Merger”

• “SPECIAL FACTORS – Certain Effects of the Merger”

(c) Reasons. The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

• “SPECIAL FACTORS – Background of the Merger”

• “SPECIAL FACTORS – Recommendation of the Special Committee and of the CKX Board of Directors; Reasons for the Merger; Fairness of the Merger”

• “SPECIAL FACTORS – Opinion of Houlihan Lokey Howard & Zukin Financial Advisors, Inc.”

• “SPECIAL FACTORS – 19X’s, Mr. Sillerman’s and the Sillerman Affiliates’, Mr. Fuller’s and Other Members of the Management Group’s Reasons for the Merger”

• “SPECIAL FACTORS – The Position of 19X and the Management Group as to the Fairness of the Merger”

• “SPECIAL FACTORS – The Position of Mr. Sillerman and the Sillerman Affiliates and Mr. Fuller Regarding Fairness of the Merger”

• “SPECIAL FACTORS – Certain Effects of the Merger”

• “SPECIAL FACTORS – Plans for CKX After the Merger”

(d) Effects. The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

• “SPECIAL FACTORS – Background of the Merger”

• “SPECIAL FACTORS – Recommendation of the Special Committee and of the CKX Board of Directors; Reasons for the Merger; Fairness of the Merger”

• “SPECIAL FACTORS – Opinion of Houlihan Lokey Howard & Zukin Financial Advisors, Inc.”

• “SPECIAL FACTORS – 19X’s, Mr. Sillerman’s and the Sillerman Affiliates’, Mr. Fuller’s and Other Members of the Management Group’s Reasons for the Merger”

• “SPECIAL FACTORS – The Position of 19X and the Management Group as to the Fairness of the Merger”

• “SPECIAL FACTORS – The Position of Mr. Sillerman and the Sillerman Affiliates and Mr. Fuller Regarding Fairness of the Merger”

• “SPECIAL FACTORS – Certain Effects of the Merger”

• “SPECIAL FACTORS – Plans for CKX After the Merger”

• “SPECIAL FACTORS – Interests of Certain Persons in the Merger”

• “SPECIAL FACTORS – Material U.S. Federal Income Tax Consequences of the Merger”

• “SPECIAL FACTORS – Source and Amount of Funds; Financing for the Merger”

• “SPECIAL FACTORS – Fees and Expenses”

• “SPECIAL FACTORS – Appraisal Rights”

• “THE MERGER AGREEMENT”

• “TREATMENT OF CKX’S SERIES B CONVERTIBLE PREFERRED STOCK AND SERIES C CONVERTIBLE PREFERRED STOCK”

ITEM 8. FAIRNESS OF THE TRANSACTION.

Regulation M-A Item 1014

(a) Fairness. The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

• “SPECIAL FACTORS – Background of the Merger”

• “SPECIAL FACTORS – Recommendation of the Special Committee and of the CKX Board of Directors; Reasons for the Merger; Fairness of the Merger”

• “SPECIAL FACTORS – Opinion of Houlihan Lokey Howard & Zukin Financial Advisors, Inc.”

• “SPECIAL FACTORS – 19X’s Mr. Sillerman’s and the Sillerman Affiliates’, Mr. Fuller’s and Other Members of the Management Group’s Reasons for the Merger.”

• “SPECIAL FACTORS – The Position of 19X and the Management Group as to the Fairness of the Merger”

• “SPECIAL FACTORS – The Position of Mr. Sillerman and the Sillerman Affiliates and Mr. Fuller Regarding Fairness of the Merger”

(b) Factors Considered in Determining Fairness. The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

• “SPECIAL FACTORS – Background of the Merger”

• “SPECIAL FACTORS – Recommendation of the Special Committee and of the CKX Board of Directors; Reasons for the Merger; Fairness of the Merger”

• “SPECIAL FACTORS – Opinion of Houlihan Lokey Howard & Zukin Financial Advisors, Inc.”

• “SPECIAL FACTORS – 19X’s Mr. Sillerman’s and the Sillerman Affiliates’, Mr. Fuller’s and Other Members of the Management Group’s Reasons for the Merger”

• “SPECIAL FACTORS – The Position of 19X and the Management Group as to the Fairness of the Merger”

• “SPECIAL FACTORS – The Position of Mr. Sillerman and the Sillerman Affiliates and Mr. Fuller Regarding Fairness of the Merger”

• “SPECIAL FACTORS – Certain Effects of the Merger”

• “SPECIAL FACTORS – Interests of Certain Persons in the Merger”

• Annex F – Opinion of Houlihan, Lokey, Howard & Zukin, Inc., dated as of May 27, 2008

(c) Approval of Security Holders. The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

• “THE SPECIAL MEETING – Quorum, Votes Required”

• “THE MERGER AGREEMENT – Conditions to the Merger – Stockholder Approval”

(d) Unaffiliated Representative. The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

• “SPECIAL FACTORS – Recommendation of the Special Committee and of the CKX Board of Directors; Reasons for the Merger; Fairness of the Merger”

• “SPECIAL FACTORS – Opinion of Houlihan Lokey Howard & Zukin Financial Advisors, Inc.”

(e) Approval of Directors. The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

• “SPECIAL FACTORS – Background of the Merger”

• “SPECIAL FACTORS – Recommendation of the Special Committee and of the CKX Board of Directors; Reasons for the Merger; Fairness of the Merger”

(f) Other Offers. The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

• “SPECIAL FACTORS – Background of the Merger”

• “SPECIAL FACTORS – Recommendation of the Special Committee and of the CKX Board of Directors; Reasons for the Merger; Fairness of the Merger”

• “SPECIAL FACTORS – Opinion of Houlihan Lokey Howard & Zukin Financial Advisors, Inc.”

     ITEM 9. REPORTS, OPINIONS, APPRAISALS AND CERTAIN NEGOTIATIONS.

Regulation M-A Item 1015

(a) Report, Opinion or Appraisal. The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

• “SPECIAL FACTORS – Background of the Merger”

• “SPECIAL FACTORS – Opinion of Houlihan Lokey Howard & Zukin Financial Advisors, Inc.”

(b) Preparer and Summary of the Report, Opinion or Appraisal. The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

• “SPECIAL FACTORS – Background of the Merger”

• “SPECIAL FACTORS – Opinion of Houlihan Lokey Howard & Zukin Financial Advisors, Inc.”

(c) Availability of Documents. The information set forth in the Proxy Statement under the caption “WHERE YOU CAN FIND MORE INFORMATION” is incorporated herein by reference.

     ITEM 10. SOURCES AND AMOUNTS OF FUNDS OR OTHER CONSIDERATION.

Regulation M-A Item 1007

(a)	Source of Funds. The information set forth in the Proxy Statement under the caption “SPECIAL FACTORS – Source and Amount of Funds; Financing for the Merger” is incorporated herein by reference.
(b)	Conditions. The information set forth in the Proxy Statement under the caption “SPECIAL FACTORS – Source and Amount of Funds; Financing for the Merger” is incorporated herein by reference.
(c)	Expenses. The information set forth in the Proxy Statement under the caption “SPECIAL FACTORS – Fees and Expenses” is incorporated herein by reference.
(d)	Borrowed Funds. The information set forth in the Proxy Statement under the caption “SPECIAL FACTORS – Source and Amount of Funds; Financing for the Merger” is incorporated herein by reference.

     ITEM 11. INTEREST IN SECURITIES OF THE SUBJECT COMPANY.

Regulation M-A Item 1008

(a)	Securities Ownership. The information set forth in the Proxy Statement under the following caption “OTHER IMPORTANT INFORMATION REGARDING CKX – Security Ownership of Certain Beneficial Owners and Management” is incorporated herein by reference:
(b)	Securities Transactions. The information set forth in the Proxy Statement under the caption “OTHER IMPORTANT INFORMATION REGARDING CKX – Prior Purchases and Sales of CKX Securities” is incorporated herein by reference.

     ITEM 12. THE SOLICITATION OR RECOMMENDATION.

Regulation M-A Item 1012

(d) Intent to Tender or Vote in a Going-Private Transaction. The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

• “QUESTIONS AND ANSWERS ABOUT THE SPECIAL MEETING AND THE MERGER—Q: How do our directors and executive officers intend to vote?”

• “THE MANAGEMENT COOPERATION AGREEMENT AND WAIVER OF CHANGE IN CONTROL PAYMENTS”

(e) Recommendations of Others. The information set forth in the Proxy Statement under the caption “SPECIAL FACTORS – Recommendation of the Special Committee and of the CKX Board of Directors; Reasons for the Merger; Fairness of the Merger” is incorporated herein by reference.

     ITEM 13. FINANCIAL INFORMATION.

Regulation M-A Item 1010

(a) Financial Information. The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

• “OTHER IMPORTANT INFORMATION REGARDING CKX – Selected Historical Consolidated Financial Information”

• “WHERE YOU CAN FIND MORE INFORMATION”

(b) Pro Forma Information. The effect of the transaction on CKX’s balance sheet, statement of income, earnings per share ratio of earnings to fixed charges and book value per share is not material.

     ITEM 14. PERSONS/ASSETS, RETAINED, EMPLOYED, COMPENSATED OR USED.

Regulation M-A Item 1009

(a) Solicitations or Recommendations. The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

• “SUMMARY TERM SHEET”

• “QUESTIONS AND ANSWERS ABOUT THE SPECIAL MEETING AND THE MERGER”

• “SPECIAL FACTORS – Opinion of Houlihan Lokey Howard & Zukin Financial Advisors, Inc.”

• “THE SPECIAL MEETING – Solicitation of Proxies”

(b) Employees and Corporate Assets. The information set forth in the Proxy Statement under the following caption “THE SPECIAL MEETING – Solicitation of Proxies” is incorporated herein by reference.

     ITEM 15. ADDITIONAL INFORMATION.

Regulation M-A Item 1011

(b) Other Material Information. The information contained in the Proxy Statement, including all annexes thereto, is incorporated herein by reference.

     ITEM 16. EXHIBITS.

Regulation M-A Item 1016

(a)(1) Not applicable.

(a)(2)(i)	Preliminary copy of letter to stockholders from CKX’s Chairman and Chief Executive Officer (incorporated herein by reference to the revised preliminary proxy statement on Schedule 14A filed by CKX with the Securities and Exchange Commission on May 27, 2008 (the “Proxy Statement”)).
(a)(2)(ii)	Proxy Statement (incorporated herein by reference to the Proxy Statement).
(a)(2)(iii)	Proxy Card (incorporated herein by reference to the Proxy Statement).
(a)(2)(iv)	Notice of Special Meeting of Stockholders of CKX, Inc. (incorporated herein by reference to the Proxy Statement).
(a)(3)	Proxy Statement (incorporated herein by reference to the Proxy Statement).
(a)(4)	Not applicable.
(b)(1)	Debt Commitment and Engagement Letter, dated November 7, 2007 from Credit Suisse, Credit Suisse Securities (USA) LLC, Deutsche Bank Trust Company Americas and Deutsche Bank Securities Inc., addressed to 19X, Inc. (incorporated herein by reference to Exhibit 27 of Amendment No. 5 to Schedule 13D filed by Messrs. Sillerman and Fuller with the Securities and Exchange Commission on November 20, 2007 (“Debt Commitment and Engagement Letter”)).
(b)(2)	Letter, dated May 12, 2008 amending the Debt Commitment and Engagement Letter.
(c)(1)	Presentation of Houlihan, Lokey, Howard & Zukin Financial Advisors, Inc. to the CKX, Inc. Board of Directors, dated June 1, 2007.
(c)(2)	Presentation of Houlihan, Lokey, Howard & Zukin Financial Advisors, Inc. to the CKX, Inc. Board of Directors, dated September 27, 2007.
(c)(3)	Presentation of Houlihan, Lokey, Howard & Zukin Financial Advisors, Inc. to the CKX, Inc. Board of Directors, dated May 27, 2008.
(c)(4)	Draft Presentation of Houlihan, Lokey, Howard & Zukin Financial Advisors, Inc. to the Special Committee of the CKX, Inc. Board of Directors, dated May 22, 2007.
(c)(5)	Draft Presentation of Houlihan, Lokey, Howard & Zukin Financial Advisors, Inc. to the Special Committee of the CKX, Inc. Board of Directors, dated May 24, 2007.
(c)(6)	Draft Presentation of Houlihan, Lokey, Howard & Zukin Financial Advisors, Inc. to the Special Committee of the CKX, Inc. Board of Directors, dated as of May 21, 2008.
(c)(7)	Opinion of Houlihan, Lokey, Howard & Zukin Financial Advisors, Inc. dated as of June 1, 2007.
(c)(8)	Opinion of Houlihan, Lokey, Howard & Zukin Financial Advisors, Inc. dated as of September 27, 2007.
(c)(9)	Opinion of Houlihan, Lokey, Howard & Zukin Financial Advisors, Inc. dated as of May 27, 2008 (incorporated by reference to Annex F to the Proxy Statement).
(d)(1)	Agreement and Plan of Merger, dated as of June 1, 2007 (incorporated herein by reference to Annex A of the Proxy Statement).
(d)(2)	Amendment No. 1, dated as of August 1, 2007, to Agreement and Plan of Merger (incorporated herein by reference to Annex B of the Proxy Statement).
(d)(3)	Amendment No. 2, dated as of September 27, 2007, to Agreement and Plan of Merger (incorporated herein by reference to Annex C of the Proxy Statement).
(d)(4)	Amendment No. 3, dated as of January 23, 2008, to Agreement and Plan of Merger (incorporated herein by reference to Annex D of the Proxy Statement).
(d)(5)	Amendment No. 4, dated as of May 27, 2008, to Agreement and Plan of Merger (incorporated herein by reference to Annex E of the Proxy Statement).
(d)(6)	Management Cooperation Agreement, dated as of June 1, 2007, by and among CKX, Inc. and each of the stockholders set forth on Schedule I thereto (incorporated herein by reference to Annex H of the Proxy Statement).
(d)(7)	Amendment No. 1, dated as of July 18, 2007, to the Management Cooperation Agreement, dated as of June 1, 2007, by and among CKX, Inc. and each of the stockholders set forth on Schedule I thereto (incorporated herein by reference to Annex I of the Proxy Statement).

(d)(8)	Amendment No. 2, dated as of September 27, 2007, to the Management Cooperation Agreement, dated as of June 1, 2007, by and among CKX, Inc. each of the stockholders set forth on Schedule I thereto (incorporated herein by reference to Annex J of the Proxy Statement).
(d)(9)	Amendment No. 3, dated as of May 27, 2008 to the Management Cooperation Agreement, dated as of June 1, 2007 by and among CKX, Inc. and each of the stockholders set forth on Schedule I thereto (incorporated by reference to Annex K of the proxy statement).
(d)(10)	Sillerman Commitment Letter, dated November 7, 2007 from Robert F.X. Sillerman, addressed to 19X, Inc. (incorporated herein by reference to Exhibit 28 of Amendment No. 5 to Schedule 13D filed by Messers. Sillerman and Fuller with the Securities and Exchange Commission on November 20, 2007) (“Sillerman Commitment Letter”).
(d)(11)	Letter, dated May 12, 2008, amending the Sillerman Commitment Letter.
(d)(12)	Letter Agreement, dated June 1, 2007, between 19X, Inc. and the Promenade Trust (incorporated herein by reference to Exhibit 21 of Amendment No. 4 to Schedule 13D filed by Messers. Sillerman and Fuller with the Securities and Exchange Commission on July 23, 2007).
(d)(13)	Letter Agreement, dated June 1, 2007, between 19X, Inc., Simon Robert Fuller and Robert F.X. Sillerman (incorporated herein by reference to Exhibit 22 of Amendment No. 4 to Schedule 13D filed by Messers. Sillerman and Fuller with the Securities and Exchange Commission on July 23, 2007).
(d)(14)	Guaranty, dated as of July 18, 2007 by Robert F.X. Sillerman in favor of Bear, Sterns International Limited (incorporated herein by reference to Exhibit 25 of Amendment No. 4 to Schedule 13D filed by Messers. Sillerman and Fuller with the Securities and Exchange Commission on July 23, 2007).
(f)	Section 262 of the General Corporation Law of the State of Delaware (incorporated herein by reference to Annex G of the Proxy Statement).
(g)	Not applicable.

SIGNATURES

After due inquiry and to the best of my knowledge and belief, each of the undersigned certifies that the information set forth in this statement is true, complete and correct.

Date: May 29, 2008
	CKX, INC.
	By: /s/ Thomas P. Benson
	Name:  Thomas P. Benson
	Title:    Chief Financial Officer
	19X, INC.
	By: /s/ Robert F.X. Sillerman
	Name:  Robert F.X. Sillerman
	Title:    President
	19X ACQUISITION CORP.
	By: /s/ Robert F.X. Sillerman
	Name:  Robert F.X. Sillerman
	Title:    President
	ROBERT F.X. SILLERMAN
	/s/ Robert F.X. Sillerman
	LAURA BAUDO SILLERMAN
	/s/ Laura Baudo Sillerman
	SILLERMAN CAPITAL HOLDINGS L.P.
	By: SILLERMAN CAPITAL HOLDINGS, INC., its General Partner
	By: /s/ Robert F.X. Sillerman
	Name:  Robert F.X. Sillerman
	Title:    President
	SIMON FULLER
	/s/ Simon Fuller

MICHAEL G. FERREL

/s/ Michael G. Ferrel

MITCHELL J. SLATER

/s/ Mitchell J. Slater

HOWARD J. TYTEL

/s/ Howard J. Tytel

THOMAS P. BENSON

/s/ Thomas P. Benson

EXHIBIT INDEX

(a)(1)	Not applicable.
(a)(2)(i)	Preliminary copy of letter to stockholders from CKX’s Chairman and Chief Executive Officer (incorporated herein by reference to the revised preliminary proxy statement on Schedule 14A filed by CKX with the Securities and Exchange Commission on May 27, 2008 (the “Proxy Statement”)).
(a)(2)(ii)	Proxy Statement (incorporated herein by reference to the Proxy Statement).
(a)(2)(iii)	Proxy Card (incorporated herein by reference to the Proxy Statement).
(a)(2)(iv)	Notice of Special Meeting of Stockholders of CKX, Inc. (incorporated herein by reference to the Proxy Statement).
(a)(3)	Proxy Statement (incorporated herein by reference to the Proxy Statement).
(a)(4)	Not applicable.
(b)(1)	Debt Commitment and Engagement Letter, dated November 7, 2007 from Credit Suisse, Credit Suisse Securities (USA) LLC, Deutsche Bank Trust Company Americas and Deutsche Bank Securities Inc., addressed to 19X, Inc. (incorporated herein by reference to Exhibit 27 of Amendment No. 5 to Schedule 13D filed by Messrs. Sillerman and Fuller with the Securities and Exchange Commission on November 20, 2007 (“Debt Commitment and Engagement Letter”)).
(b)(2)	Letter, dated May 12, 2008 amending the Debt Commitment and Engagement Letter.
(c)(1)	Presentation of Houlihan, Lokey, Howard & Zukin Financial Advisors, Inc. to the CKX, Inc. Board of Directors, dated June 1, 2007.
(c)(2)	Presentation of Houlihan, Lokey, Howard & Zukin Financial Advisors, Inc. to the CKX, Inc. Board of Directors, dated September 27, 2007.
(c)(3)	Presentation of Houlihan, Lokey, Howard & Zukin Financial Advisors, Inc. to the CKX, Inc. Board of Directors, dated May 27, 2008.
(c)(4)	Draft Presentation of Houlihan, Lokey, Howard & Zukin Financial Advisors, Inc. to the Special Committee of the CKX, Inc. Board of Directors, dated May 22, 2007.
(c)(5)	Draft Presentation of Houlihan, Lokey, Howard & Zukin Financial Advisors, Inc. to the Special Committee of the CKX, Inc. Board of Directors, dated May 24, 2007.
(c)(6)	Draft Presentation of Houlihan, Lokey, Howard & Zukin Financial Advisors, Inc. to the Special Committee of the CKX, Inc. Board of Directors, dated as of May 21, 2008.
(c)(7)	Opinion of Houlihan, Lokey, Howard & Zukin Financial Advisors, Inc. dated as of June 1, 2007.
(c)(8)	Opinion of Houlihan, Lokey, Howard & Zukin Financial Advisors, Inc. dated as of September 27, 2007.
(c)(9)	Opinion of Houlihan, Lokey, Howard & Zukin Financial Advisors, Inc. dated as of May 27, 2008 (incorporated by reference to Annex F to the Proxy Statement).
(d)(1)	Agreement and Plan of Merger, dated as of June 1, 2007 (incorporated herein by reference to Annex A of the Proxy Statement).
(d)(2)	Amendment No. 1, dated as of August 1, 2007, to Agreement and Plan of Merger (incorporated herein by reference to Annex B of the Proxy Statement).
(d)(3)	Amendment No. 2, dated as of September 27, 2007, to Agreement and Plan of Merger (incorporated herein by reference to Annex C of the Proxy Statement).
(d)(4)	Amendment No. 3, dated as of January 23, 2008, to Agreement and Plan of Merger (incorporated herein by reference to Annex D of the Proxy Statement).
(d)(5)	Amendment No. 4, dated as of May 27, 2008, to Agreement and Plan of Merger (incorporated herein by reference to Annex E of the Proxy Statement).
(d)(6)	Management Cooperation Agreement, dated as of June 1, 2007, by and among CKX, Inc. and each of the stockholders set forth on Schedule I thereto (incorporated herein by reference to Annex H of the Proxy Statement).
(d)(7)	Amendment No. 1, dated as of July 18, 2007, to the Management Cooperation Agreement, dated as of June 1, 2007, by and among CKX, Inc. and each of the stockholders set forth on Schedule I thereto (incorporated herein by reference to Annex I of the Proxy Statement).

(d)(8)	Amendment No. 2, dated as of September 27, 2007, to the Management Cooperation Agreement, dated as of June 1, 2007, by and among CKX, Inc. and each of the stockholders set forth on Schedule I thereto (incorporated herein by reference to Annex J of the Proxy Statement).
(d)(9)	Amendment No. 3 dated as of May 27, 2008, to the Management Cooperation Agreement, dated as of June 1, 2007, by and among CXK, Inc. and each of the stockholders set forth on Schedule I thereto (incorporated by reference to Annex K of the Proxy Statement).
(d)(10)	Sillerman Commitment Letter, dated November 7, 2007 from Robert F.X. Sillerman, addressed to 19X, Inc. (incorporated herein by reference to Exhibit 28 of Amendment No. 5 to Schedule 13D filed by Messers. Sillerman and Fuller with the Securities and Exchange Commission on November 20, 2007) (“Sillerman Commitment Letter”).
(d)(11)	Letter, dated May 12, 2008, amending the Sillerman Commitment Letter.
(d)(12)	Letter Agreement, dated June 1, 2007, between 19X, Inc. and the Promenade Trust (incorporated herein by reference to Exhibit 21 of Amendment No. 4 to Schedule 13D filed by Messers. Sillerman and Fuller with the Securities and Exchange Commission on July 23, 2007).
(d)(13)	Letter Agreement, dated June 1, 2007, between 19X, Inc., Simon Robert Fuller and Robert F.X. Sillerman (incorporated herein by reference to Exhibit 22 of Amendment No. 4 to Schedule 13D filed by Messers. Sillerman and Fuller with the Securities and Exchange Commission on July 23, 2007).
(d)(14)	Guaranty, dated as of July 18, 2007 by Robert F.X. Sillerman in favor of Bear, Sterns International Limited (incorporated herein by reference to Exhibit 25 of Amendment No. 4 to Schedule 13D filed by Messers. Sillerman and Fuller with the Securities and Exchange Commission on July 23, 2007).
(f)	Section 262 of the General Corporation Law of the State of Delaware (incorporated herein by reference to Annex G of the Proxy Statement).
(g)	Not applicable.

EX-99.B.II

Exhibit (b)(2)

CREDIT SUISSE	DEUTSCHE BANK TRUST COMPANY
CREDIT SUISSE SECURITIES (USA) LLC	AMERICAS
Eleven Madison Avenue	DEUTSCHE BANK SECURITIES INC.
New York, NY 10010	60 Wall Street
	New York, NY 10005

CONFIDENTIAL

May 12, 2008

19X, Inc.
650 Madison Avenue
16^th Floor
New York, NY 10022
Attention: Robert F.X. Sillerman

Amendment to Commitment and Engagement Letter and Fee Letter

Ladies and Gentlemen:

     This Amendment to Commitment and Engagement Letter and Fee Letter (this “Amendment”) amends certain sections of (i) that certain Commitment and Engagement Letter (the “Debt Commitment Letter”), dated November 7, 2007, by and among 19X, Inc. (“you” or the “Company”), Credit Suisse (“CS”), Credit Suisse Securities (USA) LLC (“CS Securities” and, together with CS and their respective affiliates, “Credit Suisse”), Deutsche Bank Trust Company Americas (“DBTCA”) and Deutsche Bank Securities Inc. (“DBSI” and, together with DBTCA and their respective affiliates, “DB” and, together with Credit Suisse, the “Engagement Parties”, “we” or “us”) and (ii) that certain Fee Letter (the “Fee Letter”), dated November 7, 2007, by and among the Company and the Engagement Parties.

Section 1. Amendment to the Debt Commitment Letter

     Paragraph 15 (Acceptance and Termination) of the Debt Commitment Letter is hereby amended by deleting “July 31, 2008” in the fourth sentence of such paragraph and replacing it with “September 30, 2008.”

     Exhibit C to the Debt Commitment Letter is hereby amended by adding the words “or after” immediately after the words “financing is being marketed during” in the footnote at the end of page C-2 thereto.

     The foregoing amendments are limited in effect and, except as specifically set forth in this Section 1, shall apply only as expressly set forth in this Amendment and shall not constitute a waiver, modification or amendment of any other provision of the Debt Commitment Letter. The Debt Commitment Letter is modified only by the express provisions of this Amendment, and shall as so modified remain in full force and effect and is hereby ratified and confirmed by the Company in all respects. This Amendment shall become effective upon execution and delivery hereof by the Company and the Engagement Parties.

2

Section 2. Amendment to the Fee Letter

     Paragraph 2 (Alternate Transaction Break-Up Payments) of the Fee Letter is hereby amended by deleting “within one year from the date hereof” in the first sentence of such paragraph and replacing it with “at any time on or prior to January 7, 2009.”

     The foregoing amendment is limited in effect and, except as specifically set forth in this Section 2, shall apply only as expressly set forth in this Amendment and shall not constitute a waiver, modification or amendment of any other provision of the Fee Letter. The Fee Letter is modified only by the express provisions of this Amendment, and shall as so modified remain in full force and effect and is hereby ratified and confirmed by the Company in all respects. This Amendment shall become effective upon execution and delivery hereof by the Company and the Engagement Parties.

Section 3. Amendments; Governing Law, Etc.

     This Amendment shall not be assignable by you without the prior written consent of the Engagement Parties (and any attempted assignment without such consent shall be null and void), is intended to be solely for the benefit of the parties hereto (and Indemnified Persons), and is not intended to confer any benefits upon, or create any rights in favor of, any person other than the parties hereto (and Indemnified Persons). This Amendment may not be amended or any provision hereof waived or modified except by an instrument in writing signed by the Engagement Parties and you. This Amendment may be executed in any number of counterparts, each of which shall be an original and all of which, when taken together, shall constitute one agreement. Delivery of an executed counterpart of a signature page of this Amendment by facsimile transmission or electronic transmission (e.g. a “pdf” or “tif”) shall be effective as delivery of a manually executed counterpart hereof. Section headings used herein are for convenience of reference only, are not part of this Amendment and are not to affect the construction of, or to be taken into consideration in interpreting, this Amendment. This Amendment supersedes all prior understandings, whether written or oral, between us with respect to the subject matter hereof. THIS AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.

[Remainder of this page intentionally left blank]

3

     We look forward to working with you and your team in order to complete this important transaction for the Company.

Very truly yours, CREDIT SUISSE SECURITIES (USA) LLC
By	/s/ Kristin M. Allen
	Name:	Kristin M. Allen
	Title:	Managing Director
CREDIT SUISSE, CAYMAN ISLANDS BRANCH
By	/s/ Judith E. Smith
	Name:	Judith E. Smith
	Title:	Director
By	/s/ Doreen Barr
	Name:	Doreen Barr
	Title:	Vice President
DEUTSCHE BANK TRUST COMPANY AMERICAS
By	/s/ Patrick W. Dowling
	Name:	Patrick W. Dowling
	Title:	Director
By	/s/ David Mayhew
	Name:	David Mayhew
	Title:	Managing Director
DEUTSCHE BANK SECURITIES INC.
By	/s/ Christopher Johnson
	Name:	Christopher Johnson
	Title:	Managing Director
By	/s/ Vikram Kaul
	Name:	Vikram Kaul
	Title:	Director

4

Accepted and agreed to as of
the date first above written:

19X, INC.

By /s/ Robert F.X. Sillerman
  Name: Robert F.X. Sillerman
Title: President

EX-99.C.1

Hong Kong Frankfurt

CKX, Inc.

JUNE 1, 2007

Presentation to the Board of Directors

Houlihan Lokey Investment Banking Services 1930 Century Park West Los Angeles, California 90067 310-553-8871 www.hlhz.com Los Angeles New York Chicago San Francisco Washington, D.C. Minneapolis Dallas Atlanta London Paris Frankfurt Hong Kong

ASSUMPTIONS AND QUALIFICATIONS

These materials are provided for the information of the Special Committee of the Board of Directors of CKX, Inc. (“CKX” or the “Company”) by Houlihan Lokey Howard & Zukin Financial Advisors, Inc. (“HLHZFA”) in connection with the Special Committee’s consideration of a potential transaction involving the Company or its affiliates (the “Proposed Transaction”). These materials were prepared for specific persons familiar with the business and affairs of the Company for use in a specific context.

These materials are provided on a confidential basis solely for the information of the Special Committee and may not be disclosed, summarized, reproduced, disseminated or quoted or otherwise referred to unless disclosed, summarized, reproduced, disseminated or quoted or otherwise referred to in its entirety and the content of any description (including, without limitation, any reference to HLHZFA (or HLHZFA’s affiliate, Houlihan Lokey Howard & Zukin Capital, Inc. (“Houlihan Lokey”)), the Company’s (or the Special Committee’s) engagement of Houlihan Lokey, the services provided by HLHZFA (or Houlihan Lokey) or of any opinion rendered by HLHZFA (or Houlihan Lokey) shall be accurate and complete and the Company shall allow Houlihan Lokey (or HLHZFA) reasonable time and opportunity to review and comment upon any such inclusion or description. Notwithstanding the foregoing, HLHZFA imposes no restrictions on the disclosure by the Company (including its employees, representatives and agents) of the tax treatment or tax structure of any transaction, including those portions of any materials containing such information that are provided by HLHZFA to the Company. Any discussion in these materials regarding any U.S. federal tax matter is not intended or written to be used, and cannot be used, by any taxpayer for the purpose of avoiding any penalties. Any such discussion was written to support the marketing or promotion of the transaction(s) or matters(s) to which the discussion relates. Each taxpayer should seek advice based on the taxpayer’s particular circumstances from an independent tax advisor. HLHZFA is not an expert on, and nothing contained herein should be construed as advice with regard to, legal, accounting, regulatory, insurance or tax matters.

These materials necessarily are based on financial, economic, market and other conditions as in effect on, and the information made available to us as of, the date of these materials. HLHZFA undertakes no obligation to update, revise or reaffirm these materials. These materials are not intended to provide the sole basis for evaluation of the Proposed Transaction, do not purport to contain all information that may be required and should not be considered a recommendation with respect to the Proposed Transaction. These materials do not constitute an opinion with respect to the Proposed Transaction, nor a recommendation to any security holder of the Company or any other person as to how such person should vote or act with respect to the Proposed Transaction. The preparation of these materials involves various determinations as to the most appropriate and relevant methods of financial analyses and the application of those methods to particular circumstances and, therefore, are not readily susceptible to summary description. Furthermore, HLHZFA did not attribute any particular weight to any analysis or factor considered by it, but rather made qualitative judgments as to the significance and relevance of each analysis and factor. Thus, the analyses contained in these materials must be considered as a whole. Selecting portions of the analyses, without considering all analyses, could create an incomplete view. Estimates of value contained in the analyses are not necessarily indicative of actual value or predictive of future results or values, which may be significantly more or less favorable. In preparing these materials, HLHZFA has not conducted any physical inspection or independent appraisal or evaluation of any of the assets, properties or liabilities (contingent or otherwise) of the Company or any other participant in the Proposed Transaction.

All budgets, projections, estimates, financial analyses, reports and other information with respect to operations (including estimates of potential cost savings and expenses) reflected herein have been prepared by the management or are derived from such budgets, projections, estimates, financial analyses, reports and other information or from public sources, which involve numerous and significant subjective determinations made by the management or which such management has reviewed and found reasonable. The budgets and projections contained herein may or may not be achieved and differences between projected results and those actually achieved may be material. We have assumed that such budgets and projections have been reasonably prepared on bases reflecting the best currently available estimates and judgments of such management (or, with respect to information obtained from public sources, represent reasonable estimates). HLHZFA has assumed and relied upon the accuracy and completeness of the financial and other information provided to it or obtained from public sources without assuming any responsibility for independent verification of such information, makes no representation or warranty (express or implied) in respect of the accuracy or completeness of such information and has further relied upon the assurances of the Company that it is not aware of any facts or circumstances that would make such information inaccurate or misleading. In addition, we have relied upon and assumed, without independent verification, that there has been no material change in the assets, liabilities, financial condition, results of operations, business or prospects of the Company or any other participant in the Proposed Transaction since the date of the most recent financial statements provided to us, and that the final forms of any draft documents reviewed by us will not differ in any material respect from such draft documents.

Table of Contents

Tab Scope of Engagement 1

FX Luxury Investment 2

License Agreements 3

Going Private Transaction 4

Scope of Engagement

[Graphic Appears Here]

INVESTMENT LUXURY FX -

VERVIEW

Scope of Engagement

TRANSACTION OVERVIEW — FX LUXURY INVESTMENT (CONTINUED)

We understand that 19X, Inc. (the “Acquiror”) 19X Acquisition Corp., a wholly-owned subsidiary of the Acquiror (“Sub”), and CKX, Inc. (the “Company”), propose to enter into the Merger Agreement (defined below) pursuant to which, among other things, Sub will be merged with and into the Company (the “Transaction”) and that, in connection with the Transaction, each outstanding share of common stock, par value $0.01 per share , of the Company (“Company Common Stock”) will be converted into the right to receive $13.75 in cash (the “Consideration”). We understand that the Acquiror is owned by the majority stockholder and CEO of the Company, Robert Sillerman, and the Chief Executive Officer of the Company’s subsidiary, 19 Entertainment Limited, and a director and member of the Office of the Chair, Simon Fuller (together with Acquiror and their respective affiliates, and any other stockholder of the Company acting in a group in connection with the Transaction, collectively “Excluded Persons”). The Going Private Transaction will be in the form of a cash merger and will require a stockholder vote. We understand that the offer price is contemplated at $13.75 per share of common stock. The Company’s Series B Convertible Preferred Stock and Series C Convertible Preferred Stock will be converted into the right to receive its liquidation preference as contemplated by the terms of the Company’s Certificate of Incorporation or remain outstanding with terms identical to the terms of each class of preferred stock. We further understand that RFXS is also a significant shareholder in FX Luxury, owning approximately 34 percent of the equity interests. RFXS would reinvest approximately $120 million into the Company, representing an ownership interest of approximately 20 percent after the Going Private Transaction. It is anticipated that RFXS and Simon Fuller will remain as senior management of CKX post-Going Private Transaction.

Scope of Engagement

ENGAGEMENT OVERVIEW

The FX Luxury Investment and Going Private Transaction are referred to collectively as the “Transactions.” It is our understanding that the Transactions will be announced simultaneously.

Houlihan Lokey Howard and Zukin has been retained to assist the Special Committee in negotiating the Transactions, and to provide opinions, as to whether: The cash consideration to be paid by the Company and the value of the licenses to be granted by the Company’s subsidiaries pursuant to the License Agreements, in exchange for the 50 percent interest in FX Luxury and the consideration to be received by the Company’s subsidiaries pursuant to the License Agreements in the FX Luxury Investment are fair to the holders of the Company’s common stock (other than the Excluded Persons) from a financial point of view; and The consideration to be received by the holders of the common stock (other than the Excluded Persons) in the Going Private Transaction is fair to them from a financial point of view.

Going Private Transaction

Going Private Transaction

TRANSACTION OVERVIEW

In connection with the Going Private Transaction, we understand the Affiliated Stockholders may offer the Unaffiliated Stockholders of the Company cash consideration of $13.75 per share for each common share of the Company. The Going Private Transaction will be affected through a merger of 19 Acquisition Corp. with and into CKX.

RFXS would reinvest approximately $120 million into the Company, representing an ownership interest of approximately 20 percent after the Going Private Transaction.

CKX may terminate the merger agreement and enter into an alternative agreement during the 45-day “go-shop” period, only if that agreement constitutes (as opposed to is reasonably expected to result in a) “superior proposal”.

The parent of 19X Acquisition Corp. is required to pay CKX a termination fee of $37 million if the merger agreement is terminated due to: (i) failure to consummate the merger within 270 days of signing of the merger agreement due to the failure of 19X

Acquisition Corp. fails to raise the financing required to consummate the Going Private Transaction,

(ii) if 19X Acquisition Corp. or its parent effects a breach of any representation, warranty or covenant that is not capable of being satisfied by 270 days from the signing of the agreement, or (iii) there is a material breach in management cooperation agreement by RFXS or any affiliates.

It is our understanding that 19X Acquisition Corp. currently does not have committed financing required to complete the Going Private Transaction.

Going Private Transaction

IMPLIED STOCK PREMIUM ANALYSIS

In the Going Private Transaction, the Company’s stockholders will receive $13.75 in cash for each share of Company common stock owned, which represents a premium of 29.4 percent to 30.4 percent to the Company’s one-day prior and five-day prior closing share prices.

Implied Stock Premium ⁽¹⁾ Offer Price per Share $13.75 50.0%

1-Day Stock Price $10.63

40.0% Implied 1-Day Stock Premium 29.4%

30.4% 29.4%

30.0% 27.4%

1-Week Stock Price $10.55

21.3%

Implied 1-Week Stock Premium30.4% 20.0%

1-Month Stock Price$10.79 Implied 1-Month Stock Premium27.4% 10.0% 3-Month Stock Price$11.33 0.0% Implied 3-Month Stock Premium^21.3% 1 Day 1 Week 1 Month 3 Month

¹ Based on the average stock price over the period ending as of May 31, 2007.

Going Private Transaction

13 E-3 PREMIUM PAID ANALYSIS

The implied premiums are above the mean and median premiums observed in other 13e-3 transactions.

13e-3 Premium Analysis¹

Stock Price Premium Median/Mean
40.0%

35.0% 5-Day Premium: 30.4% 1-Day Premium: 29.4% 30.0% 20-Day Premium: 27.4% 24.7% 24.2% 23.7% 25.0%

20.0%

16.7% 17.2% 15.9% 15.0%

10.0%

5.0%
0.0%

1 Trading Day 1 Trading Day 5 Trading Day 5 Trading Day 20 Trading Day 20 Trading Day Median Mean Median Mean Median Mean

Based on the premium to stock price on 13e-3 transactions filed with the SEC for the period of 1/2004 -5/2007.

Going Private Transaction

IMPLIED STOCK PREMIUM ANALYSIS — POST FX LUXURY INVESTMENT

1-Day 1-Week 1-Month 3-Month Stock Price $ 10.63 $ 10.55 $ 10.79 $ 11.33

Shares ⁽²⁾ 97.3 97.3 97.3 97.3

Market Cap $ $1,034.0 $ $1,025.9 $ $1,049.8 $ $1,102.4

Add: Current Net Debt ⁽²⁾ (26.9) (26.9) (26.9) (26.9)

Add: Minority Interest ⁽²⁾ 3.7 3.7 3.7 3.7

Add: Preferred Stock ⁽²⁾ 22.8 22.8 22.8 22.8

Enterprise Value $ $1,033.6 $ $1,025.6 $ $1,049.5 $ $1,102.1

Less: Pro Forma Net Debt ⁽³⁾ 73.1 73.1 73.1 73.1

Less: Minority Interest ⁽²⁾ 3.7 3.7 3.7 3.7

Less: Preferred Stock ⁽²⁾ 22.8 22.8 22.8 22.8

Add: PV of License Agreements ⁽⁴⁾ 132.0 132.0 132.0 132.0

Pro Forma Market Cap $ $1,066.0 $ $1,057.9 $ $1,081.8 $ $1,134.4

Shares 97.3 97.3 97.3 97.3

Implied Stock Price $ 10.96 $ 10.88 $ 11.12 $ 11.66 Implied Offer Price Premium 25.5% 26.4% 23.6% ^17.9%

¹ Based on the average stock price over the period ending as of May 31,2007. ² As per the Company’s latest quarterly report filed on Form 10-Q on May 9, 2007. ³ Net Debt includes $100 million of additional debt financing related to investment in FX Luxury.

⁴Based on the net present value of the License Agreements to the Company as part of the license agreement with FX Luxury.

Going Private Transaction

VALUATION OF THE COMPANY

The following table shows (i) the valuation of the Company on a per share basis at certain stages of the Transaction leading up to and including the Going Private Transaction and (ii) the implied premium based on the $13.75 offer price.

Per Share Value            Per Share Value            Per Share Value Low            High            Low            High   &n bsp;        Low            High

Pre Transaction            Post Flag Investment Pre Dividend            Post Flag Transaction Post Dividend Base Business ⁽¹⁾ $ 11.21 — $ 13.17 Base Business ⁽¹⁾ $ 11.21 — $ 13.17 Base Business ⁽¹⁾ $ 11.21 — $ 13.17

Incremental Flag Debt $ 0.00 — $ 0.00 Incremental Flag Debt ($ 1.03) — ($ 1.03) Incremental Flag Debt ($ 1.03) — ($ 1.03)

PV of Minimum Guarantees $ 0.00 — $ 0.00 PV of License Agreements $ 1.22 — $ 1.48 PV of License Agreements $ 1.22 — $ 1.48

Total Value of CKX $ 11.21 — $ 13.17 Total Value of CKX $ 11.41 — $ 13.62 Total Value of CKX $ 11.41 — $ 13.62

Interest in Flag $ 0.00 — $ 0.00 50% Interest in FX Luxury ⁽²⁾ $ 0.52 — $ 1.09 25% Interest in FX Luxury ⁽²⁾ $ 0.26 — $ 0.54

Total Value of CKX $ 11.21 — $ 13.17 Total Value Post Flag Investment Pre Dividend $ 11.92 — $ 14.70 Total Value Post Flag Transaction Post Dividen $ 11.67 — $ 14.16

Going Private Offer $ 13.75 — $ 13.75 Going Private Offer $ 13.75 — $ 13.75 Going Private Offer $ 13.75 — $ 13.75

Dividend $ 0.26 $ 0.54

Adjusted Going Private Offer $ 14.01 $ 14.29

Going Private Premium ($) $ 2.54 — $ 0.58 Going Private Premium ($) $ 1.83 — ($ 0.95) Going Private Premium ($) $ 2.34 — $ 0.13

Going Private Premium (%) 22.6% — 4.4% Going Private Premium (%) 15.3% — -6.5% Going Private Premium (%) 20.1% — ^0.9%

In the Going Private Transaction, the Company’s stockholders will receive $13.75 in cash for each share of Company common stock owned, which represents a 4.4 percent to 22.6 percent premium to the Company’s intrinsic value prior to the Transaction.

Giving effect to the FX Luxury Investment, including the Distribution, the $13.75 offer price adjusted for the Distribution, represents a 0.9 percent to 20.1 percent premium to the Company’s intrinsic value.

¹ Based on the equal weighting of the four valation approaches, not including the $100 million investment in FX Luxury and the value of the licensing agreement.

² Excludes impact of the rights offering.

Going Private Transaction

VALUATION INDICATIONS VS. OFFER PRICE — PRICE PER SHARE¹

The offer price is within the range of the valuation indications.

$20.00 $18.00 $16.82 $16.00

Offer Share price: $14.00 $12.91 $13.75 ⁽²⁾

Price per Share $12.30 $11.95 $12.00 $12.60 $11.68 $11.47 Current Share Price: $10.00 $10.63 ⁽³⁾ $10.41

$8.00

Market Multiple Selected Transaction Discounted Cash Flow Public Price Approach Approach Approach Approach

¹ Includes the net present value of minimum guarantees to the Company’s subsidiaries as part of the license agreement with FX Luxury and $100 million of debt related to an investment in FX Luxury

² Based on current going-private offer price of $13.75 per share.

³ The Company’s closing stock price as of May 31, 2007.

Going Private Transaction

VALUATION SUMMARY

(figures in millions, except price per share)

Market Multiple            Selected            Discounted Cash Flow            Public Price Approach            Transaction Approach            Approach            Approach Low            High            Low            High   &n bsp;        Low            High            Low       &n bsp; &n bsp;  High Enterprise Value $ $1,100.0 $ $1,220.0 $ $1,080.0 $ $1,160.0 $ $1,190.0 $ $1,600.0 $ 980.0 $1,130.0

Add: PV of License Agreements 132.0 132.0 132.0 132.0 132.0 132.0 132.0 132.0

Adjusted Enterprise Value $ $1,232.0 $ $1,352.0 $ $1,212.0 $ $1,292.0 $ $1,322.0 $ $1,732.0 $ $1,112.0 $1,262.0

Add: Cash ⁽¹⁾ 30.1 30.1 30.1 30.1 30.1 30.1 30.1 30.1

Less: Pro Forma Debt ⁽¹⁾ 103.3 103.3 103.3 103.3 103.3 103.3 103.3 103.3

Less: Minority Interest ⁽²⁾ — — — — — — 3.7 3.7

Less: Preferred Stock ⁽¹⁾ 22.8 22.8 22.8 22.8 22.8 22.8 22.8 22.8

Equity Value (Pro Forma) $ $1,136.0 $ $1,256.0 $ $1,116.0 $ $1,196.0 $ $1,226.0 $ $1,636.0 $ $1,012.4 $1,162.4

Price per Share (Pro Forma) $ 11.68 $ 12.91 $ 11.47 $ 12.30 $ 12.60 $ 16.82 $ 10.41 ^{$ 11.95}

¹ As per the Company’s latest quarterly report filed on Form 10-Q on May 9, 2007.

² Minority interest has been captured in other approaches through adjustments to the Company’s representative levels.

Going Private Transaction

IMPLIED TRANSACTION EBITDA MULTIPLES (EV/EBITDA)

The implied EV/EBITDA multiple based on the $13.75 offer price is within the range of EV/EBITDA multiples observed in other change of control transactions and those of other selected publicly traded companies.

(in millions) 24.0x
Implied EBITDA Multiples

Implied Transaction 2007 EBITDA Multiple

Indicated Enterprise Value ⁽¹⁾ $1,340.0 20.0x

17.9x

2006 EBITDA $42.8 Multiple 16.0x
Implied EV/EBITDA Multiple 31.3x EV/EBITDA 14.3x

13.5x

2007E EBITDA $72.3

12.0x 11.1x 10.9x 10.7x Implied EV/EBITDA Multiple 18.5x 9.8x

2008E EBITDA $113.8

8.0x Implied EV/EBITDA Multiple            Diversified Media            Content Management            Precedent Transactions ^11.8x Companies Average            Companies Average      &nbs p;     Average 2006/2007/2008 2006/2007/2008

¹ Based on current offer price of $13.75 per share.

EX-99.C.2

Confidential Presentation to the Special Committee of the Board of Directors

Houlihan Lokey www.hlhz.com U.S. 800.788.5300 Europe +44 (0)20.7839.3355 Hong Kong 852.3551.2300 Japan 81.3.4577.6000 Los Angeles•New York•Chicago•San Francisco•Minneapolis•Washington, D.C.•Dallas•Atlanta•London•Paris•Frankfurt•Hong Kong•Tokyo

ASSUMPTIONS AND QUALIFICATIONS

These materials are provided for the information of the Special Committee of the Board of Directors of CKX, Inc. (“CKX” or the “Company”) by Houlihan Lokey Howard & Zukin Financial Advisors, Inc. (“Houlihan Lokey”) in connection with the Special Committee’s consideration of a potential transaction involving the Company or its affiliates (the “Proposed Transaction”). These materials were prepared for specific persons familiar with the business and affairs of the Company for use in a specific context.

These materials are provided on a confidential basis solely for the information of the Special Committee and may not be disclosed, summarized, reproduced, disseminated or quoted or otherwise referred to unless disclosed, summarized, reproduced, disseminated or quoted or otherwise referred to in its entirety and the content of any description (including, without limitation, any reference to Houlihan Lokey (or Houlihan Lokey’s affiliate, Houlihan Lokey Howard & Zukin Capital, Inc. (“HLHZC”)), the Company’s (or the Special Committee’s) engagement of HLHZC, the services provided by Houlihan Lokey (or HLHZC) or of any opinion rendered by Houlihan Lokey (or HLHZC) shall be accurate and complete and the Company shall allow HLHZC (or Houlihan Lokey) reasonable time and opportunity to review and comment upon any such inclusion or description. Notwithstanding the foregoing, Houlihan Lokey imposes no restrictions on the disclosure by the Company (including its employees, representatives and agents) of the tax treatment or tax structure of any transaction, including those portions of any materials containing such information that are provided by Houlihan Lokey to the Company. Any discussion in these materials regarding any U.S. federal tax matter is not intended or written to be used, and cannot be used, by any taxpayer for the purpose of avoiding any penalties. Any such discussion was written to support the marketing or promotion of the transaction(s) or matters(s) to which the discussion relates. Each taxpayer should seek advice based on the taxpayer’s particular circumstances from an independent tax advisor. Houlihan Lokey is not an expert on, and nothing contained herein should be construed as advice with regard to, legal, accounting, regulatory, insurance or tax matters.

These materials necessarily are based on financial, economic, market and other conditions as in effect on, and the information made available to us as of, the date of these materials. Houlihan Lokey undertakes no obligation to update, revise or reaffirm these materials. These materials are not intended to provide the sole basis for evaluation of the Proposed Transaction, do not purport to contain all information that may be required and should not be considered a recommendation with respect to the Proposed Transaction. These materials do not constitute an opinion with respect to the Proposed Transaction, nor a recommendation to any security holder of the Company or any other person as to how such person should vote or act with respect to the Proposed Transaction. The preparation of these materials involves various determinations as to the most appropriate and relevant methods of financial analyses and the application of those methods to particular circumstances and, therefore, are not readily susceptible to summary description. Furthermore, Houlihan Lokey did not attribute any particular weight to any analysis or factor considered by it, but rather made qualitative judgments as to the significance and relevance of each analysis and factor. Thus, the analyses contained in these materials must be considered as a whole. Selecting portions of the analyses, without considering all analyses, could create an incomplete view. Estimates of value contained in the analyses are not necessarily indicative of actual value or predictive of future results or values, which may be significantly more or less favorable. In preparing these materials, Houlihan Lokey has not conducted any physical inspection or independent appraisal or evaluation of any of the assets, properties or liabilities (contingent or otherwise) of the Company or any other participant in the Proposed Transaction.

All budgets, projections, estimates, financial analyses, reports and other information with respect to operations (including estimates of potential cost savings and expenses) reflected herein have been prepared by the management or are derived from such budgets, projections, estimates, financial analyses, reports and other information or from public sources, which involve numerous and significant subjective determinations made by the management or which such management has reviewed and found reasonable. The budgets and projections contained herein may or may not be achieved and differences between projected results and those actually achieved may be material. We have assumed that such budgets and projections have been reasonably prepared on bases reflecting the best currently available estimates and judgments of such management (or, with respect to information obtained from public sources, represent reasonable estimates). Houlihan Lokey has assumed and relied upon the accuracy and completeness of the financial and other information provided to it or obtained from public sources without assuming any responsibility for independent verification of such information, makes no representation or warranty (express or implied) in respect of the accuracy or completeness of such information and has further relied upon the assurances of the Company that it is not aware of any facts or circumstances that would make such information inaccurate or misleading. In addition, we have relied upon and assumed, without independent verification, that there has been no material change in the assets, liabilities, financial condition, results of operations, business or prospects of the Company or any other participant in the Proposed Transaction since the date of the most recent financial statements provided to us, and that the final forms of any draft documents reviewed by us will not differ in any material respect from such draft documents.

The materials do not constitute a commitment by Houlihan Lokey or any of its affiliates to underwrite, subscribe for or place any securities, to extend or arrange credit, or to provide any other services. In the ordinary course of business, certain of Houlihan Lokey’s affiliates, as well as investment funds in which they may have financial interests, may acquire, hold or sell, long or short positions, or trade or otherwise effect transactions, in debt, equity, and other securities and financial instruments (including loans and other obligations) of, or investments in, one or more parties that may be involved in the Proposed Transaction and their respective affiliates or any currency or commodity that may be involved in the Proposed Transaction. Houlihan Lokey and its affiliates have in the past provided, are currently providing, and in the future may provide, investment banking, financial advisory and other financial services to the Company for which Houlihan Lokey and such affiliates have received, and expect to receive, compensation, including, among other things, have rendered a solvency opinion to the Company in connection with certain transactions described herein.

Table of Contents

Tab Executive Summary 1

Fairness Analysis 2

Valuation of CKX 3

Market Multiple Methodology Comparable Transaction Methodology Discounted Cash Flow Approach Public Price Approach Valuation of License Agreements 4

Executive Summary

Executive Summary

SUMMARY OF PRIOR EVENTS

On June 1, 2007 CKX, Inc. (the “Company”) entered into a series of transactions pursuant to which:

the Company purchased a 50 percent interest in FX Luxury Realty, LLC (“FX Luxury”) for cash consideration of $100 million (the “FX Luxury Investment”), and, in connection with the FX Luxury Investment, the Company’s majority-owned subsidiaries Elvis Presley Enterprises, Inc. (“EPE”) and Muhammad Ali Enterprises, LLC (“MAE”), entered into license agreements with FX Luxury. These transactions have closed.

19X, Inc. (the “Acquiror”), 19X Acquisition Corp., a wholly-owned subsidiary of the Acquiror (“Sub”), and CKX, Inc. entered into a merger agreement (the “Original Agreement”) pursuant to which, among other things, Sub merged with and into the Company (the “Original Transaction”) and that, in connection with the Original Transaction, each outstanding share of common stock, par value $0.01 per share, of the Company (“Company Common Stock”) be converted into the right to receive $13.75 in cash (the “Original Consideration”). The Acquiror is owned by the majority stockholder and CEO of the Company, Robert Sillerman (“RFXS”), and the Chief Executive Officer of the Company’s subsidiary, 19 Entertainment Limited, and a director and member of the Office of the Chair, Simon Fuller (together with Acquiror and their respective affiliates, and any other stockholder of the Company acting in a group in connection with the Original Transaction, collectively “Excluded Persons”).

The Original Agreement requires a stockholder vote and provides that CKX would be able to terminate the Original Agreement and enter into an alternative agreement during a 45-day “go-shop” period, only if the alternative agreement constituted (as opposed to is reasonably expected to result in a) “superior proposal”. No superior proposals were submitted during the 45-day go-shop period.

SUMMARY OF PRIOR EVENTS (CONTINUED)

Under the Original Agreement, the Company’s Series B Convertible Preferred Stock and Series C Convertible Preferred Stock would be converted into the right to receive their respective liquidation preferences, as contemplated by the terms of the Company’s Certificate of Incorporation or remain outstanding with terms identical to their existing terms.

Under the Original Agreement, the Acquiror is required to pay CKX a termination fee of $37 million if the Original Agreement is terminated due to: failure to consummate the merger within 270 days of signing of the Original Agreement due to the failure of 19X Acquisition Corp. to raise the financing required to consummate the Original Transaction; if 19X Acquisition Corp. or its parent effects a breach of any representation, warranty or covenant that is not capable of being satisfied by 270 days from the signing of the agreement; or there is a material breach in the management cooperation agreement by RFXS or any affiliates.

On June 18, 2007, the Company transferred and assigned a 9.5% common membership interest in FX Luxury to CKX FXLR Stockholder Distribution Trust I (“Distribution I”), a grantor trust formed for the benefit of certain named CKX stockholders. Simultaneous to the transfer and assignment to Distribution Trust I, CKX contributed a 15.5% common membership interest in FX Luxury to FX Real Estate and Entertainment Inc. (“FXRE”) in exchange for FXRE common stock and immediately transferred and assigned the FXRE common stock to CKX FXLR Stockholder Distribution Trust II (“Distribution II”) for the benefit of CKX common stockholders. In addition, the membership interest transferred to Distribution I will be contributed to FXRE in exchange for 9.5% of the common stock of FXRE. These transfers represent, in the aggregate, a 25% common membership interest in FX Luxury and 50% of CKX’s ownership interest in FX Luxury. FXRE’s only asset in the membership interest is FX Luxury.
On August 24, 2007, FXRE filed a registration statement with the Securities and Exchange Commission (the “FXRE Form S-1”) to register shares of its common stock for distribution to common stockholders of CKX Inc. in connection with Distribution I and Distribution II.

As contemplated by the FXRE Form S-1, CKX stockholders will receive one share of FXRE common stock for every ten shares of CKX common stock owned on the record date for the distribution, which is expected to be ten days after the FXRE Form S-1 is declared effective by the SEC. The distribution of shares of FXRE to CKX common stockholders is expected to occur approximately 20 days after the FXRE Form S-1 is declared effective by the SEC. Based on the August 24 filing, the shares being distributed will represent 25% of the outstanding shares of FXRE.
The distributions to CKX common stockholders are not contingent on the closing of the Original Transaction. It is our understanding that after the distributions, CKX common stockholders will own 25% of FXRE, CKX will own 25% of FXRE and Flag Luxury Properties will own 50% of FXRE.

It is our understanding that the Acquiror and Sub are still attempting to obtain the financing to consummate the Original Transaction and have submitted a proposal of revised deal terms (the “Revised Transaction”) to the Special Committee of the Board of Directors of CKX (the “Special Committee”) as follows:

DISTRIBUTION OF FXRE SHARES

The Company will immediately transfer and assign its remaining 25% interest in FXRE common stock to a trust formed for the benefit of CKX stockholders, which common stock will be distributed to CKX stockholders after the FXRE Form S-1 is declared effective (the “Distribution”) and before the closing of the Revised Transaction.

The FXRE Form S-1 will be amended to include the additional 25% distribution of FXRE common stock to CKX stockholders whereby CKX stockholders will receive two shares (rather than one share) of FXRE common stock for every ten shares of CKX common stock owned on the record date on a post-split adjusted basis.

The Distribution, including the distribution of the additional 25% of FXRE common stock, will not be conditioned on the closing of the Original Transaction or the Revised Transaction.

MERGER PRICE ADJUSTMENTS

The Original Agreement will be amended so that the Original Consideration ($13.75 per share) will be adjusted by the amount obtained by multiplying (x) 0.75, by (y) the average trading price of FXRE’s common stock during a to be determined twenty day trading period (the “Measurement Period”); provided, however, that in no event will the merger consideration be adjusted by an amount greater than $2.00 (the “Adjusted Cash Price”). The Measurement Period, which will be determined as soon as possible, will not include the initial twenty days of trading of FXRE’s common stock, and will not include the forty day period immediately prior to the closing of the Revised Transaction.

This adjustment will only take place if FXRE’s common stock is trading during the Measurement Period on a national securities exchange (e.g. NYSE, NASDAQ or AMEX).

In the event that FXRE completes a rights offering at a pre-split adjusted price of $1.00 or greater and for total proceeds of not less than $90 Million (a “Qualifying Rights Offering”), the minimum adjustment of the merger consideration per share will be $0.75, regardless of the trading price during the Measurement Period.

Examples of potential cash purchase price adjustments:

If the average price of FXRE’s common stock during the Measurement Period is $1.50, the merger consideration will be reduced by $1.13 so that each CKX stockholder will receive $12.62 per share in cash at closing. If the average price during the Measurement Period is $0.50 per share, and a Qualifying Rights Offering has not been completed, the reduction would be $0.38 per share so that each CKX stockholder will receive $13.37 per share in cash at closing. If the average price during the Measurement Period is $0.50 per share but a rights offering has been completed at $1.00 per share, the reduction would be $0.75 per share (the minimum upon completion of the rights offering) so that each CKX stockholder will receive $13.00 per share in cash at closing.

If the average price during the Measurement Period is $3.00, the reduction would be $2.00 (the cap) so that each CKX stockholder will receive $11.75 per share in cash in closing. Upon the closing of the Revised Transaction, CKX common stockholders will receive the Adjusted Cash Price and will have previously received the Distribution (collectively, the “Consideration”).

Deadline Extensions

The deadline for providing financing commitment letters will be extended by thirty days. The outside date for closing the Revised Transaction will be extended by a ninety day period. The “go-shop” period will be re-opened and will continue for a period of forty-five days following the announcement of the Revised Transaction.

Financing

19x and Sub has represented to us that financing for the Revised Transaction will include an increase in equity from $600 to $750 million with the remaining consideration to be financed with debt dependent on the total cash required to consummate the Revised Transaction.

Houlihan Lokey Howard and Zukin has been retained to assist the Special Committee in negotiating the Revised Transaction and to provide an opinion, as to whether: the Consideration to be received by the holders of Company Common Stock (other than the Excluded Persons) in the Revised Transaction is fair to such holders from a financial point of view.

We have considered the following in connection with our analysis of the Revised Transaction: A fundamental valuation of CKX including:

the value of the Company’s core business and new initiatives including the EPE and MAE license agreements. the value of the Company’s 25% interest in FX Luxury based on the Company’s recent $100 million investment for a 50% interest in FX Luxury. We have not performed a fundamental valuation of FX Luxury or FXRE as the

Company’s investment is supported by a back-stop provided by the Excluded Persons.

The range of Consideration to be received by CKX common stockholders based on a range of hypothetical values for FXRE. In most circumstances the Consideration exceeds the original cash offer price of $13.75. FXRE was not valued separately as the Consideration received by CKX common stockholders is predicated on the trading price of FXRE shares during the Measurement Period, which will occur after the Distribution.

The chart below outlines the hypothetical merger price adjustments excluding a Qualifying Rights Offering, which is above the original $13.75 cash purchase price in all circumstances. This analysis assumes that a CKX stockholder does not trade his FXRE common stock before the consummation of the Revised Transaction as the trading price of FXRE will fluctuate from the time of the Distribution and registration of FXRE to the closing of the merger.

Summary Offer Analysis — Excluding Rights Offering

Variance From FXRE Trading Original Cash Cash Adjustment Adjusted Cash FXRE Value per Total Original Cash Scenario Price (1) Offer Price (2) Offer Price Share (3) Consideration (3) Offer Price

1 $0.10 $13.75 $0.08 $13.68 $0.10 $13.78 0.18% 20.25 13.75 0.19 13.56 0.25 13.81 0.45% 30.50 13.75 0.38 13.38 0.50 13.88 0.91% 40.75 13.75 0.56 13.19 0.75 13.94 1.36% 51.00 13.75 0.75 13.00 1.00 14.00 1.82% 61.25 13.75 0.94 12.81 1.25 14.06 2.27% 71.50 13.75 1.13 12.63 1.50 14.13 2.73% 81.75 13.75 1.31 12.44 1.75 14.19 3.18% 92.00 13.75 1.50 12.25 2.00 14.25 3.64% 102.25 13.75 1.69 12.06 2.25 14.31 4.09% 112.50 13.75 1.88 11.88 2.50 14.38 4.55% 122.75 13.75 2.00 11.75 2.75 14.50 5.45% 133.00 13.75 2.00 11.75 3.00 14.75 7.27% ¹ Based on a to be determined 20-day average trading price for FXRE common stock (the “Measurement Period”). ² Calculated as 0.75 multiplied by the FXRE average trading price up to $2.00.

³ CKX shareholders will receive the Adjusted Cash Price plus one share of FXRE common stock for each CKX common share owned. Does not include any potential discounts for illiquidity.

The chart below outlines hypothetical merger price adjustments based on a $100 million Qualifying Rights Offering at $1.00 per share. Under certain circumstances the CKX common stockholders may receive less than $13.75, however a successful Qualifying Rights Offering may support the value of FXRE common shares:

Rights Offering Analysis FXRE Trading            Rights Offering            Adjusted Cash            FXRE Value per            Total            Variance From Scenario             ;Price (1) Value (4) Offer Price            Adjustment (2) Adjustment (3) Offer Price            Share (4) Consideration (4) Original Offer

1 $ 0.10 $1.00 $13.75 $0.08 $0.75 $13.00 $0.10 $13.10 -4.73% 2 0.25 1.00 13.75 0.19 0.75 13.00 0.25 13.25 -3.64% 3 0.27 1.00 13.75 0.20 0.75 13.00 0.27 13.27 -3.49% 4 0.50 1.00 13.75 0.38 0.75 13.00 0.50 13.50 -1.82% 5 0.75 1.00 13.75 0.56 0.75 13.00 0.75 13.75 0.00% 6 1.00 1.00 13.75 0.75 0.75 13.00 1.00 14.00 1.82%

Rights Offering — Potential Benefit to Acquiror (in $ millions)

Reduction to Cash Merger Value of FXRE Rights Offering % Purchased by % Purchased by Paid by            Benefit to Scenario            Consideration (5) Shares (6) Price (7) Acquiror (8) Shareholders            Paid by Acquiror            Shareholders   & nbsp;        Acquiror (9)

1 $72.98 $10.00 $100.00 100.00% 0.00% $100.00 $0.00 ($17.03) 272.98 $25.00 100.00 100.00% 0.00% 100.00 0.00 ($2.03) 372.98 $27.03 100.00 100.00% 0.00% 100.00 0.00 $0.00 472.98 $50.00 100.00 100.00% 0.00% 100.00 0.00 $22.98 572.98 $75.00 100.00 100.00% 0.00% 100.00 0.00 $47.98 672.98 $100.00 100.00 100.00% 0.00% 100.00 0.00 $72.98 ¹ Based on a hypothetical trading price for FXRE common stock at the time of the closing of the Transaction. ² Calculated as 0.75 multiplied by the FXRE average trading price up to $2.00.

³ If FXRE completes a rights offering at a pre-split adjusted price of $1.00 or greater and for total proceeds of not less than $90 million, the minimum adjustment of the merger consideration per share will be $0.75 regardless of FXRE’s trading price during the Measurement Period.

⁴ CKX shareholders will receive the adjusted cash price plus one share of FXRE common stock for each CKX common share owned. Does not include any potential discounts for illiquidity.

⁵ Calculated as a reduction in the cash merger consideration multiplied by approximately 97.3 million shares outstanding assuming a $1.00 rights offering (97.3 * $1.00 * 0.75).

⁶ Hypothetical trading value of FXRE shares purchased in rights offering (i.e. Scenario 1 = $.10 * 100 million shares). ⁷ Based on the assumption of 100 million shares offered at a price of $1.00. ⁸ Hypothetical assumption.

⁹ Calculated as the net benefit/(expense) realized by the Acquiror (i.e. Scenario 1 = $72.98 + $10.00 — $100.00=($17.03) ). Under these scenarios, if FXRE trades at $.27 or higher, it is beneficial for the Acquiror to fully participate in a rights offering at $1.00 per share. If FXRE trades below $0.75 per share and the Acquiror fully participates in a rights offering at $1.00 per share, the CKX shareholders will receive less than $13.75 in total consideration.

(figures in millions, except price per share) Market Multiple            Selected            Discounted Cash FlowPublic Price Approach            Transaction ApproachApproach            Approach ⁽¹⁾ Low         &n bsp;  High            Low            High            Low&nbs p;           High            Low            High Enterprise Value ⁽²⁾ $1,080.0 $1,170.0 $1,010.0 $1,080.0 $1,280.0 $1,715.0 $980.0 $1,170.0

Add: PV of License Agreements (3) 136.0 136.0 136.0 136.0 136.0 136.0 136.0 136.0

Add: 25% Interest in FXRE ⁽⁴⁾ 50.0 50.0 50.0 50.0 50.0 50.0 50.0 50.0

Adjusted Enterprise Value $1,266.0 $1,356.0 $1,196.0 $1,266.0 $1,466.0 $1,901.0 $1,166.0 $1,356.0

Add: Cash ⁽⁵⁾ $62.4 $62.4 $62.4 $62.4 $62.4 $62.4 $62.4 $62.4 Less: Debt ⁽⁵⁾ 103.2 103.2 103.2 103.2 103.2 103.2 103.2 103.2 Less: Minority Interest ⁽⁶⁾ 0.0 0.0 0.0 0.0 0.0 0.0 4.1 4.1 Less: Preferred Stock ⁽⁵⁾ 22.8 22.8 22.8 22.8 22.8 22.8 22.8 22.8 Equity Value $1,202.4 $1,292.4 $1,132.4 $1,202.4 $1,402.4 $1,837.4 $1,098.3 $1,288.3

Price per Share ⁽⁷⁾ $12.36 $13.28 $11.64 $12.36 $14.41 $18.88 $11.29 $13.24 Offer Price ⁽⁸⁾ $13.75 $13.75 $13.75 $13.75 $13.75 $13.75 $13.75 $13.75

Footnotes: (1) Enterprise value based on trading activity prior to June 1, 2007 announcement. (2) CKX core operations and new initiatives. (3) Based on the greater of minimum guarantees under the EPE License Agreement or the implied royalties to the Company based on financial projections for the Phase I development only of FX Luxury. (4) Related to the remaining 25 percent interest in FXRE being distributed to CKX shareholders under the Revised Transaction terms. Based on the Company’s initial investment of $100 million. (5) As per the Company’s latest unaudited financial statements as of 8/31/2007. (6) Minority interest has been captured in other approaches through adjustments to representative levels. (7) Based on 97.3 million fully diluted shares of CKX on Form 10-Q for the period ended June 30, 2007. (8) Offer price is based on cash and an equity interest in FXRE upon the successful registration of FXRE common stock. The cash price is adjusted based on the average 20-day trading price of FXRE during the Measurement Period. Under most circumstances, total consideration to CKX shareholders is anticipated to equal or exceed $13.75.

The chart below outlines certain selected possible outcomes of Consideration that may be received by CKX common stockholders under the terms of the Revised Transaction and implied premiums over the Company’s average stock price.

Total

Offer Scenario            Consideration            Post Announcement — Stock Price ⁽¹⁾ Pre Announcement — Stock Price ⁽²⁾

1-Day 1-Week 1-Month 3-Month 1-Day 1-Week 1-Month 3-Month Scenario A $14.12 $11.66 $11.97 $11.74 $12.75 $10.63 $10.55 $10.79 $11.33

Implied Premium 21.1% 18.0% 20.3% 10.8% 32.8% 33.8% 30.9% 24.6% Scenario B $13.87 $11.66 $11.97 $11.74 $12.75 $10.63 $10.55 $10.79 $11.33

Implied Premium 19.0% 15.9% 18.2% 8.8% 30.5% 31.5% 28.5% 22.4% Scenario C $14.75 $11.66 $11.97 $11.74 $12.75 $10.63 $10.55 $10.79 $11.33

Implied Premium 26.5% 23.2% 25.7% 15.7% 38.8% 39.8% 36.7% 30.2% Scenario D $13.50 $11.66 $11.97 $11.74 $12.75 $10.63 $10.55 $10.79 $11.33

Implied Premium 15.8% 12.8% 15.0% 5.9% 27.0% 28.0% 25.1% 19.2% Offer Scenario            Summary

Scenario A If the average price of FXRE’s common stock during the Measurement Period is $1.50, the merger consideration will be adjusted by $1.13 so that each CKX stockholder will receive $12.62 per share in cash and a share of FXRE valued at $1.50 for a total consideration of $14.12.
Scenario B If the average price during the Measurement Period is $0.50 per share, and a

Qualifying Rights Offering has not been completed, the adjustment would be $0.38 per share so that each CKX stockholder will receive $13.37 per share in cash and a share in FXRE valued at $0.50 for a total consideration of $13.87.

Scenario C If the average price during the Measurement Period is $3.00, the adjustment would be $2.00 (the cap) so that each CKX stockholder will receive $11.75 per share in cash and a share in FXRE valued at $3.00 for a total consideration of $14.75.
Scenario D If the average price during the Measurement Period is $0.50 per share but a rights offering has been completed at $1.00 per share, the adjustment would be $0.75 per share (the minimum upon completion of the rights offering) so that each CKX stockholder will receive $13.00 per share in cash and a share in FXRE valued at $0.50 for a total consideration of $13.50.

¹ Based on average stock price for the period ended 9/25/2007.

2

Fairness Analysis

IMPLIED STOCK PREMIUM ANALYSIS

Under the Revised Transaction, the Company’s stockholders will receive approximately $13.75 in Consideration for each share of Company Common Stock owned, which represents a premium of 17.9 percent to 17.2 percent to the Company’s one-day prior and thirty-day prior closing share prices. It should be noted that CKX common stock has traded up significantly since the June 1, 2007 announcement of the Original Transaction as is typical in going private transactions, as illustrated on the following page.

ONE-YEAR HISTORICAL PRICE VOLUME PERFORMANCE

A 3/1/2007 — CKX Inc. reported group earnings results for the year ended December 31, 2006.

B 6/1/2007 — CKX announces a deal to take the company private at $13.75 per share plus a 25% ownership stake in FXRE.

C 6/19/2007 — CKX declares dividend of FX

Luxury shares, CKX shareholders to receive 25% of outstanding common stock of FXRE upon registration of shares with the SEC.

D 7/9/2007 — CKX affiliate, FX Luxury Realty acquires remaining 50% of Park Central property in Las Vegas. FX Luxury now owns

100% of the Park Central property. E 8/24/2007 — CKX announces that FXRE has filed a registration statement with the SEC to register the shares of FXRE for distribution to common stock holders.

IMPLIED STOCK PREMIUM ANALYSIS

Implied Stock Premium — Pre Announcement

1-Day 1-Week 1-Month 3-Month

Stock Price ⁽¹⁾ $10.63 $10.55 $10.79 $11.33 Shares ⁽²⁾ 97.3 97.3 97.3 97.3

Market Cap $1,034.0 $1,025.9 $1,049.8 $1,102.4

Add: Current Net Debt ⁽²⁾ (26.9) (26.9) (26.9) (26.9) Add: Minority Interest ⁽²⁾ 3.7 3.7 3.7 3.7 Add: Preferred Stock ⁽²⁾ 22.8 22.8 22.8 22.8

Enterprise Value $1,033.6 $1,025.6 $1,049.5 $1,102.1

Less: Net Debt ⁽³⁾ 73.1 73.1 73.1 73.1 Less: Minority Interest ⁽²⁾ 3.7 3.7 3.7 3.7 Less: Preferred Stock ⁽²⁾ 22.8 22.8 22.8 22.8

Add: PV of License Agreements ⁽⁴⁾ 136.0 136.0 136.0 136.0

Add: Invement in FXRE ⁽⁵⁾ 50.0 50.0 50.0 50.0

Pro Forma Market Cap $1,120.0 $1,111.9 $1,135.8 $1,188.4

Shares 97.3 97.3 97.3 97.3

Implied Stock Price $11.51 $11.43 $11.68 $12.22 Implied Offer Price Premium 19.4% 20.3% 17.8% ^12.5%

Fairness Analysis

13 E-3 PREMIUM PAID ANALYSIS

The adjusted pre-announcement implied premiums, as calculated on the previous page, are near or above the mean and median premiums observed in other 13e-3 transactions.

¹ Based on the premium to stock price on 13e-3 transactions filed with the SEC for the period of 1/2004 -9/2007.

Fairness Analysis

VALUATION INDICATIONS VS. MERGER CONSIDERATION¹ — PRICE PER SHARE

The approximate Consideration is within the range of the valuation indications.

¹ Offer price is based on cash and an equity interest in FXRE upon the successful registration of FXRE common stock. The cash price is adjusted based on the average 20-day trading price of FXRE during the Measurement Period. Under most circumstances, total consideration to CKX shareholders is anticipated to equal or exceed $13.75.

² CKX, Inc. stock price as of September 25, 2007.

³ CKX, Inc. stock price as of May 31, 2007 prior to the announcement of the Original Transaction.

IMPLIED TRANSACTION EBITDA MULTIPLES (EV/EBITDA)

The implied EV/EBITDA multiple based on an estimated $13.75 in total Consideration is within the range of EV/EBITDA multiples observed in other change of control transactions and those of other selected publicly traded companies.

(in millions) 22.0x Implied EBITDA Multiples Indicated Enterprise Value ⁽¹⁾ $1,410.0 18.0x

Implied Transaction 2007 EBITDA Multiple

2006 EBITDA $42.8 Multiple 14.0x

Implied EV/EBITDA Multiple 32.9x            EV/EBITDA 12.4x 2007E EBITDA $67.5 9.9x 9.5x 9.8x 10.0x 8.9x 8.6x 8.2x Implied EV/EBITDA Multiple 20.9x 2008E EBITDA $109.9 6.0x Diversified Media            Content Management            Precedent Transactions Implied EV/EBITDA Multiple^12.8x Companies Average Companies Average            Average 2006/2007/2008 2006/2007/2008

Valuation of CKX

SUMMARY OF VALUE (figures in millions, except price per share)

Market Multiple            Selected            Discounted Cash FlowPublic Price Approach            Transaction ApproachApproach            Approach ⁽¹⁾ Low &nb sp;          High            Low            High     &n bsp;      Low            High            Low         &n bsp; &n bsp;High Enterprise Value ⁽²⁾ $1,080.0 $1,170.0 $1,010.0 $1,080.0 $1,280.0 $1,715.0 $980.0 $1,170.0

Add: PV of License Agreements (3) 136.0 136.0 136.0 136.0 136.0 136.0 136.0 136.0 Add: 25% Interest in FXRE ⁽⁴⁾ 50.0 50.0 50.0 50.0 50.0 50.0 50.0 50.0

Adjusted Enterprise Value $1,266.0 $1,356.0 $1,196.0 $1,266.0 $1,466.0 $1,901.0 $1,166.0 $1,356.0

Add: Cash ⁽⁵⁾ $62.4 $62.4 $62.4 $62.4 $62.4 $62.4 $62.4 $62.4

Less: Debt ⁽⁵⁾ 103.2 103.2 103.2 103.2 103.2 103.2 103.2 103.2

Less: Minority Interest ⁽⁶⁾ 0.00.0 0.00.0 0.00.0 4.14.1 Less: Preferred Stock ⁽⁵⁾ 22.822.8 22.822.8 22.822.8 22.8 22.8 Equity Value $1,202.4 $1,292.4 $1,132.4 $1,202.4 $1,402.4 $1,837.4 $1,098.3 $1,288.3

Price per Share ⁽⁷⁾ $12.36 $13.28 $11.64 $12.36 $14.41 $18.88 $11.29 $13.24

Offer Price ⁽⁸⁾ $13.75 $13.75 $13.75 $13.75 $13.75 $13.75 $13.75 $13.75

Valuation of CKX

Market Multiple Methodology
Comparable Transaction Methodology Discounted Cash Flow Approach Public Price Approach

Market Multiple Methodology SUMMARY OF VALUE

(figures in millions) Representative            Selected            Indicated Level            Multiple Range            Enterprise Value Range NFY — 2007

EBITDA $67.5 14.0 x — 15.0 x $945.1 — $1,012.6

NFY+1 — 2008

EBITDA $109.9 11.0 x — 12.0 x $1,209.2 — $1,319.1

Median $1,077.2 — $1,165.9

Mean $1,077.2 — $1,165.9

Indicated Enterprise Value Range (Rounded) $1,080.0 — $1,170.0

Market Multiple Methodology REPRESENTATIVE LEVELS (figures in millions) 2006(1) 3/31/07 2007 2008 2009 2010 2011 2012 Fiscal Year Ended December 31, 2006(1) LTM 8/31/2007 (1) 2007 2008 2009 2010 2011 2012 19E — Core Operations $ 148.3 $ 176.1 $ 173.4 $ 172.4 $ 185.7 $ 202.5 $216.2 $ 236.3 19E — New Initiatives 0.2 0.1 — 26.5 53.7 88.4 134.1 179.8 Other Businesses — Core Operations 62.5 74.5 73.9 72.6 77.0 73.6 78.0 82.7 Other Businesses — New Initiatives — — — 5.0 25.9 95.7 151.7 184.6 Reported Revenue — Total $ 211.0 $ 250.7 $ 247.3 $ 276.5 $ 342.4 $ 460.1 $580.0 $ 683.5 Revenue Growth % 74.9% NA 17.7% 11.8% 23.8% 34.4% 26.1% 17.8% 19E — Core Operations EBITDA (2) $ 33.1 $ 43.1 $ 53.0 $ 67.6 $ 80.5 $ 94.9 $106.5 $ 123.0 19E — New Initiatives EBITDA (1.6) (0.5) — 18.9 34.5 52.7 67.3 85.8 Other Businesses — Core Operations EBITDA 13.0 15.7 16.2 20.1 23.2 32.0 37.1 40.9 Other Businesses — New Initiatives EBITDA — — — 5.0 25.9 83.8 134.9 165.2 Adjusted Corporate EBITDA — Total $ 44.5 $ 58.3 $ 69.2 $ 111.6 $ 164.2 $ 263.5 $345.8 $ 414.9 EBITDA as % of Revenue 21.1% 23.2% 28.0% 40.4% 47.9% 57.3% 59.6% 60.7% Less: Net Cash Minority Interest in EPE & MAE (3) 1.7 1.7 1.7 1.7 1.7 4.1 17.5 26.7 Adjusted Net Corporate EBITDA — Total $ 42.8 $ 56.6 $ 67.5 $ 109.9 $ 162.5 $ 259.5 $328.3 $ 388.2 Footnotes: (1) 2006 and LTM 8/31/2007 numbers include pro-forma financial information for MAE acquisition in 2006. (2) Additional $0.9 million in EBITDA in 2007 related to equity income from Beckham affiliates. (3) Per Company management, based on contractual minimums to minority shareholders in EPE and MAE.

Market Multiple Methodology COMPARABLE COMPANY METRICS (figures in millions, except price per share) $2,006 LTM 2006 2007 (1) 2008 (1) Market            Enterprise            EBITDA 1 Yr Rev            EV / EV / EV / EV / EV / EV / Content Management Companies            Val            Value            Margin   ;          Growth            Revenue            EBITDA   & nbsp;        Revenue            EBITDA            Revenue     &nb sp;      EBITDA ue 4 Kids Entertainment Inc. $ $ 222.6 $ 117.0 -19.8% 13.1% 1.86 x -9.4 x            NA            NA 3.25 x            NA CKX Inc. (2) 1,134.6 1,260.7 21.6% 74.2% 5.46 x 25.3 x 5.16 x 20.8 x 4.78 x 16.3 x Dic Entertainment Holdings Inc. 53.8 73.4 11.3% 30.6% 0.90 x 8.0 x            NA            NA            NA    &nb sp;       NA Marvel Entertainment, Inc. 1,939.1 2,027.7 51.4% 4.3% 4.71 x 9.2 x 4.72 x 8.2 x 3.96 x 9.8 x Low $ 53.8 $ 73.4 -19.8% 4.3% 0.90 x 8.0 x 4.72 x 8.2 x 3.25 x 9.8 x High $ $1,939.1 $ $2,027.7 51.4% 30.6% 4.71 x 9.2 x 4.72 x 8.2 x 3.96 x 9.8 x Mean $ $ 738.5 $ 739.4 14.3% 16.0% 2.49 x 8.6 x 4.72 x 8.2 x 3.60 x 9.8 x Median $ $ 222.6 $ 117.0 11.3% 13.1% 1.86 x 8.6 x 4.72 x 8.2 x 3.60 x 9.8 x LTM 2006 2007 (1) 2008 (1) Market            Enterprise            EBITDA 1 Yr Rev            EV / EV / EV / EV / EV / EV / Diversified Media Companies            Value            Value            Margin &nb sp;          Growth            Revenue            EBITDA             Revenue            EBITDA            Revenue     &n bsp;      EBITDA CBS Corporation $22,952.0 $ 27,171.1 20.8% 74.2% 1.90 x 9.1 x 1.89 x 8.8 x 1.84 x 8.2 x Lions Gate Entertainment Corp. 1,208.7 1,475.1 -0.1% 7.3% 1.47 x            NMF 1.29 x            NMF 1.21 x 31.1 x News Corp. 67,963.9 73,373.9 22.2% 3.3% 2.56 x 11.5 x 2.40 x 12.1 x 2.28 x 10.9 x Time Warner Inc. 68,488.2 107,983.2 27.3% 1.5% 2.36 x 8.6 x 2.31 x 8.1 x 2.22 x 7.6 x Viacom, Inc. 26,055.2 32,94 3.7 25.5% -9.9% 2.70 x 10.6 x 2.53 x 9.6 x 2.38 x 8.9 x Walt Disney Co. 69,125.4 79,215.4 22.6% 19.3% 2.21 x 9.8 x 2.24 x 9.1 x 2.14 x 8.8 x Low $1,208.7 $ 1,475.1 -0.1% -9.9% 1.47 x 8.6 x 1.29 x 8.1 x 1.21 x 7.6 x High $69,125.4 $107,983.2 27.3% 74.2% 2.70 x 11.5 x 2.53 x 12.1 x 2.38 x 10.9 x Mean $42,632.2 $ 53,693.7 19.7% 16.0% 2.20 x 9.9 x 2.11 x 9.5 x 2.01 x 8.9 x Median $47,009.5 $ 53,158.8 22.4% 5.3% 2.29 x 9.8 x 2.28 x 9.1 x 2.18 x 8.8 x 1 Calculated based upon analyst projections for the comparable companies. 2 Forward multiples based on publicly available analyst estimates. LTM data as of 6/30/2007.

Market Multiple Methodology RISK RANKINGS Size (Revenue, millions) Time Warner Inc. $ 45,789.0 Walt Disney Co. $ 35,770.0 News Corp. $ 28,655.0 CBS Corporation $ 14,294.4 Viacom, Inc. $ 12,209.1 Lions Gate Entertainment Corp. $ $ 1,003.0 Marvel Entertainment, Inc. $ 430.3 CKX, Inc. (1) $ 250.7 CKX Inc. $ 230.8 Dic Entertainment Holdings Inc $ 81.7 4 Kids Entertainment Inc. $ 62.8 Size (Enterprise Value, millions) Time Warner Inc. $107,983.2 Walt Disney Co. $ 79,215.4 News Corp. $ 73,373.9 Viacom, Inc. $ 32,943.7 CBS Corporation $ 27,171.1 Marvel Entertainment, Inc. $ 2,027.7 Lions Gate Entertainment Corp. $ 1,475.1 CKX Inc. $ 1,260.7 4 Kids Entertainment Inc. $ 117.0 Dic Entertainment Holdings Inc $ 73.4 Historical Growth (2-Year Revenue) CKX Inc. 124.6% CKX, Inc. 124.6% Dic Entertainment Holdings Inc 22.7% News Corp. 9.6% Lions Gate Entertainment Corp. 8.0% Walt Disney Co. 5.6% Time Warner Inc. 3.9% Viacom, Inc. 3.9% CBS Corporation 0.6% 4 Kids Entertainment Inc. -14.9% Marvel Entertainment, Inc. -17.2% Historical Growth (1-Year Revenue) CKX Inc. 74.2% CKX, Inc. 74.2% Dic Entertainment Holdings Inc 30.6% Viacom, Inc. 19.3% News Corp. 13.1% Walt Disney Co. 7.3% Time Warner Inc. 4.3% Lions Gate Entertainment Corp. 3.3% CBS Corporation 1.5% Marvel Entertainment, Inc. -9.9% 4 Kids Entertainment Inc. -10.9% Projected Growth (1-Year Revenue) Marvel Entertainment, Inc. 22.2% Lions Gate Entertainment Corp. 17.2% CKX Inc. (3) 16.2% Viacom, Inc. 13.5% CKX, Inc. (2) 13.2% News Corp. 6.7% Time Warner Inc. 5.6% Walt Disney Co. 3.2% CBS Corporation 0.1% 4 Kids Entertainment Inc. -100.0% Dic Entertainment Holdings Inc            NMF Historical Growth (2-Year EBITDA) CKX Inc. 106.6% CKX, Inc. 106.6% News Corp. 17.5% Walt Disney Co. 14.7% Viacom, Inc. 13.7% Time Warner Inc. 12.3% Dic Entertainment Holdings Inc 11.0% CBS Corporation -3.9% Lions Gate Entertainment Corp. -16.7% Marvel Entertainment, Inc. -24.4% 4 Kids Entertainment Inc. NMF Historical Growth (1-Year EBITDA) Lions Gate Entertainment Corp. 241.9% CKX Inc. 211.4% CKX, Inc. 211.4% Walt Disney Co. 27.0% Viacom, Inc. 22.5% Time Warner Inc. 14.0% News Corp. 13.0% Dic Entertainment Holdings Inc 10.4% CBS Corporation -1.3% Marvel Entertainment, Inc. -27.8% 4 Kids Entertainment Inc. NMF Projected Growth (1-Year EBITDA) Marvel Entertainment, Inc. 97.6% CKX, Inc. (2) 81.1% CKX Inc. (3) 29.1% Walt Disney Co. 26.5% Time Warner Inc. 14.6% Viacom, Inc. 5.9% CBS Corporation 3.0% News Corp. -4.5% Lions Gate Entertainment Corp. NMF 4 Kids Entertainment Inc. NMF Dic Entertainment Holdings Inc            NA Profitability (EBIT to Revenue) Marvel Entertainment, Inc. 48.7% Viacom, Inc. 22.3% News Corp. 19.2% Walt Disney Co. 18.6% Time Warner Inc. 18.2% CBS Corporation 17.7% CKX, Inc. 12.6% CKX Inc. 12.2% Dic Entertainment Holdings Inc 8.7% Lions Gate Entertainment Corp. -0.5% 4 Kids Entertainment Inc. -21.4% Profitability (EBITDA to Revenue) Marvel Entertainment, Inc. 51.4% Time Warner Inc. 27.3% CKX, Inc. (1) 23.2% Viacom, Inc. 25.5% Walt Disney Co. 22.6% News Corp. 22.2% CKX Inc. 21.6% CBS Corporation 20.8% Dic Entertainment Holdings Inc 11.3% Lions Gate Entertainment Corp. -0.1% 4 Kids Entertainment Inc. -19.8% Relative Depreciation (Depreciation to EBITDA) CKX, Inc. 43.8% CKX Inc. 43.7% Time Warner Inc. 33.5% Dic Entertainment Holdings Inc 22.6% Walt Disney Co. 17.9% CBS Corporation 15.1% News Corp. 13.8% Viacom, Inc. 12.7% Marvel Entertainment, Inc. 5.2%

Lions Gate Entertainment Corp. NMF 4 Kids Entertainment Inc. NMF Internal Investment (Capital Expenditures to Revenue) Time Warner Inc. 9.7% CKX Inc. 6.8% CKX, Inc. 5.1% News Corp. 4.6% Walt Disney Co. 4.2% CBS Corporation 3.4% 4 Kids Entertainment Inc. 2.3% Dic Entertainment Holdings Inc 2.0% Viacom, Inc. 1.8% Lions Gate Entertainment Corp. 0.9% Marvel Entertainment, Inc. -0.1% Liquidity (Current Ratio) 4 Kids Entertainment Inc. 7.2 Dic Entertainment Holdings Inc 4.3 CKX Inc. 2.7 CKX, Inc. 2.0 News Corp. 2.1 CBS Corporation 1.7 Walt Disney Co. 1.1 Time Warner Inc. 0.9 Viacom, Inc. 0.9 Marvel Entertainment, Inc. 0.8 Lions Gate Entertainment Corp. 0.5 Leverage (Debt to EV) Time Warner Inc. 33.2% Dic Entertainment Holdings Inc 31.6% CBS Corporation 25.8% Lions Gate Entertainment Corp. 22.0% Viacom, Inc. 22.1% Walt Disney Co. 17.3% News Corp. 17.0% CKX Inc. 10.7% Marvel Entertainment, Inc. 6.6% 4 Kids Entertainment Inc. 0.0% Footnotes: (1) Includes pro forma financials for the acquisition of MAE. LTM as of 8/31/2007. (2) Based on projections provided by management. (3) Based on analyst estimates.

Valuation of CKX Market Multiple Methodology Comparable Transaction Methodology Discounted Cash Flow Approach Public Price Approach

Comparable Transaction Methodology SUMMARY OF VALUE (figures in millions) Representative            Selected            Indicated Level            Multiple Range            Enterprise Value Range NFY — 2007 EBITDA $ 67.5 15.0 x — 16.0 x $1,012.6 — $ 1,080.1 Median $1,012.6 — $ 1,080.1 Mean $1,012.6 — $ 1,080.1 Indicated Enterprise Value Range $1,010.0 — $ 1,080.0

Comparable Transaction Methodology PRECEDENT TRANSACTION ANALYSIS (figures in millions) EV/ EV/ LTM EBITDA 1-Week 1-Month Announced            Effective            Target            Target Business Description            Acquiror            EV            Revenue              EBITDA            Margin            Premium    &nb sp;       Premium Engages in the acquisition, production, and distribution 3/29/2007 Pending            Image Entertainment Inc. David Bergstein, an individual $ 121.2 1.00x            NMF            NMF 37.9% 34.1% of content for release on DVD. The Topps Company, Inc. engages in the creation and            Madison Dearborn Partners, 3/5/2007 Pending            Topps Co., Inc. 303.9 0.97x 13.5x 6.5% 5.6% -2.2% marketing of confectionery and entertainment products. LLC Operates as a television program production company in 6/1/2006 7/10/2006 Tiger Aspect Productions Ltd. TWI Interactive 48.2 0.98x 13.9x 7.0% (3) NA            NA London. Creates and produces entertainment programs. The 3/17/2005 3/17/2005 19 Entertainment Ltd. company offers programs, such as American Idol in the            CKx, Inc. 200.0 (2) 2.00x 10.0x (2) 10.0% (3) NA            NA United States and Pop Idol in the United Kingdom. Provides music publishing, licensing, production, and 12/16/2004 2/7/2005 Elvis Presley Enterprises, Inc. CKx, Inc. 105.0 (2) 3.10x 12.4x (2) 26.4% (3) NA            NA tourism services. Low $ 48.2 0.97x 10.0x 6.5% 5.6% -2.2% High $303.9 3.10x 13.9x 26.4% 37.9% 34.1% Median $121.2 1.00x 12.9x 8.5% 21.8% 16.0% Mean $155.7 1.61x 12.4x 12.5% 21.8% 16.0% Footnotes: Sources: Factset Mergerstat LLC, Capital IQ, Securities Data Company, analyst reports, news articles and public filings. (1) Transaction study based on announced and completed, controlling interest acquisitions between $5.0 million and $10.0 billion. Transactions with announcements dates between 12/1/2004 and 5/18/2007 for which purchase price multiples were available were considered. Target companies were required to have SIC codes of 4841, 4833, 6794, 7389, 7812, 7819 and 7319. (2) Based on discussions with management. The transaction with Elvis Prelsey Enterprises includes approximately $5.0 million in transaction costs and represents an 85% interest. (3) Based on the implied EBITDA margin reflected by the EV and EV/EBITDA multiple. EV — Enterprise Value. EBITDA — Earnings Before Interest, Taxes, Depreciation and Amortization.

Valuation of CKX Market Multiple Methodology Comparable Transaction Methodology Discounted Cash Flow Approach Public Price Approach

Discounted Cash Flow Approach SUMMARY OF VALUE (figures in millions) Indicated Segment Discounted Cash Flow Summary            Enterprise Value Range 19 Entertainment (Core Operations) (1) $600.0— $715.0 19 Entertainment (New Initiatives) $220.0— $315.0 Other CKx Divisions (Core Operations) (1) $190.0— $225.0 Other CKx Divisions (New Initiatives) $270.0— $460.0 Implied Enterprise Value Range (rounded) $ $1,280.0— $ 1,715.0 1Corporate overhead was allocated between the two core segments based on a percentage of revenue.

Discounted Cash Flow Approach 19 ENTERTAINMENT (CORE OPERATIONS) (figures in millions) Projected FYE December 31, Projected FYE December 31, 2007(1) 2008 2009 2010 2011 2012 Revenue $ 43.3 $ 172.4 $ 185.7 $ 202.5 $ 216.2 $ 236.3 Revenue Growth % NA 297.6% 7.8% 9.0% 6.8% 9.3% Less: Cost of Goods Sold 18.9 78.3 79.2 82.6 86.5 82.5 Less: Selling, General & Administrative (2) 9.2 29.9 27.9 26.0 24.0 23.0 Less: Corporate Expense (3) 3.2 13.2 13.8 14.9 15.5 16.3 Less: Non-Cash Compensation Expense — — — — — - Add: Adjustments (Equity Earnings — Beckham) 0.2 3.1 3.7 4.4 5.1 5.7 Adjusted EBIT $ 12.3 $ 54.0 $ 68.6 $ 83.4 $ 95.2 $ 120.3 EBIT Margin % 28.5% 31.3% 36.9% 41.2% 44.1% 50.9% Add: Option Expense — — — — — - Adjusted EBITO 12.3 54.0 68.6 83.4 95.2 120.3 Less: Taxes 4.9 21.6 27.4 33.3 38.1 48.1 Debt-Free Earnings $ 7.4 $ 32.4 $ 41.1 $ 50.0 $ 57.1 $ 72.2 Less: Capital Expenditures (4) (0.1) (0.4) (0.4) (0.5) (0.5) (0. Less: Working Capital Requirements (5) — — — — — - Add: Depreciation and Amortization (4) 3.6 13.5 11.9 11.5 11.3 2.7 Total Net Investment $ 3.5 $ 13.1 $ 11.5 $ 11.1 $ 10.8 $ 2.2 Net Debt-Free Cash Flows $ 11.0 $ 45.5 $ 52.7 $ 61.1 $ 67.9 $ 74.4 Discount Period 0.13 0.75 1.75 2.75 3.75 4.75 Discount Factor @ 13.0% 0.98 0.91 0.81 0.71 0.63 0.56 Present Value of Net Debt-Free Cash Flows $ 10.8 $ 41.5 $ 42.5 $ 43.6 $ 43.0 $ 41.6 Sensitivity Analysis: Enterprise Value 0.0 $651.850 2.0% 2.5% 3.0% 3.5% 4.0% Rate 12.0% $ 671.3 $ 696.9 $ 725.3 $ 757.1 $ 792.9 12.5% $ 638.7 $ 661.5 $ 686.6 $ 714.6 $ 745.9 Discount 13.0% $ 609.1 $ 629.5 $ 651.8 $ 676.6 $ 704.1 13.5% $ 582.1 $ 600.4 $ 620.4 $ 642.4 $ 666.8 14.0% $ 557.3 $ 573.8 $ 591.8 $ 611.5 $ 633.2 DCF Assumptions Discount Rate 13.0% Tax Rate 40.0% Terminal Value Assumptions 2013 Cash Flow (3.0% Growth Rate) $ 76.6 Gordon Growth Rate 3.0% Terminal Value $766.2 Discount Period 4.75 Discount Factor @ 13.0% 0.56 PV of Terminal Value $428.8 Distribution of Value Period Cash Flow 34.2% Terminal Cash Flow 65.8% Total 100.0% Implied Analyses LTM EBITDA Multiple 19.8x NFY EBITDA Multiple 10.3x Implied Terminal Multiple 6.2x (1) Based on 3 month stub period. (2) Excludes corporate overhead. (3) Corporate overhead was allocated to the 19E core segment based on its revenue as a percentage of total core revenue. (4) Based on management projections. (5) Based on discussions with management, the Company receives prepaid royalties on its licensing contracts, maintaining a positive working capital balance. Therefore, there are no projected working capital requirements.

Discounted Cash Flow Approach 19 ENTERTAINMENT (NEW INITIATIVES) (figures in millions) Projected FYE December 31, 2007(1) 2008 2009 2010 2011 2012 Revenue $ 0.0 $ 26.5 $ 53.7 $ 88.4 $ 134.1 $ 179.8 Revenue Growth % NA            NMF 102.5% 64.6% 51.7% 34.1% Less: Cost of Goods Sold — 3.0 11.1 24.3 51.9 76.6 Less: Selling, General & Administrative (2) — 4.6 8.1 11.4 14.9 17.5 Less: Corporate Expense — — — — — - Less: Non-Cash Compensation Expense — — — — — - Add: Adjustments — — — — — - Adjusted EBIT $ 0.0 $ 18.9 $ 34.5 $ 52.7 $ 67.3 $ 85.8 EBIT Margin % NA 71.4% 64.3% 59.7% 50.2% 47.7% Add: Option Expense — — — — — - Adjusted EBITO — 18.9 34.5 52.7 67.3 85.8 Less: Taxes — 7.6 13.8 21.1 26.9 34.3 Debt-Free Earnings $ 0.0 $ 11.4 $ 20.7 $ 31.6 $ 40.4 $ 51.5 Less: Capital Expenditures (3) — — — — — - Less: Working Capital Requirements (4) — — — — — - Add: Depreciation and Amortization (3) — — — — — - Total Net Investment — — — — — - Net Debt-Free Cash Flows $ 0.0 $ 11.4 $ 20.7 $ 31.6 $ 40.4 $ 51.5 Discount Period 0.13 0.75 1.75 2.75 3.75 4.75 Discount Factor @ 19.0% 0.98 0.88 0.74 0.62 0.52 0.44 Present Value of Net Debt-Free Cash Flows $ 0.0 $ 10.0 $ 15.3 $ 19.6 $ 21.0 $ 22.5 Sensitivity Analysis: Enterprise Value 0.50% 2.0% Gordon Growth Rate $257.308 4.0% 4.5% 5.0% 5.5% 6.0% Rate 15.0% $ 348.9 $ 362.0 $ 376.6 $ 392.6 $ 410.4 17.0% $ 288.5 $ 297.3 $ 306.8 $ 317.1 $ 328.4 Discount 19.0% $ 244.5 $ 250.7 $ 257.3 $ 264.4 $ 272.0 21.0% $ 211.3 $ 215.7 $ 220.5 $ 225.6 $ 231.0 23.0% $ 185.2 $ 188.6 $ 192.1 $ 195.9 $ 199.9 DCF Assumptions Discount Rate 19.0% Tax Rate 40.0% Terminal Value Assumptions 2013 Cash Flow (5.0% Growth Rate) $ 54.0 Gordon Growth Rate 5.0% Terminal Value $385.9 Discount Period 4.75 Discount Factor @ 19.0% 0.44 PV of Terminal Value $168.9 Distribution of Value Period Cash Flow 34.4% Terminal Cash Flow 65.6% Total 100.0% Implied Analyses LTM EBITDA Multiple            NA NFY EBITDA Multiple            NA Implied Terminal Multiple 4.5x (1) Based on 3 month stub period. (2) Excludes corporate overhead. (3) Based on management projections. (4) Based on discussions with management, the Company receives prepaid royalties on its licensing contracts, maintaining a positive working capital balance. Therefore, there are no projected working capital requirements.

Discounted Cash Flow Approach OTHER CKX DIVISIONS (CORE OPERATIONS) (figures in millions) Projected FYE December 31, 2007(1) 2008 2009 2010 2011 2012 Revenue $ 18.5 $ 72.6 $ 77.0 $ 73.6 $ 78.0 $ 82.7 Revenue Growth % NA 293.3% 6.0% -4.4% 6.0% 6.1% Less: Cost of Goods Sold 11.0 44.3 44.1 36.0 35.3 36.2 Less: Selling, General & Administrative (2) 2.6 9.6 10.0 5.6 4.7 4.7 Less: Minority Interest in EPE and MAE 0.4 1.7 1.5 2.0 6.7 9.5 Less: Corporate Expense (3) 1.3 5.6 5.7 5.4 5.6 5.7 Add: Adjustments — — — — — - Adjusted EBIT $ 3.1 $ 11.5 $ 15.8 $ 24.6 $ 25.6 $ 26.7 EBIT Margin % 17.0% 15.8% 20.5% 33.4% 32.9% 32.2% Add: Option Expense 0.3 5.6 5.7 5.4 5.6 5.7 Adjusted EBITO 3.5 17.0 21.5 30.0 31.2 32.4 Less: Taxes 1.4 6.8 8.6 12.0 12.5 12.9 Debt-Free Earnings $ 2.1 $ 10.2 $ 12.9 $ 18.0 $ 18.7 $ 19.4 Less: Capital Expenditures (4) (0.4) (1.2) (1.2) (1.3) (1.4) (1.4) Less: Working Capital Requirements (5) — — — — — - Add: Depreciation and Amortization (4) 1.9 7.0 6.0 5.5 4.8 4.7 Total Net Investment $ 1.6 $ 5.8 $ 4.7 $ 4.2 $ 3.4 $ 3.3 Net Debt-Free Cash Flows $ 3.7 $ 16.0 $ 17.6 $ 22.2 $ 22.1 $ 22.7 Discount Period 0.13 0.75 1.75 2.75 3.75 4.75 Discount Factor @ 13.0% 0.98 0.91 0.81 0.71 0.63 0.56 Present Value of Net Debt-Free Cash Flows $ 3.6 $ 14.6 $ 14.2 $ 15.9 $ 14.0 $ 12.7 Sensitivity Analysis: Enterprise Value 0.0 $205.971 2.0% 2.5% 3.0% 3.5% 4.0% Rate 12.0% $ 212.0 $ 219.8 $ 228.5 $ 238.2 $ 249.2

12.5% $ 202.0 $ 209.0 $ 216.7 $ 225.2 $ 234.7 Discount 13.0% $ 192.9 $ 199.1 $ 206.0 $ 213.5 $ 221.9 13.5% $ 184.6 $ 190.2 $ 196.3 $ 203.0 $ 210.5 14.0% $ 177.0 $ 182.0 $ 187.5 $ 193.5 $ 200.1 DCF Assumptions Discount Rate 13.0% Tax Rate 40.0% Terminal Value Assumptions 2013 Cash Flow (3.0% Growth Rate) $23.4 Gordon Growth Rate 3.0% Terminal Value $234.0 Discount Period 4.75 Discount Factor @ 13.0% 0.56 PV of Terminal Value $130.9 Distribution of Value Period Cash Flow 36.4% Terminal Cash Flow 63.6% Total 100.0% Implied Analyses LTM EBITDA Multiple 18.4x NFY EBITDA Multiple 10.2x Implied Terminal Multiple 7.5x (1) Based on 3 month stub period. (2) Excludes corporate overhead. (3) Corporate overhead was allocated to the 19E core segment based on its revenue as a percentage of total core revenue. (4) Based on management projections. (5) Based on discussions with management, the Company receives prepaid royalties on its licensing contracts, maintaining a positive working capital balance. Therefore, there are no projected working capital requirements.

Discounted Cash Flow Approach OTHER CKX DIVISIONS (NEW INITIATIVES) (figures in millions) Projected FYE December 31, 2007(1) 2008 2009 2010 2011 2012 Revenue $ 0.0 $ 5.0 $ 25.9 $ 95.7 $ 151.7 $ 184.6 Revenue Growth % NA            NA 418.9% 268.7% 58.6% 21.7% Less: Cost of Goods Sold — 0.1 6.1 28.2 41.3 49.1 Less: Selling, General & Administrative (2) — — — 4.8 6.1 6.5 Less: Minority Interest in EPE and MAE — — 0.2 2.1 10.8 17.2 Less: Non-Cash Compensation Expense — — — — — - Add: Adjustments — — — — — - Adjusted EBIT $ 0.0 $ 4.9 $ 19.6 $ 60.6 $ 93.6 $ 111.8 EBIT Margin % NA 98.0% 75.5% 63.3% 61.7% 60.6% Add: Option Expense — — — — — - Adjusted EBITO — 4.9 19.6 60.6 93.6 111.8 Less: Taxes — 2.0 7.8 24.2 37.4 44.7 Debt-Free Earnings $ 0.0 $ 2.9 $ 11.7 $ 36.3 $ 56.1 $ 67.1 Less: Capital Expenditures (3) (2.3) (30.0) (74.0) (37.5) (23.7) (3.7) Less: Working Capital Requirements (4) — — — — — - Add: Depreciation and Amortization (3) — 0.1 6.1 21.2 30.6 36.2 Total Net Investment (2.3) (29.9) (67.9) (16.3) $ 6.8 $ 32.5 Net Debt-Free Cash Flows ($ 2.3) ($ 27.0) ($ 56.1) $ 20.0 $ 63.0 $ 99.6 Discount Period 0.13 0.75 1.75 2.75 3.75 4.75 Discount Factor @ 19.0% 0.98 0.88 0.74 0.62 0.52 0.44 Present Value of Net Debt-Free Cash Flows ($ 2.2) ($ 23.7) ($ 41.4) $ 12.4 $ 32.8 $ 43.6 Sensitivity Analysis: Enterprise Value 0.50% 2.0% Gordon Growth Rate $348.348 4.0% 4.5% 5.0% 5.5% 6.0% Rate 15.0% $ 516.4 $ 541.9 $ 570.0 $ 601.0 $ 635.5 17.0% $ 404.2 $ 421.2 $ 439.6 $ 459.6 $ 481.5 Discount 19.0% $ 323.7 $ 335.6 $ 348.3 $ 362.1 $ 376.8 21.0% $ 263.5 $ 272.1 $ 281.4 $ 291.2 $ 301.7 23.0% $ 217.1 $ 223.6 $ 230.5 $ 237.7 $ 245.4 DCF Assumptions Discount Rate 19.0% Tax Rate 40.0% Terminal Value Assumptions 2013 Cash Flow (5.0% Growth Rate) $104.5 Gordon Growth Rate 5.0% Terminal Value $746.7 Discount Period 4.75 Discount Factor @ 19.0% 0.44 PV of Terminal Value $326.8 Distribution of Value

Period Cash Flow 6.2% Terminal Cash Flow 93.8% Total 100.0% Implied Analyses LTM EBITDA Multiple NA NFY EBITDA Multiple NA Implied Terminal Multiple 5.0x Indicated Enterprise Value (Rounded) $270.0 — $460.0 (1) Based on 3 month stub period. (2) Excludes corporate overhead. (3) Based on management projections. (4) Based on discussions with management, the Company receives prepaid royalties on its licensing contracts, maintaining a positive working capital balance. Therefore, there are no projected working capital requirements.

Discounted Cash Flow Approach WEIGHTED AVERAGE COST OF CAPITAL (figures in millions) Debt to            Preferred to            Equity to Preferred            Market Value            Total            Debt            Total  &nb sp;         Total            Total Debt            Stock            of Equity            Capitalization            to Equity            Capitalization            Capitalization   ;          Capitalization CBS Corporation $ 7,015.3 # $ 0.0 # $22,952.0 # $ 29,967.3 # 30.6% # 23.4% # 0.0% # 76.6% # CKX Inc. 134.7 # 0.0 # 1,134.6 # 1,269.3 # 11.9% # 10.6% # 0.0% # 89.4% # Dic Entertainment Holdings Inc. 23.2 # 0.0 # 53.8 # 77.1 # 43.1% # 30.1% # 0.0% # 69.9% # Walt Disney Co. 12,352.0 # 0.0 # 69,125.4 # 81,477.4 # 17.9% # 15.2% # 0.0% # 84.8% # 4 Kids Entertainment Inc. 0.0 # 0.0 # 222.6 # 222.6 # 0.0% # 0.0% # 0.0% # 100.0% # Lions Gate Entertainment Corp. 325.0 # 0.0 # 1,208.7 # 1,533.7 # 26.9% # 21.2% # 0.0% # 78.8% # Marvel Entertainment, Inc. 133.2 # 0.0 # 1,939.1 # 2,072.3 # 6.9% # 6.4% # 0.0% # 93.6% # News Corp. 12,502.0 # 0.0 # 67,963.9 # 80,465.9 # 18.4% # 15.5% # 0.0% # 84.5% # Time Warner Inc. 35,899.0 # 0.0 # 68,488.2 # 104,387.2 # 52.4% # 34.4% # 0.0% # 65.6% # Viacom, Inc. 7,275.8 # 0.0 # 26,055.2 # 33,331.0 # 27.9% # 21.8% # 0.0% # 78.2% # Median $ 3,670.2 $ 0.0 $12,445.6 $ 16,019.8 22.6% 18.4% 0.0% 81.6% Mean $ 7,566.0 $ 0.0 $25,914.4 $ 33,480.4 23.6% 17.9% 0.0% 82.1% Levered            Unlevered            Equity Risk            Size Risk            Cost of            Cost of            Cost of Beta            Beta            Premium (1) Premium (1) Equity            Debt            Preferred            WACC CBS Corporation 0.90 # 0.76 # 6.40% -0.37% 10.3% # 7.1% # 0.0% # 8.9% # CKX Inc. 1.68 # 1.57 # 6.40% 1.67% 17.4% # 7.3% # 0.0% # 16.0% # Dic Entertainment Holdings Inc. 0.80 # 0.63 # 6.40% 6.36% 16.4% # 8.5% # 0.0% # 13.0% # Walt Disney Co. 0.72 # 0.65 # 6.40% -0.37% 9.2% # 5.2% # 0.0% # 8.3% # 4 Kids Entertainment Inc. 0.31 0.31 6.40% 6.36% 13.3% # 0.0% # 0.0% # 13.3% # Lions Gate Entertainment Corp. 1.02 # 0.88 # 6.40% 1.67% 13.2% # 3.4% # 0.0% # 10.8% # Marvel Entertainment, Inc. 1.02 # 0.98 # 6.40% 1.49% 13.0% # 6.8% # 0.0% # 12.4% # News Corp. 0.84 # 0.75 # 6.40% -0.37% 9.9% # 6.8% # 0.0% # 9.0% # Time Warner Inc. 0.66 # 0.51 # 6.40% -0.37% 8.8% # 6.5% # 0.0% # 7.1% # Viacom, Inc. 0.99 # 0.85 # 6.40% -0.37% 10.9% # 6.3% # 0.0% # 9.4% # Median 0.90 0.76 11.9% 6.6% 0.0% 10.1% Mean 0.96 0.84 12.2% 5.8% 0.0% 10.8% Footnotes: Excluded from the range. Sources: Capital IQ and Bloomberg. Weighted Average Cost of Capital (WACC) = (Cost of Debt * (1- Tax Rate) * Debt to Enterprise Value) + (Cost of Equity * Equity to Enterprise Value) + (Cost of Preferred * Preferred to Enterprise Value). Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium) + Size Risk Premium. Risk Free Rate as of September 25, 2007. (1) Ibbotson Associates, Stocks Bonds Bills and Inflation 2006 Yearbook, pp. 140, 142, 166 and 174.

Discounted Cash Flow Approach WEIGHTED AVERAGE COST OF CAPITAL (CONTINUED) Market Assumptions 20-Year Treasury Bond Yield 4.94% Equity Risk Premium (1) 6.40% Size Risk Premium (1) 2.33% Company Specific Risk Premium 0.00% Tax Rate 40.00% Beta Assumptions Company Specific Decile Beta 1.28 Selected Unlevered Beta 0.84 Levered Beta 0.96 Capital Structure Assumptions Preferred to Enterprise Value 0.0% Debt to Enterprise Value 18.4% Equity to Enterprise Value 81.6% Cost of Debt 6.6% Cost of Preferred 0.0% Cost of Equity 13.4% Indicated Weighted Average Cost of Capital (rounded) 12.0% Concluded Weighted Average Cost of Capital — Core Businesses 13.0% Concluded Weighted Average Cost of Capital — Non-Core Businesses (2) 19.0% Footnotes: Source: Capital IQ and Bloomberg. Weighted Average Cost of Capital (WACC) = (Cost of Debt * (1- Tax Rate) * Debt to Enterprise Value) + (Cost of Equity * Equity to Enterprise Value) + (Cost of Preferred * Preferred to Enterprise Value). Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium) + Size Risk Premium + Company Specific Risk Premium. Company Specific Risk Premium is used to adjust for issues such as key man risk, supplier or key customer risk, etc. Risk Free Rate as of September 25, 2007. (1) Ibbotson Associates, Stocks Bonds Bills and Inflation 2006 Yearbook, pp. 140, 142, 166 and 174. (2) Calculated including 7.5 percent company specific risk premim to reflect execution risk of developing new revenue streams and business lines.

Valuation of CKX Market Multiple Methodology Comparable Transaction Methodology Discounted Cash Flow Approach Public Price Approach

Public Price Approach SUMMARY OF VALUE (figures in millions, except price per share) Post-Announcement Low            High Closing Stock Price as of9/25/2007 $11.66 5-Day Range $11.58 — $ 12.12 30-Day Range 10.59 — 13.15 90-Day Range 0.00 — 14.44 Price per Share Range (Rounded) 7.40 — 13.20 Market Value of Equity (1) $720.1 — $ $1,284.4 Add: Net Debt (2) 40.7 — 40.7 Add: Minority Interest (2) 4.1 — 4.1 Add: Preferred Stock (2) 22.8 — 22.8 Enterprise Value (Rounded) $790.0 — $ $1,350.0 Pre-Announcement Low            High Closing Stock Price as 5/31/2007 $10.63 5-Day Range $10.25 — $ 10.70 30-Day Range 10.00 — 11.65 90-Day Range 10.00 — 13.73 Price per Share Range (Rounded 10.10 — 12.00 Market Value of Equity (1) $982.8 — $ $1,167.7 Add: Net Debt (2) (26.9) — (26.9) Add: Minority Interest (2) 3.7 — 3.7 Add: Preferred Stock (2) 22.8 — 22.8 Enterprise Value (Rounded) $980.0 — $ $1,170.0 Footnotes: (1) Based on 97.3 million shares outstanding per the Company’s latest 6/30/2007 quarterly report on Form 10-Q. (2) Post announcement data per the Company’s latest unaudited financial statements as of 8/31/2007. Pre announcement data per the Company’s 3/31/2007 report on Form 10-Q.

Public Price Approach TRADING SNAPSHOT (figures in millions, except per share data) Public Market Enterprise Value — Post Announcement            Public Market Enterprise Value — Pre-Announcement 52-week High $ 15.34 90-day Average Daily Trading Volume 0.44 52-week High $ 14.48 90-day Average Daily Trading Volume 0.23 52-week Low $ 10.00 Equity Analyst Coverage 3 52-week Low $ 8.77 Equity Analyst Coverage 3 Fully Diluted Shares Outstanding (1) 97.3 Total Public Float 39.2 Fully Diluted Shares Outstanding (4) 97.3 Total Public Float 39.2 % of Total Basic Shares Outstanding (3) 40.4% % of Total Basic Shares Outstanding (3) 40.4% Stock Price (2) $ 11.66 Stock Price (5) $ 10.63 Market Value of Equity $ $1,134.6 Market Value of Equity $ $1,034.3 Add: Total Debt (1) 103.2 Institutional Holdings (3) Add: Total Debt (4) 3.3 Institutional Holdings (3) Add: Preferred Stock (1) 22.8 % of Total Shares Outstanding 50.6% Add: Preferred Stock (4) 22.8 % of Total Shares Outstanding 30.4% Add: Minority Interest (1) 4.1 % of Total Public Float 125.5% Add: Minority Interest (4) 3.7 % of Total Public Float 75.4% Less: Cash (1) 62.4 Less: Cash (4) 30.1 Public Market Enterprise Value (rounded) $ $1,200.0 Public Market Enterprise Value (rounded) $ $1,030.0 1 As per the Company’s unaudited financial statements as of 8/31/2007. 2 Stock price as of 9/25/2007. 3 Source: CapitalIQ 4 As per the Company quarterly report on for 10-Q as of 3/31/2007. 5 Stock price as of 5/31/2007.

Public Price Approach OWNERSHIP SUMMARY Institutional Ownership Holder Name            Total Shares      % Outstanding W. R. Huff Asset Management 14,012,213 14.4% BlackRock Advisors, Inc. 5,126,304 5.3% Och-Ziff Capital Management LP 4,750,547 4.9% Fidelity Management & Research 2,908,835 3.0% Perry Capital, LLC 2,900,000 3.0% Other Institutional Holders 19,582,592 20.1% Total Institutional Ownership 49,280,491 50.7% Insider Ownership Robert Sillerman 33,373,661 34.3% Mitchell J Slater 3,096,403 3.2% Howard J Tytel 2,665,494 2.7% Michael G Ferrel 2,402,203 2.5% Simon Fuller 1,507,315 1.6% Thomas P Benson 1,390,780 1.4% Other Insiders 597,786 0.6% Total Insider Ownership 45,033,642 46.3% Other Shareholders 2,900,033 3.0% Total Basic Shares 97,214,166 100.0%

Public Price Approach PUBLIC COMPANY SHARE PRICE SUMMARY (figures in millions, except price per share) Dic 4 Kids            Lions Gate            Marvel Entertainment            Entertainment            Entertainment           & nbsp;Entertainment, CKX Inc. CBS Corporation            Holdings Inc. Walt Disney Co. Inc. Corp. Inc. News Corp. Time Warner Inc. Viacom, Inc. Average            Median Exchange            NasdaqNM            NYSE            AIM   ;          NYSE            NYSE            NYSE     &nb sp; &nb sp;    NYSE            NYSE            NYSE           & nbsp;NYSE Ticker Symbol            CKXE            CBS.A            DEKE  &nb sp;         DIS            KDE            LGF      &nbs p;&nb sp;    MVL            NWS.A            TWX           &n bsp;VIA.B Total Shares Outstanding 97.3 744.2 42.9 2,028.9 13.2 119.2 84.1 3,149.4 3,779.7 688.0 1,074.7 403.6 Stock Price as of 9/25/2007 $11.66 $ 30.84 $1.25 $ 34.07 $16.85 $10.14 $23.06 $ 21.58 $ 18.12 $ 37.87 $20.54 $ $19.85 Market Value of Equity $1,134.6 $ $22,952.0 $53.8 $ $69,125.4 $222.6 $1,208.7 $1,939.1 $ $67,963.9 $ $68,488.2 $ $26,055.2 $ $25,914.4 $ $12,445.6 Total Public Float (MM) 39.3 NA            NA 2,028.5 12.2 98.6 59.8 2,297.8 3,732.5 605.2 1,109.2 79.2 % of Total Shares Outstanding 40.4% NA            NA 100.0% 92.0% 82.7% 71.1% 73.0% 98.8% 88.0% 80.7% 77.8% Institutional Holdings (MM) 49.3 571.2 0.0 1,341.6 8.8 110.7 68.6 1,748.3 3,037.1 495.6 743.1 303.2 % of            Total Shares 50.6% 76.7% 0.0% 66.1% 66.6% 92.9% 81.6% 55.5% 80.4% 72.0% 64.3% 69.3% Outstanding % of Total Public Float 125.5% NA            NA 66.1% 72.5% 112.3% 114.7% 76.1% 81.4% 81.9% 91.3% 78.7% Average Weekly Trading Volume (MM) 0.44 0.13 0.00 11.40 0.06 0.72 0.64 7.87 31.07 2.61 5.47 0.68 % of            Total Shares 0.4% 0.0% 0.0% 0.6% 0.5% 0.6% 0.8% 0.2% 0.8% 0.4% 0.4% 0.4% Outstanding % of Total Public Float 1.1% NA            NA 0.6% 0.5% 0.7% 1.1% 0.3% 0.8% 0.4% 0.6% 0.5% $ 0.78 Average Daily Trading Volume (MM) 0.05 0.36 0.00 5.56 0.02 0.59 0.29 3.68 16.96 1.08 2.86 0.47 Implied Daily Liquidity ($MM) $ 0.5 $11.0 $0.0 $ 189.4 $0.3 $6.0 $6.6 $ 79.5 $ 307.2 $40.8 $64.1 $8.8 (Avg. Daily Volume x Current Price) Source: CapitalIQ & Bloomberg.

Public Price Approach ANALYST ESTIMATES — PRE ANNOUNCEMENT Opening Price 2007E 2008E 2007E 2008E on Date of 2007E 2008E            Revenue            Revenue            EBITDA &nb sp;          EBITDA Analyst            Date of Report            Report            Target Price            View 2007E EPS 2008E EPS 2007E P/E 2008E P/E            EV / EBITDA         &nbs p;  EV / EBITDA ($MM) ($MM) ($MM) ($MM) Bear Stearns 23-Feb-07 $13.79 NA            Peer Perform $0.21 $0.28 65.7x 49.3x 22.4x 19.4x $224.1 $238.7 $61.3 $ 70.9 Cathay Financia 5-Mar-07 $12.11 $18.00 Outperform            NA            NA            NA             NA            NA            NA   & nbsp;        NA            NA            NA         ;    NA Craig Hallum 5-Feb-07 $12.80 $20.00 Buy $0.18 $0.28 70.8x 45.5x 21.5x 15.9x $241.0 $285.7 $61.9 $ 83.6 High $13.79 $20.00 $0.21 $0.28 70.8x 49.3x 22.4x 19.4x $241.0 $285.7 $61.9 $ 83.6 Low $12.11 $18.00 $0.18 $0.28 65.7x 45.5x 21.5x 15.9x $224.1 $238.7 $61.3 $ 70.9 Median $12.80 $19.00 $0.20 $0.28 68.3x 47.4x 22.0x 17.7x $232.6 $262.2 $61.6 $ 77.3 Mean $12.90 $19.00 $0.20 $0.28 68.3x 47.4x 22.0x 17.7x $232.6 $262.2 $61.6 $ 77.3 CKX, Inc. Projections (1) 18.5x 11.8x $238.0 $276.5 $72.3 $113.8 Deviation from Mean Analyst Projections 2.4% 5.5% 17.3% 47.4% Footnotes: (1) Based on offer price of $13.75 per share.

Public Price Approach ANALYST ESTIMATES — PRE ANNOUNCEMENT Price on Date of Analyst            Date of Report            Report            View            Target Price Craig-Hallum 2-Apr-07 $11.07 Buy $20.00 Cathay Financial 5-Mar-07 $12.03 Outperform $18.00 Bear Stearns 10-May-07 $11.29 Peer Perform            NA Commentary “The recent activity of the stock may not reflect it, but our sense is that CKX had a relatively decent first quarter. 19 Entertainment is drawing most of the focus, and rightly so given the seasonality of the businesses and mindshare of American Idol as the season progresses and contestant numbers dwindle, but we believe the Presley Business and Muhammad Ali Business likely displayed strong performance as well.” “The attractiveness of CKXE shares depends on the investor’s conviction in management’s ability to identify and exploit incremental growth vehicles. If CKXE can execute on current plans, but no longer find value creation opportunities, then shares of CKXE are currently fairly valued. However, we believe that management can continue to create value and we conclude that the stock is cheap, even using our conservative estimates. Accordingly, we assign an Outperform rating.” “While we applaud CKX’s creativity in devising new ways to profit from existing content, we would also note that some of these new initiatives are unproven (i.e., telephony revenues) and therefore lack visibility. At 18.4x this year and 15.8x next year’s EBITDA, the stock reflects significant growth, and successful execution, both on new business initiatives as well as on the acquisition front. We are not prepared to give the company credit for potential acquisitions or investments that have not been clarified. Clarification of internal investment opportunities or acquisitions could improve our view.”

Public Price Approach ANALYST ESTIMATES — POST ANNOUNCEMENT Opening 2007E 2008E 2007E 2008E 2007E 2008E Date of            Price on Date            EV / EV / Revenue            Revenue            EBITDA            EBITDA Analyst            Report            of Report            Target Price            View 2007E EPS 2008E EPS 2007E P/E 2008E P/E            EBITDA           &n bsp;EBITDA ($MM) ($MM) ($MM) ( $MM) Bear Stearns 15-Aug-07 $11.22 NA            Peer Perform $0.10 $0.30 112.2x 37.4x 17.5x 15.6x $248.8 $264.0 $63.1 $ 77.3 Craig Hallum (1) 27-Aug-07 $11.83 $14.75 Buy $0.13 $0.29 91.0x 40.8x 22.3x 15.9x $244.3 $290.2 $60.6 $ 84.9 High $11.83 $14.75 $0.13 $0.30 112.2x 40.8x 22.3x 15.9x $248.8 $290.2 $63.1 $ 84.9 Low $11.22 $14.75 $0.10 $0.29 91.0x 37.4x 17.5x 15.6x $244.3 $264.0 $60.6 $ 77.3 Median $11.53 $14.75 $0.12 $0.30 101.6x 39.1x 19.9x 15.8x $246.6 $277.1 $61.9 $ 81.1 Mean $11.53 $14.75 $0.12 $0.30 101.6x 39.1x 19.9x 15.8x $246.6 $277.1 $61.9 $ 81.1 CKX, Inc. Projections (2) 20.9x 12.8x $247.3 $276.5 $67.5 $ 109.9 Deviation from Mean Analyst Projections 0.3% -0.2% 9.1% 35.5% Footnotes: (1) EV/EBITDA multiples for 2007E and 2008E calculated using an enterprise value based on the buyout amount of 1.35 billion. (2) Based on offer price of $13.75 per share.

Public Price Approach ANALYST ESTIMATES — POST ANNOUNCEMENT Price on Date of Analyst            Date of Report            Report            View            Target Price Craig-Hallum 27-Aug-07 $11.83 Buy $14.75 Bear Stearns 15-Aug-07 $11.22 Peer Perform            NA Commentary “If management really wants to get this deal done it most likely could by contributing more equity. Mr. Sillerman could add another $260 million in equity just by kicking in more of his CKX stock and could self fund a considerable amount of additional equity out of his personal funds if necessary as well. Collectively, if Sillerman and CKX’s management, along with Huff, rolled over their entire equity position, the company would have $811 million in equity (59 million shares at $13.75) leaving as little as

$622 million in debt to be funded ($1.35 billion cash plus $100 million in debt).” “With CKX trading at a 20% discount to its takeout price, we believe the market is placing a low probability on CKX receiving financing commitments by late September to go private. We see upside of 22%-26% (or 50% annualized) with a deal ($13.75-$14.15), and downside of 7%-20% ($9.00-$10.50) if no deal is struck. We believe the company is considering changing the debt/equity ratio, in order to reduce the leverage of the entity upon going private.”

Valuation of License Agreements

Valuation of License Agreements LICENSING TRANSACTION MINIMUM GUARANTEES/ROYALTIES VALUATION SUMMARY (figures in millions) Indicated Segment Discounted Cash Flow Summary            Value Range Minimum Guarantees/Royalties — EPE (1) $135.0 — $160.0 Percentage Allocated to the Company @ 85% 114.8 — 136.0 Minimum Guarantees — MAE $ 12.0 — $ 15.0 Percentage Allocated to the Company @ 80% 9.6 — 12.0 Indicated Value Range (rounded) $124.0 — $148.0

Selected Value (rounded) $136.0 1 Based on the greater of minimum guarantees under the EPE License Agreement or the implied royalties to the Company based on financial projections for the Phase I development only of FX Luxury.

Valuation of License Agreements DISCOUNTED CASH FLOW VALUATION — EPE1 (figures in millions) Projected FYE December 31, 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 Revenue $ 0.0 $ 9.0 $ 9.0 $ 9.0 $ 30.3 $ 32.1 $ 34.2 $ 35.1 $ 36.0 $ 37.0 Revenue Growth % NA            NA 0.0% 0.0% 236.3% 6.0% 6.5% 2.7% 2.7% 2.7% Add: Adjustments — — — — — — — — — - Adjusted EBIT $ 0.0 $ 9.0 $ 9.0 $ 9.0 $ 30.3 $ 32.1 $ 34.2 $ 35.1 $ 36.0 $ 37.0 EBIT Margin % NA 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% Less: Taxes — 3.6 3.6 3.6 12.1 12.8 13.7 14.0 14.4 14.8 Debt-Free Earnings $ 0.0 $ 5.4 $ 5.4 $ 5.4 $ 18.2 $ 19.2 $ 20.5 $ 21.0 $ 21.6 $ 22.2 Less: Capital Expenditures — — — — — — — — — - Less: Working Capital Requirements — — — — — — — — — - Add: Depreciation and Amortization — — — — — — — — — - Total Net Investment — — — — — — — — — - Net Debt-Free Cash Flows $ 0.0 $ 5.4 $ 5.4 $ 5.4 $ 18.2 $ 19.2 $ 20.5 $ 21.0 $ 21.6 $ 22.2 Discount Period 0.21 0.92 1.92 2.92 3.92 4.92 5.92 6.92 7.92 8.92 Discount Factor @ 13.0% 0.97 0.89 0.79 0.70 0.62 0.55 0.49 0.43 0.38 0.34 Present Value of Net Debt-Free Cash Flows $ 0.0 $ 4.8 $ 4.3 $ 3.8 $ 11.3 $ 10.6 $ 9.9 $ 9.0 $ 8.2 $ 7.5 Sensitivity Analysis: Enterprise Value 0.5% 0.5% 0.5% Gordon Growth Rate $146.269 2.0% 2.5% 3.0% 3.5% 4.0% Rate 12.0% $ 155.2 $ 160.0 $ 165.3 $ 171.2 $ 177.8 12.5% $ 146.5 $ 150.7 $ 155.3 $ 160.4 $ 166.1 Discount 13.0% $ 138.6 $ 142.3 $ 146.3 $ 150.7 $ 155.6 13.5% $ 131.4 $ 134.6 $ 138.2 $ 142.0 $ 146.3 14.0% $ 124.8 $ 127.7 $ 130.8 $ 134.2 $ 138.0 Indicated Enterprise Value $ 135.0 — $ 160.0 DCF Assumptions Discount Rate 13.0% Tax Rate 40.0% Terminal Value Assumptions 2016 Cash Flow (3.0% Growth Rate) $22.9 Gordon Growth Rate 3.0% Terminal Value $228.7 Discount Period 8.92 Discount Factor @ 13.0% 0.34 PV of Terminal Value $76.9 Distribution of Value Period Cash Flow 47.4% Terminal Cash Flow 52.6% Total 100.0% Implied Analyses LTM EBITDA Multiple NA NFY EBITDA Multiple NA Implied Terminal Multiple 7.1x 1 Based on the greater of minimum guarantees under the EPE license agreement or the implied royalties to the Company based on financial projections for the phase I development only of FX Luxury.

Valuation of License Agreements DISCOUNTED CASH FLOW VALUATION — MAE1 (figures in millions) Projected FYE December 31, 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 Revenue $ 0.0 $ 1.0 $ 1.0 $ 1.0 $ 2.0 $ 2.0 $ 2.0 $ 3.0 $ 3.0 $ 3.0 $ 3.0 Revenue Growth % NA            NA 0.0% 0.0% 100.0% 0.0% 0.0% 50.0% 0.0% 0.0% 0.0% Add: Adjustments — — — — — — — — — — - Adjusted EBIT $ 0.0 $ 1.0 $ 1.0 $ 1.0 $ 2.0 $ 2.0 $ 2.0 $ 3.0 $ 3.0 $ 3.0 $ 3.0

EBIT Margin % NA 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% Less: Taxes — 0.4 0.4 0.4 0.8 0.8 0.8 1.2 1.2 1.2 1.2 Debt-Free Earnings $ 0.0 $ 0.6 $ 0.6 $ 0.6 $ 1.2 $ 1.2 $ 1.2 $ 1.8 $ 1.8 $ 1.8 $ 1.8 Less: Capital Expenditures — — — — — — — — — — - Less: Working Capital Requirements — — — — — — — — — — - Add: Depreciation and Amortization — — — — — — — — — — - Total Net Investment — — — — — — — — — — - Net Debt-Free Cash Flows $ 0.0 $ 0.6 $ 0.6 $ 0.6 $ 1.2 $ 1.2 $ 1.2 $ 1.8 $ 1.8 $ 1.8 $ 1.8 Discount Period 0.21 0.92 1.92 2.92 3.92 4.92 5.92 6.92 7.92 8.92 9.92 Discount Factor @ 13.0% 0.97 0.89 0.79 0.70 0.62 0.55 0.49 0.43 0.38 0.34 0.30 Present Value of Net Debt-Free Cash Flows $ 0.0 $ 0.5 $ 0.5 $ 0.4 $ 0.7 $ 0.7 $ 0.6 $ 0.8 $ 0.7 $ 0.6 $ 0.5 Sensitivity Analysis: Enterprise Value 0.5% 0.5% Gordon Growth Rate $13.044 4.0% 4.5% 5.0% 5.5% 6.0% Rate 12.0% $ 13.9 $ 14.5 $ 15.1 $ 15.8 $ 16.7 12.5% $ 13.0 $ 13.5 $ 14.0 $ 14.6 $ 15.3 Discount 13.0% $ 12.2 $ 12.6 $ 13.0 $ 13.5 $ 14.1 13.5% $ 11.5 $ 11.8 $ 12.2 $ 12.6 $ 13.1 14.0% $ 10.8 $ 11.1 $ 11.5 $ 11.8 $ 12.2 Indicated Enterprise Value $ 12.0 — $ 15.0 DCF Assumptions Discount Rate 13.0% Tax Rate 40.0% Terminal Value Assumptions 2017 Cash Flow (5.0% Growth Rate) $1.9 Gordon Growth Rate 5.0% Terminal Value $23.6 Discount Period 9.92 Discount Factor @ 13.0% 0.30 PV of Terminal Value $7.0 Distribution of Value Period Cash Flow 46.1% Terminal Cash Flow 53.9% Total 100.0% Implied Analyses LTM EBITDA Multiple NA NFY EBITDA Multiple NA Implied Terminal Multiple 11.8x 1 Based on the minimum guarantees under the MAE license agreement; financial projections for MAE properties have not been provided.

EX-99.C.3

Exhibit (c)(3)

CKX, Inc. MAY 27, 2008 Confidential Presentation to the Special Committee of the Board of Directors Houlihan Lokey www.hlhz.com U.S. 800.788.5300 Europe +44 (0)20.7839.3355 Hong Kong 852.3551.2300 Japan 81.3.4577.6000 Los Angeles•New York•Chicago•San Francisco•Minneapolis•Washington, D.C.•Dallas•Atlanta•London•Paris•Frankfurt•Hong Kong•Tokyo

These materials are provided for the information of the Special Committee of the Board of Directors of CKX, Inc. (“CKX” or the “Company”) by Houlihan Lokey Howard & Zukin Financial Advisors, Inc. (“Houlihan Lokey”) in connection with the Special Committee’s consideration of a potential transaction involving the Company or its affiliates (the “Transaction”). These materials were prepared for specific persons familiar with the business and affairs of the Company for use in a specific context.

These materials are provided on a confidential basis solely for the information of the Special Committee and may not be disclosed, summarized, reproduced, disseminated or quoted or otherwise referred to unless disclosed, summarized, reproduced, disseminated or quoted or otherwise referred to in its entirety and the content of any description (including, without limitation, any reference to Houlihan Lokey (or Houlihan Lokey’s affiliate, Houlihan Lokey Howard & Zukin Capital, Inc. (“HLHZC”)), the Company’s (or the Special Committee’s) engagement of HLHZC, the services provided by Houlihan Lokey (or HLHZC) or of any opinion rendered by Houlihan Lokey (or HLHZC) shall be accurate and complete and the Company shall allow HLHZC (or Houlihan Lokey) reasonable time and opportunity to review and comment upon any such inclusion or description. Notwithstanding the foregoing, Houlihan Lokey imposes no restrictions on the disclosure by the Company (including its employees, representatives and agents) of the tax treatment or tax structure of any transaction, including those portions of any materials containing such information that are provided by Houlihan Lokey to the Company. Any discussion in these materials regarding any U.S. federal tax matter is not intended or written to be used, and cannot be used, by any taxpayer for the purpose of avoiding any penalties. Any such discussion was written to support the marketing or promotion of the transaction(s) or matters(s) to which the discussion relates. Each taxpayer should seek advice based on the taxpayer’s particular circumstances from an independent tax advisor. Houlihan Lokey is not an expert on, and nothing contained herein should be construed as advice with regard to, legal, accounting, regulatory, insurance or tax matters.

These materials necessarily are based on financial, economic, market and other conditions as in effect on, and the information made available to us as of, the date of these materials. Houlihan Lokey undertakes no obligation to update, revise or reaffirm these materials. These materials are not intended to provide the sole basis for evaluation of the Proposed Transaction, do not purport to contain all information that may be required and should not be considered a recommendation with respect to the Proposed Transaction. These materials do not constitute an opinion with respect to the Proposed Transaction, nor a recommendation to any security holder of the Company or any other person as to how such person should vote or act with respect to the Proposed Transaction. The preparation of these materials involves various determinations as to the most appropriate and relevant methods of financial analyses and the application of those methods to particular circumstances and, therefore, are not readily susceptible to summary description. Furthermore, Houlihan Lokey did not attribute any particular weight to any analysis or factor considered by it, but rather made qualitative judgments as to the significance and relevance of each analysis and factor. Thus, the analyses contained in these materials must be considered as a whole. Selecting portions of the analyses, without considering all analyses, could create an incomplete view. Estimates of value contained in the analyses are not necessarily indicative of actual value or predictive of future results or values, which may be significantly more or less favorable. In preparing these materials, Houlihan Lokey has not conducted any physical inspection or independent appraisal or evaluation of any of the assets, properties or liabilities (contingent or otherwise) of the Company or any other participant in the Proposed Transaction.

The materials necessarily are based on financial, economic, market and other conditions as in effect on, and the information available to Houlihan Lokey as of, the date of the materials. Although subsequent developments may affect the contents of the materials, Houlihan Lokey has not undertaken, and is under no obligation, to update, revise or reaffirm the materials. The materials are not intended to provide the sole basis for evaluation of the Transaction and do not purport to contain all information that may be required. The materials do not address the underlying business decision of the Company or any other party to proceed with or effect the Transaction, or the relative merits of the Transaction as compared to any alternative business strategies that might exist for the Company or any other party. The materials do not constitute any opinion, nor a recommendation to the Special Committee, any security holder of the Company or any other person as to how to vote or act with respect to any matter relating to the Transaction or whether to buy or sell any assets or securities of any company. Houlihan Lokey’s only opinion is the opinion that is delivered to the Special Committee.

The preparation of the materials was a complex process involving quantitative and qualitative judgments and determinations with respect to the financial, comparative and other analytic methods employed and the adaptation and application of these methods to the unique facts and circumstances presented and, therefore, is not readily susceptible to partial analysis or summary description. Furthermore, Houlihan Lokey did not attribute any particular weight to any analysis or factor considered by it, but rather made qualitative judgments as to the significance and relevance of each analysis and factor. Each analytical technique has inherent strengths and weaknesses, and the nature of the available information may further affect the value of particular techniques. Accordingly, the analyses contained in the materials must be considered as a whole. Selecting portions of the analyses, analytic methods and factors without considering all analyses and factors could create a misleading or incomplete view. The materials reflect judgments and assumptions with regard to industry performance, general business, economic, regulatory, market and financial conditions and other matters, many of which are beyond the control of the participants in the Transaction. Any estimates of value contained in the materials are not necessarily indicative of actual value or predictive of future results or values, which may be significantly more or less favorable. In addition, any analyses relating to the value of assets, businesses or securities do not purport to be appraisals or to reflect the prices at which any assets, businesses or securities may actually be sold. In preparing the materials, Houlihan Lokey has not conducted any physical inspection or independent appraisal or evaluation of any of the assets, properties or liabilities (contingent or otherwise) of the Company or any other participant in the Transaction.

All budgets, projections, estimates, financial analyses, reports and other information with respect to operations (including estimates of potential cost savings and expenses) reflected in the materials have been prepared by management of the relevant party or are derived from such budgets, projections, estimates, financial analyses, reports and other information or from other sources, which involve numerous and significant subjective determinations made by management of the relevant party and/or which such management has reviewed and found reasonable. The budgets, projections and estimates contained in the materials may or may not be achieved and differences between projected results and those actually achieved may be material. Houlihan Lokey has relied upon representations made by management of the relevant party that such budgets, projections and estimates have been reasonably prepared in good faith on bases reflecting the best currently available estimates and judgments of such management (or, with respect to information obtained from public sources, represent reasonable estimates), and Houlihan Lokey expresses no opinion with respect to such budgets, projections or estimates or the assumptions on which they are based.

Houlihan Lokey has assumed and relied upon the accuracy and completeness of the financial and other information provided to or reviewed by it without (and without assuming responsibility for) independent verification of such information, makes no representation or warranty (express or implied) in respect of the accuracy or completeness of such information and has further relied upon the assurances of the Company that it is not aware of any facts or circumstances that would make such information inaccurate or misleading. In addition, Houlihan Lokey has relied upon representations made by management of the relevant party, without independent verification, that there has been no material change in the business, assets, liabilities, financial condition, results of operations, cash flows or prospects of the Company or any other participant in the Transaction since the date of the most recent financial statements provided to Houlihan Lokey, and that the final forms of any draft documents reviewed by Houlihan Lokey will not differ in any material respect from such draft documents.

The materials do not constitute a commitment by Houlihan Lokey or any of its affiliates to underwrite, subscribe for or place any securities, to extend or arrange credit, or to provide any other services. In the ordinary course of business, certain of Houlihan Lokey’s affiliates, as well as investment funds in which they may have financial interests, may acquire, hold or sell, long or short positions, or trade or otherwise effect transactions, in debt, equity, and other securities and financial instruments (including loans and other obligations) of, or investments in, one or more parties that may be involved in the Transaction and their respective affiliates or any currency or commodity that may be involved in the Transaction.

i

Houlihan Lokey Table of Contents Page Executive Summary. 1 Financial Analysis 6 Market Multiple Methodology .. 8 Comparable Transaction Methodology . 14 Discounted Cash Flow Approach... 17 Public Price Approach 30 Valuation of License Agreements... 33 Appendices .. 37 Supplemental Schedules 38

Executive Summary

Houlihan Lokey Executive Summary TRANSACTION VALUE OVERVIEW Summary of Transaction Value Implied Premiums to Historical Stock Trading Prices4 (figures in millions, except per share values) Offer Summary Implied Stock Premium — As of May 12, 2008 (5) Transaction Consideration Per Share (1) $12.00 Per Share Transaction Consideration (1) $12.00 Total Diluted Shares Outstanding (2) 97.4 1-Day Stock Price $9.70 Total Market Capitalization $1,169.3 Implied 1-Day Stock Premium 23.7% Add: Net Debt (2) 46.7 1-Week Stock Price $9.36 Add: Minority Interest (2) 4.7 Implied 1-Week Stock Premium 28.2% Add: Preferred Stock (2) 22.8 1-Month Stock Price $8.93 Indicated Enterprise Value $1,240.0 Implied 1-Month Stock Premium 34.4% LTM 3/31/2008 EBITDA (3) $95.4 Implied EV/EBITDA Multiple 13.0x 2008E EBITDA (3) $93.9 Implied EV/EBITDA Multiple 13.2x 1 Based on the proposed Amendment No.4, dated as of May 27, 2008 to the Merger Agreement by and among CKX, 19X Acquisition Corp. and 19X, as amended (the “Agreement”) 2 Per the Company’s Form 10-Q for the period ended March 31, 2008. 3 EBITDA calculated after minority interest payments to Elvis Presley Enterprises (“EPE”) and Muhammad Ali Enterprises (“MAE”) minority shareholders and including $10 million for FX Real Estate and Entertainment Inc. (“FXRE”) payments under license agreements between FXRE and CKX relating to EPE and MAE (collectively, the “License Agreements”). 4 Source: Capital IQ. 5 CKX closing stock price as of May 12, 2008, the day prior to the announced revised offer of $12.00 per share.

Houlihan Lokey Executive Summary VALUATION INDICATIONS VS. MERGER CONSIDERATION1 — PRICE PER SHARE Price per Share Implied Per Share Reference Range $20.00 $18.00 $16.00 $14.00 $12.00 $10.00 Per Share Consideration: $12.00 (1) May 31, 2007 Share Price: $10.63 (2) $8.00 $6.00 Market Multiple Comparable Discounted Cash Discounted Cash Public Price Approach Transaction Flow Approach Flow Approach Approach Approach (2013) (2012) May 12, 2008 Share Price: $9.70 (3) $8.37 $10.82 $12.26 $13.45 $12.97 $17.40 $17.78 $13.53 $10.12 $12.10 Note: No particular weight was attributed to any particular analysis. Houlihan Lokey has run a sensitivity analysis with regards to the discounted cash flow approach — please see pages 41 and 42. 1 Based on the proposed Amendment No.4 to the Agreement. 2 CKX closing stock price as of May 31, 2007, the day prior to the announcement of the original Transaction at $13.75 per share. 3 CKX closing stock price as of May 12, 2008, the day prior to the announced revised offer of $12.00 per share.

Houlihan Lokey Executive Summary REFERENCE RANGE SUMMARY (figures in millions, except price per share) Market Multiple Comparable Discounted Cash Flow Discounted Cash Flow Public Price Approach Transaction Approach Approach (2013) Approach (2012) Approach Low High Low High Low High Low High Low High Enterprise Value (1) $970.0 $1,060.0 $1,110.0 $1,200.0 $1,226.0 $1,614.0 $1,179.0 $1,577.0 $890.0 $1,060.0 Add: PV of License Agreements (2) 146.0 180.0 146.0 180.0 146.0 180.0 146.0 180.0 0.0 0.0 Adjusted Enterprise Value $1,116.0 $1,240.0 $1,256.0 $1,380.0 $1,372.0 $1,794.0 $1,325.0 $1,757.0 $890.0 $1,060.0 Add: Cash (3) $55.9 $55.9 $55.9 $55.9 $55.9 $55.9 $55.9 $55.9 $55.9 $55.9 Add: Loan Receivable (4) $8.1 $8.1 $8.1 $8.1 $8.1 $8.1 $8.1 $8.1 $0.0 $0.0 Less: Debt (3) 102.6 102.6 102.6 102.6 102.6 102.6 102.6 102.6 102.6 102.6 Less: Minority Interest (5) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 4.7 4.7 Less: Preferred Stock (3) 22.8 22.8 22.8 22.8 22.8 22.8 22.8 22.8 22.8 22.8 Equity Value $1,054.6 $1,178.6 $1,194.6 $1,318.6 $1,310.6 $1,732.6 $1,263.6 $1,695.6 $815.8 $985.8 Price per Share (6) $10.82 $12.10 $12.26 $13.53 $13.45 $17.78 $12.97 $17.40 $8.37 $10.12 Offer Price (7) $12.00 $12.00 $12.00 $12.00 $12.00 $12.00 $12.00 $12.00 $12.00 $12.00 1 CKX core operations and new initiatives. 2 Based on the present value of projected payments from FXRE to CKX, as projected by the Company, in connection with the License Agreements. Projected EPE license payments are based on the greater of contractual minimum guarantees or the projected 3 percent royalty from Las Vegas and Graceland Elvis themed hotels, as applicable (“Phase I development”). The Company’s projections do not include potential royalties from potential properties in Asia, Middle East, Europe or other markets. Projected MAE license payments are based on the contractual minimum guarantees in light of such guarantees exceeding projected royalty payments otherwise owed. 3 Per the Company’s Form 10-Q for the period ended March 31, 2008. 4 Loans receivable from related parties. 5 Minority interest has been captured in other approaches through adjustments to representative levels as provided by Company management. 6 Based on fully diluted shares outstanding of 97.4 million per the Company’s Form 10-Q for the period ended March 31, 2008. 7 Based on the proposed Amendment No.4 to the Agreement. 3

Houlihan Lokey Executive Summary COMPARISON OF SELECTED COMPANIES ($ in millions, except per share prices) Comparison of Comparable Companies (1) Diversified Media Companies Ticker Market Value of Equity As of September 25, 2007 Enterprise Value EV / EBITDA Market Value of Equity As of May 23, 2008 Enterprise Value EV / EBITDA Market Value of Equity Percentage Variance Enterprise Value EV / EBITDA CBS Corporation Walt Disney Co. Lions Gate Entertainment Corp. News Corp. Time Warner Inc. Viacom, Inc. CBS DIS LGF NWS.A TWX VIA.B $22,952.0 69,125.4 1,208.7 67,963.9 68,488.2 26,055.2 $27,171.1 79,215.4 1,475.1 73,373.9 107,983.2 32,943.7 8.8x 9.1x NMF 12.1x 8.1x 9.6x $15,579.3 65,867.9 1,146.9 48,953.1 57,275.0 24,301.5 $20,448.7 78,943.9 1,530.0 60,252.1 96,521.0 32,138.5 6.7x 8.3x NMF 8.7x 7.3x 9.1x -32.1% -4.7% -5.1% -28.0% -16.4% -6.7% -24.7% -0.3% 3.7% - -17.9% -10.6% -2.4% -23.5% -8.9% NA -27.7% -10.0% -5.3% Mean Median -15.5% -11.6% -8.7% -6.5% - -15.1% -10.0% Content Management Companies Ticker Market Value of Equity As of September 25, 2007 Enterprise Value EV / EBITDA Market Value of Equity As of May 23, 2008 Enterprise Value EV / EBITDA Market Value of Equity Percentage Variance Enterprise Value EV / EBITDA CKX Inc. Dic Entertainment Holdings Inc. 4 Kids Entertainment Inc. Marvel Entertainment, Inc. CKXE DEKE KDE MVL $1,134.6 53.8 222.6 1,939.1 $1,260.7 73.4 117.0 2,027.7 20.8x NA NMF 8.2x $977.3 19.7 103.1 2,536.8 $1,028.7 44.6 45.2 2,746.8 12.0x NMF NMF 11.2x -13.9% -63.5% -53.7% 30.8% -18.4% -39.3% -61.4% 35.5% -42.2% NA NA 36.9% Mean -25.1% -20.9% -2.6% Median -33.8% -28.8% -2.6% All Companies Mean Median -19.3% -15.1% - -13.6% -14.2% -11.5% -10.0% Comparison of Indications of Value (2) Market Multiple Approach Selected Transaction Approach Discounted Cash Flow Approach (2013) Discounted Cash Flow Approach (2012) (3) Public Price Approach As of September 25, 2007 Market Value Enterprise of Equity Value $1,292.4 $1,356.0 1,202.4 1,266.0 NA NA 1,837.4 1,901.0 1,288.3 1,356.0 Price per Share $13.28 $12.36 NA $18.88 $13.24 Market Value of Equity $1,178.6 1,318.6 1,732.6 1,695.6 985.8 As of May 23, 2008 Enterprise Value $1,240.0 1,380.0 1,794.0 1,757.0 1,060.0 Price per Share $12.10 $13.53 $17.78 $17.40 $10.12 Market Value of Equity -8.8% 9.7% NA -7.7% -23.5% Percentage Variance Enterprise Value -8.6% 9.0% NA -7.6% -21.8% Price per Share -8.9% 9.5% NA -7.8% -23.6% Mean Median -7.6% -8.3% - -7.2% -8.1% -7.7% -8.4% Offer Price $13.00 $12.00 -7.7% 4 1 EV/EBITDA multiples for analysis as of September 25, 2007 based on 2007E. EV/EBITDA multiples for analysis as of May 23, 2008 based on latest twelve months, i.e., LTM ending March 31, 2008. 2 Indications of value for the different approaches based on the high end of the range. 3 Analysis as of May 23, 2008 based on revised projections provided by Company management. Based on proforma financials and projections provided by Company management in files entitled “2008 five year planv9.xls”, “ltm.xls” and “Q1 2008 Financial Overview final.ppt”.

Houlihan Lokey Executive Summary ONE-YEAR HISTORICAL PRICE VOLUME PERFORMANCE1 5 Comment A 6/1/2007 — 19X, an affiliate of Mr. Robert F.X. Sillerman, Chairman and Chief Executive Officer of CKX and Mr. Simon Fuller, Director of CKX, entered into an agreement with CKX to acquire CKX for $1.33 billion. B 6/19/2007 — CKX declares dividend of FXRE shares, CKX shareholders to receive 25% of outstanding common stock of FXRE upon registration of shares with the SEC. C 8/24/2007 — CKX announces that FXRE has filed a registration statement with the SEC to register the shares of FXRE for distribution to common stock holders. D 9/28/2007 — CKX announces revised offer from 19X. E 1/3/2008 — CKX announces January 10th payment date for dividend of FXRE. F 1/24/2008 — CKX Announces Preliminary Earnings Results for 2007 G 3/6/2008 — FXRE sets March 6th as record date for rights offering. FXRE stockholders will receive the right to purchase one share of FXRE common stock at $10 per share for every two shares of common stock held. H 4/1/2008 — FXRE announces the 20-day trading period to be used to determine the purchase price adjustment to the CKX going-private offer. $8 $10 $12 $14 $16 5/24/076/29/07 8/6/079/11/0710/16/0711/20/0712/27/07 2/4/083/11/084/16/085/21/08 0.000 0.500 1.000 1.500 2.000 2.500 3.000 Volume Close Volume (millions)Closing Price E F A C G H B D I I 5/12/2008 — CKX Announces Earnings Results for Q1 2008; 19X delivers a revised offer to the Special Committee of the Board of Directors of $12.00 per share. 1 Source: Capital IQ and public filings.

Financial Analysis

Houlihan Lokey Financial Analysis IMPLIED TRANSACTION EBITDA MULTIPLES (EV/EBITDA) ($ in millions) 22.0x Implied EBITDA Multiples Indicated Enterprise Value (1) $1,240.0 18.0x 7.9x8.0x 11.2x 8.0x 8.9x 13.2x 7.6x Implied Transaction LTM 3/31/08 EBITDA Multiple 2007A EBITDA $72.1 Implied EV/EBITDA Multiple 17.2x EV/EBITDA Multiple 14.0x LTM (2) 3/31/2008 EBITDA (3) $95.4 Implied EV/EBITDA Multiple 13.0x 10.0x 2008E EBITDA (3) $93.9 Implied EV/EBITDA Multiple 13.2x 6.0x Diversified Media Content Management Precedent Transactions Companies Mean Companies Mean LTM Mean LTM/2008/2009 LTM/2008/2009 (4) 1 Based on the proposed Amendment No. 4 to the Agreement. 2 LTM means Latest Twelve Months 3 EBITDA calculated after minority interest payments to EPE and MAE minority shareholders and including $10 million for FXRE payments under the License Agreements. 4 Based on Marvel, Inc. as all other Content Management Companies were excluded from the mean.

Financial Analysis Market Multiple Methodology Comparable Transaction Methodology Discounted Cash Flow Approach Public Price Approach Valuation of License Agreements

Houlihan Lokey Market Multiple Methodology SUMMARY OF VALUE (figures in millions) LTM - 3/31/2008 EBITDA Representative Level $85.4 Selected Multiple Range 12.0 x — 13.0 x Indicated Enterprise Value Range $1,024.8 — 1,110.2 NFY — 2008 EBITDA $83.9 11.0 x — 12.0 x $923.4 — 1,007.3 Median $974.1 — 1,058.8 Mean $974.1 — 1,058.8 Indicated Enterprise Value Range (Rounded) $970.0 - 1,060.0 Implied Multiples 2008 EBITDA -Core Core Rep Level $91.9 Implied Multiple Range 10.6 x - 11.5 x 2009 EBITDA -Core $105.8 9.2 x — 10.0 x

Houlihan Lokey Market Multiple Methodology REPRESENTATIVE LEVELS (figures in millions) Fiscal Year Ended December 31, 2007 LTM 3/31/2008 2008 2009 2010 2011 2012 2013 19E — Core Operations (1) $193.5 $210.8 $207.5 $215.9 $234.9 $251.9 $274.8 $299.0 19E — New Initiatives (2) 6.0 6.0 7.7 23.0 71.5 140.5 199.2 259.6 Other Businesses — Core Operations (3) 78.9 79.1 76.1 77.1 82.6 86.4 95.6 123.3 Other Businesses — New Initiatives (4) —20.2 72.6 107.9 112.4 Less: FXRE License Fees (5) 10.0 10.0 10.0 10.0 20.0 20.0 23.6 48.4 Reported Revenue — Total $268.3 $285.9 $281.3 $306.1 $389.2 $531.4 $653.9 $745.9 Revenue Growth % 25.1% 4.8% 8.8% 27.2% 36.5% 23.1% 14.1% 19E — Core Operations EBITDA $60.5 $78.5 $75.4 $85.4 $99.9 $111.4 $126.9 $142.9 19E — New Initiatives EBITDA (3.8) (4.5) (8.0) 10.1 36.5 77.4 109.6 150.0 Other Businesses — Core Operations EBITDA 17.1 23.1 18.3 22.2 23.9 33.1 38.5 39.6 Other Businesses — New Initiatives EBITDA —18.1 60.9 91.5 96.0 Adjusted Corporate EBITDA — Total (6) $73.8 $87.1 $85.6 $117.6 $178.3 $282.8 $366.6 $428.5 EBITDA as % of Revenue 27.5% 30.5% 30.4% 38.4% 45.8% 53.2% 56.1% 57.5% Less: Net Cash Minority Interest in EPE & MAE (7) 1.7 1.7 1.7 1.7 1.7 13.1 19.0 27.4 Adjusted Net Corporate EBITDA — Total $72.1 $85.4 $83.9 $115.9 $176.6 $269.7 $347.6 $401.1 Source: Based on proforma financials and projections provided by Company management in files entitled “2008 five year planv9.xls”, “ltm.xls” and “Q1 2008 Financial Overview final.ppt” 1 Includes American Idol, Non-Us Idol, So You Think You Can Dance, Music, Beckhams, MBST and other content licensing businesses. 2 Includes US Artist Band Show, Land-Based Attractions, New TV Development Projects, Now TV, Digital Idol, Most Beautiful Girl, MAAS and Tim LoveJoy. 3 Includes EPE Licensing/Royalties, Core Graceland Operations, Other Elvis Content, MAE and FXRE License Fees. 4 Includes New Graceland Operations, Cirque Du Soleil Show and Ali Experience. 5 Based on projected license payments under the License Agreements. Refer to ‘Valuation of License Agreements’ for further detail. 6 Corporate overhead is before pro forma overhead savings. 2009 — 2013 is based on 2008 corporate overhead increasing by 4 percent per year as discussed with Company management. 7 Per Company management, based on projected payments to minority shareholders in EPE and MAE of interest in fees under License Agreements.

Houlihan Lokey Market Multiple Methodology REPRESENTATIVE LEVELS — CONSOLIDATED (figures in millions) FYE LTM Fiscal Year Ending December 31, 2007 3/31/2008 2008 2009 2010 2011 2012 2013 Reported Revenue $278.3 $295.8 $290.1 $316.1 $409.2 $551.4 $677.5 $794.3 Revenue Growth % 29.8% 4.2% 9.0% 29.5% 34.7% 22.9% 17.2% Less: Operating Expenses 175.2 180.5 175.8 169.0 190.7 227.6 265.5 294.7 Less: Corporate Overhead 8.0 7.5 10.0 9.0 9.9 10.9 12.0 13.2 EBITDA $95.2 $107.9 $104.3 $138.0 $208.6 $312.9 $400.0 $486.4 EBITDA Margin % 34.2% 36.0% 43.7% 51.0% 56.7% 59.0% 61.2% Less: FXRE License Fees (1) 10.0 10.0 10.0 10.0 20.0 20.0 23.6 48.4 Less: Net Cash Minority Interest in EPE & MAE (2) 1.7 1.7 1.7 1.7 1.7 13.1 19.0 27.4 Less: Additional Corporate Overhead (3) 11.4 10.8 8.7 10.4 10.3 10.1 9.8 9.5 Add: Adjustments -— Adjusted EBITDA $72.1 $85.4 $83.9 $115.9 $176.6 $269.7 $347.6 $401.1 EBITDA Margin % 25.9% 28.9% 28.9% 36.7% 43.2% 48.9% 51.3% 50.5% Less: Depreciation & Amortization 22.5 22.6 20.9 25.6 45.5 58.3 55.7 53.0 Adjusted EBIT $49.6 $62.8 $63.0 $90.3 $131.1 $211.4 $291.9 $348.1 Source: Based on proforma financials and projections provided by Company management in files entitled “2008 five year planv9.xls”, “ltm.xls” and “Q1 2008 Financial Overview final.ppt” 1 Based on projected license payments under the License Agreements. Refer to ‘Valuation of License Agreements’ for further detail. 2 Per Company management, based on projected payments to minority shareholders in EPE and MAE of interest in fees under License Agreements. 3 Based on additional overhead expenses the Company would incur as a public company, per Company management.

Houlihan Lokey Market Multiple Methodology COMPARABLE COMPANY METRICS (figures in millions, except price per share) 2008 (2) (3) 2009 (2) (3) LTM LTM Equity Market Enterprise EBITDA 1 Yr Rev EV / Adjusted EV / Adjusted EV / Adjusted Content Management Companies (4) Value (5) (6) Value (7) Margin Growth EV / Revenue EBITDA (8) EV / Revenue EBITDA (8) EV / Revenue EBITDA (8) 4 Kids Entertainment Inc. $103.1 $45.2 -54.3% 13.1% 0.81 x NMF NA NA NA NA CKX Inc. 977.3 1,028.7 30.3% 26.9% 3.64 x 12.0 x NA 10.8 x NA NA Dic Entertainment Holdings Inc. 19.7 44.6 -11.5% 25.1% 0.60 x NMF 1.11 x 22.3 x NA NA Marvel Entertainment, Inc. 2,536.8 2,746.8 54.8% 5.1% 6.15 x 11.2 x 4.54 x 8.9 x 4.11 x 7.9 x Low $19.7 $44.6 -54.3% 5.1% 0.60 x 11.2 x 1.11 x 8.9 x 4.11 x 7.9 x High $2,536.8 $2,746.8 54.8% 25.1% 6.15 x 11.2 x 4.54 x 8.9 x 4.11 x 7.9 x Mean $886.5 $945.5 -3.7% 14.5% 2.52 x 11.2 x 2.82 x 8.9 x 4.11 x 7.9 x Median $103.1 $45.2 -11.5% 13.1% 0.81 x 11.2 x 2.82 x 8.9 x 4.11 x 7.9 x 2008 (3) (4) 2009 (3) (4) LTM LTM Equity Market Enterprise EBITDA 1 Yr Rev EV / Adjusted EV / Adjusted EV / Adjusted Diversified Media Companies (10) Value (5) (6) Value (7) Margin Growth EV / Revenue EBITDA (8) EV / Revenue EBITDA (8) EV / Revenue EBITDA (8) CBS Corporation $15,579.3 $20,448.7 21.7% 38.1% 1.45 x 6.7 x 1.44 x 6.5 x 1.41 x 6.5 x Lions Gate Entertainment Corp. 1,146.9 1,530.0 -5.3% 5.2% 1.31 x NMF 1.10 x 25.9 x 1.01 x 20.4 x News Corp. 48,953.1 60,252.1 21.8% 3.3% 1.90 x 8.7 x 1.83 x 9.1 x 1.70 x 8.3 x Time Warner Inc. 57,275.0 96,521.0 28.2% -1.7% 2.07 x 7.3 x 2.02 x 7.0 x 1.92 x 6.7 x Viacom, Inc. 24,301.5 32,138.5 25.5% - -8.5% 2.33 x 9.1 x 2.22 x 8.9 x 2.09 x 8.2 x Walt Disney Co. 65,867.9 78,943.9 25.8% 17.1% 2.13 x 8.3 x 2.09 x 8.5 x 2.02 x 8.0 x Low $1,146.9 $1,530.0 -5.3% -8.5% 1.31 x 6.7 x 1.10 x 6.5 x 1.01 x 6.5 x High $65,867.9 $96,521.0 28.2% 38.1% 2.33 x 9.1 x 2.22 x 9.1 x 2.09 x 8.3 x Mean $35,520.6 $48,305.7 19.6% 8.9% 1.86 x 8.0 x 1.78 x 8.0 x 1.69 x 7.6 x Median $36,627.3 $46,195.3 23.6% 4.3% 1.98 x 8.3 x 1.92 x 8.5 x 1.81 x 8.0 x Source: Capital IQ Footnotes on next page.

Houlihan Lokey Market Multiple Methodology COMPARABLE COMPANY METRICS (CONTINUED) Footnotes: 1 No company used in this analysis for comparative purposes is identical to the Company. 2 Calculated based upon analyst projections for the comparable companies. 3 Forward estimates for 2008 & 2009 refers to fiscal years after the most recently completed twelve-month period for which financial information has been made public. 4 All Content Management Companies have a 12/31 fiscal year end. 5 Based on closing stock prices as of May 23, 2008. 6 Based on reported fully-diluted shares. 7 Enterprise Value equals equity market value plus debt outstanding plus preferred stock less cash and cash equivalents. 8 Adjusted EBITDA refers to Earnings Before Interest, Taxes, Depreciation and Amortization adjusted for certain non-recurring items. 9 Forward looking estimates based on publicly available analyst estimates. LTM data as of 3/31/2008. 10 Time Warner, Viacom and CBS have a 12/31 fiscal year end. Disney has a 9/30 fiscal year end. Lions Gate Entertainment has 3/31 fiscal year end. News Corp. has a 6/30 fiscal year end.

Financial Analysis Market Multiple Methodology Comparable Transaction Methodology Discounted Cash Flow Approach Public Price Approach Valuation of License Agreements

Houlihan Lokey Comparable Transaction Methodology SUMMARY OF VALUE (figures in millions) LTM - 3/31/2008 EBITDA Representative Level $85.4 Selected Multiple Range 13.0 x — 14.0 x Indicated Enterprise Value Range $1,110.2 — 1,195.6 Median $1,110.2 — 1,195.6 Mean $1,110.2 — 1,195.6 Indicated Enterprise Value Range $1,110.0 — 1,200.0

Houlihan Lokey Comparable Transaction Methodology PRECEDENT TRANSACTION ANALYSIS1 (figures in millions) Transaction Value / LTM EBITDA 1-Week 1-Month Announced Target Target Business Description Acquiror Transaction Value (2) EBITDA (3) Margin Premium Premium 3/13/2008 2waytraffic N.V. Engages in developing and exploiting interactive entertainment content, such as Who Wants to Be a Millionaire across television, mobile, and digital platforms. Sony Pictures Entertainment Inc. $385.4 15.4x 26.9% 44.0% 59.7% 3/5/2007 Topps Co., Inc. The Topps Company, Inc. engages in the creation and marketing of confectionery and entertainment products. Madison Dearborn Partners, LLC 303.3 14.3x 6.5% 3.7% -2.2% 6/1/2006 Tiger Aspect Productions Ltd. Operates as a television program production company in London. TWI Interactive 48.2 13.9x 7.2% (5) NA NA 3/17/2005 19 Entertainment Ltd. Creates and produces entertainment programs. The company offers programs, such as American Idol in the United States and Pop Idol in the United Kingdom. CKx, Inc. 200.0 (4) 10.0x (4) 10.0% (5) NA NA 12/16/2004 Elvis Presley Enterprises, Inc. Provides music publishing, licensing, production, and tourism services. CKx, Inc. 105.0 (4) 12.4x (4) 26.4% (5) NA NA Low $48.2 10.0x 6.5% 3.7% -2.2% High $385.4 15.4x 26.4% 44.0% 59.7% Median $200.0 13.9x 10.0% 23.9% 28.8% Mean $208.4 13.2x 15.4% 23.9% 28.8% Sources: Capital IQ and public filings and securities analyst reports EBITDA refers to Earnings Before Interest, Taxes, Depreciation and Amortization. 1 No transaction used in this analysis for comparative purposes is identical to the Transaction. 2 Transaction Value refers to the implied enterprise value of the target company, based on the announced transaction equity price and other public information available at the time of the announcement. 3 Based on reported metric for the most recent LTM period prior to the announcement of the transaction. 4 Based on discussions with management. The transaction with EPE includes approximately $5.0 million in transaction costs and represents an 85% interest. 5 Based on the implied EBITDA margin reflected by the EV and EV/EBITDA multiple.

Financial Analysis Market Multiple Methodology Comparable Transaction Methodology Discounted Cash Flow Approach Public Price Approach Valuation of License Agreements

Houlihan Lokey Discounted Cash Flow Approach 18 SUMMARY OF VALUE1 (figures in millions) Indicated Indicated Indicated Segment Discounted Cash Flow Summary Enterprise Value Range (2013 Terminal Year) Enterprise Value Range (2012 Terminal Year) Enterprise Value Range (% Variance) 19 Entertainment (Core Operations) (1) $646.0 —$755.0 $649.0 —$773.0 0.5% —2.4% 19 Entertainment (New Initiatives) $300.0 —$450.0 $250.0 —$390.0 -16.7% —13.3% Other CKx Divisions (Core Operations) (1) $140.0 —$159.0 $150.0 —$174.0 7.1% —9.4% Other CKx Divisions (New Initiatives) $140.0 —$250.0 $130.0 —$240.0 -7.1% —4.0% Implied Enterprise Value Range (rounded) $1,226.0 —$1,614.0 $1,179.0 —$1,577.0 -3.8% —2.3% 1 Corporate overhead was allocated between the two core segments based on a percentage of revenue, per Company management.

Houlihan Lokey Discounted Cash Flow Approach 19 ENTERTAINMENT (CORE OPERATIONS) — 2013 (figures in millions) Projected FYE December 31, (1) 2008 (1) 2009 2010 2011 2012 2013 Revenue $155.7 $215.9 $234.9 $251.9 $274.8 $299.0 Revenue Growth % NA 38.7% 8.8% 7.2% 9.1% 8.8% Less: Cost of Goods Sold (2) 79.2 105.1 111.2 118.0 119.7 126.4 Less: Selling, General & Administrative (3) 21.0 24.4 21.5 18.8 17.6 16.9 Less: Corporate Expense (4) 10.2 14.3 14.9 15.6 16.2 16.1 Less: Non-Cash Compensation Expense -— Add: Adjustments -— Adjusted EBIT $45.3 $72.2 $87.3 $99.5 $121.4 $139.6 EBIT Margin % 29.1% 33.4% 37.2% 39.5% 44.2% 46.7% Add: Option Expense -— Adjusted EBITO 45.3 72.2 87.3 99.5 121.4 139.6 Less: Taxes 18.1 28.9 34.9 39.8 48.5 55.8 Debt-Free Earnings $27.2 $43.3 $52.4 $59.7 $72.8 $83.7 Less: Capital Expenditures (0.3) (0.4) (0.5) (0.5) (0.5) (0.5) Less: Working Capital Requirements (5) -— Add: Depreciation and Amortization 11.3 13.2 12.6 11.9 5.5 3.3 Total Net Investment $10.9 $12.8 $12.1 $11.4 $5.0 $2.8 Net Debt-Free Cash Flows $38.1 $56.1 $64.5 $71.1 $77.8 $86.6 Discount Period (6) 0.38 1.25 2.25 3.25 4.25 5.25 Discount Factor @ 13.0% 0.96 0.86 0.76 0.67 0.59 0.53 Present Value of Net Debt-Free Cash Flows $36.4 $48.1 $49.0 $47.8 $46.3 $45.6 Sensitivity Analysis: Enterprise Value Gordon Growth Rate 12.0% 12.5% 13.0% 13.5% 14.0% Discount Rate 1.0% 1.5% 2.0% 2.5% 3.0% $718.5 $741.7 $767.2 $795.3 $826.6 $686.3 $707.0 $729.7 $754.7 $782.3 $656.7 $675.3 $695.7 $718.0 $742.5 $629.5 $646.4 $664.7 $684.6 $706.5 $604.5 $619.7 $636.3 $654.2 $673.8 DCF Assumptions Discount Rate (7) 13.0% Tax Rate 40.0% Terminal Value Assumptions 2013 Cash Flow (2.0% Growth Rate) $88.3 Gordon Growth Rate 2.0% Terminal Value $802.6 Discount Period 5.25 Discount Factor @ 13.0% 0.53 PV of Terminal Value $422.5 Distribution of Value Period Cash Flow 39.3% Terminal Cash Flow 60.7% Total 100.0% Implied Analyses LTM EBITDA Multiple 16.1x NFY EBITDA Multiple 9.3x Implied Terminal Multiple 5.6x Indicated Enterprise Value (Rounded) $646.0 —$755.0 1 Source: Based on projections provided by Company management in files entitled “2008 five year planv9.xls” and “Q1 2008 Financial Overview final.ppt”. Reflects nine months ending December 31, 2008 for 2008. 2 Depreciation & amortization as provided by Company management is included in cost of goods sold. 3 Excludes corporate overhead. 4 Corporate overhead was allocated to the 19 Entertainment core operations based on its revenue as a percentage of total core revenue. 5 Based on discussions with management, the Company receives prepaid royalties on its licensing contracts, maintaining a positive working capital balance. Therefore, there are no projected working capital requirements. 6 Mid-year convention applied. 7 Refer to the page titled “Weighted Average Cost of Capital (WACC)”.

Houlihan Lokey Discounted Cash Flow Approach 19 ENTERTAINMENT (NEW INITIATIVES) — 2013 (figures in millions) Revenue Revenue Growth % Less: Cost of Goods Sold (2) Less: Selling, General & Administrative (3) Less: Corporate Expense Less: Non-Cash Compensation Expense Add: Adjustments Adjusted EBIT EBIT Margin % Add: Option Expense Adjusted EBITO Less: Taxes Debt-Free Earnings Less: Capital Expenditures Less: Working Capital Requirements (4) Add: Depreciation and Amortization Total Net Investment Net Debt-Free Cash Flows Discount Period (5) Discount Factor @ 19.0% Present Value of Net Debt-Free Cash Flows Projected FYE December 31, (1) 2008 (1) 2009 2010 2011 2012 2013 $5.7 $23.0 $71.5 $140.5 $199.2 $259.6 NA NMF 210.9% 96.4% 41.8% 30.3% 11.0 10.3 28.5 52.6 76.8 94.9 0.8 2.6 6.6 10.5 12.8 14.7 -— -— -— ($6.0) $10.1 $36.5 $77.4 $109.6 $150.0 NA 43.8% 51.0% 55.1% 55.1% 57.8% -— (6.0) 10.1 36.5 77.4 109.6 150.0 (2.4) 4.0 14.6 31.0 43.9 60.0 ($3.6) $6.1 $21.9 $46.4 $65.8 $90.0 (1.3) -— -— -— (1.3) -— ($4.9) $6.1 $21.9 $46.4 $65.8 $90.0 0.38 1.25 2.25 3.25 4.25 5.25 0.94 0.80 0.68 0.57 0.48 0.40 ($4.6) $4.9 $14.8 $26.4 $31.4 $36.1 Sensitivity Analysis: Enterprise Value Gordon Growth Rate 15.0% 17.0% 19.0% 21.0% 23.0% Discount Rate 3.0% 3.5% 4.0% 4.5% 5.0% $496.3 $514.3 $534.0 $555.5 $579.2 $407.2 $419.4 $432.6 $446.8 $462.2 $341.4 $350.1 $359.3 $369.2 $379.8 $291.1 $297.5 $304.2 $311.3 $318.9 $251.6 $256.3 $261.4 $266.7 $272.3 DCF Assumptions Discount Rate (6) 19.0% Tax Rate 40.0% Terminal Value Assumptions 2013 Cash Flow (4.0% Growth Rate) $93.6 Gordon Growth Rate 4.0% Terminal Value $624.0 Discount Period 5.25 Discount Factor @ 19.0% 0.40 PV of Terminal Value $250.4 Distribution of Value Period Cash Flow 30.3% Terminal Cash Flow 69.7% Total 100.0% Implied Analyses LTM EBITDA Multiple NA NFY EBITDA Multiple NA Implied Terminal Multiple 4.2x Indicated Enterprise Value (Rounded) $300.0 —$450.0 1 Source: Based on projections provided by Company management in files entitled “2008 five year planv9.xls” and “Q1 2008 Financial Overview final.ppt”. Reflects nine months ending December 31, 2008 for 2008. 2 Depreciation & amortization as provided by Company management is included in cost of goods sold. 3 Excludes corporate overhead. 4 Based on discussions with management, the Company receives prepaid royalties on its licensing contracts, maintaining a positive working capital balance. Therefore, there are no projected working capital requirements. 5 Mid-year convention applied. 6 Refer to the page titled “Weighted Average Cost of Capital (WACC)”.

Houlihan Lokey Discounted Cash Flow Approach OTHER CKX DIVISIONS (CORE OPERATIONS) — 2013 (figures in millions) Revenue Revenue Growth % Less: Cost of Goods Sold (2) Less: Selling, General & Administrative (3) Less: Minority Interest in EPE and MAE Less: Corporate Expense (4) Add: Adjustments Adjusted EBIT EBIT Margin % Add: Option Expense Adjusted EBITO Less: Taxes Debt-Free Earnings Less: Capital Expenditures Less: Working Capital Requirements (5) Add: Depreciation and Amortization Total Net Investment Net Debt-Free Cash Flows Discount Period (6) Discount Factor @ 13.0% Present Value of Net Debt-Free Cash Flows Projected FYE December 31, (1) 2008 (1) 2009 2010 2011 2012 2013 $49.6 $67.1 $62.6 $66.4 $72.0 $74.9 NA 35.4% -6.7% 6.1% 8.4% 4.0% 28.9 34.3 29.3 26.0 24.3 23.8 7.4 10.3 8.6 6.0 5.4 6.3 1.3 1.7 1.3 6.2 7.6 11.0 3.8 5.1 5.3 5.4 5.6 6.6 -— $8.3 $15.7 $18.2 $22.8 $29.0 $27.3 16.7% 23.4% 29.1% 34.2% 40.3% 36.4% -— 8.3 15.7 18.2 22.8 29.0 27.3 3.3 6.3 7.3 9.1 11.6 10.9 $5.0 $9.4 $10.9 $13.7 $17.4 $16.4 (1.0) (1.4) (1.5) (1.6) (1.6) (1.7) — 4.1 4.7 4.4 4.1 1.9 1.4 $3.1 $3.3 $2.9 $2.5 $0.3 (0.3) $8.1 $12.7 $13.9 $16.2 $17.7 $16.0 0.38 1.25 2.25 3.25 4.25 5.25 0.96 0.86 0.76 0.67 0.59 0.53 $7.7 $10.9 $10.5 $10.9 $10.5 $8.4 Sensitivity Analysis: Enterprise Value Gordon Growth Rate 12.0% 12.5% 13.0% 13.5% 14.0% Discount Rate 2.0% 2.5% 3.0% 3.5% 4.0% $150.6 $155.8 $161.6 $168.0 $175.3 $143.5 $148.2 $153.3 $158.9 $165.3 $137.2 $141.3 $145.8 $150.8 $156.4 $131.3 $135.0 $139.1 $143.5 $148.4 $126.0 $129.3 $132.9 $136.9 $141.3 DCF Assumptions Discount Rate (7) 13.0% Tax Rate 40.0% Terminal Value Assumptions 2013 Cash Flow (3.0% Growth Rate) Gordon Growth Rate Terminal Value Discount Period Discount Factor @ 13.0% PV of Terminal Value $16.5 3.0% $164.9 5.25 0.53 $86.8 Distribution of Value Period Cash Flow 40.5% Terminal Cash Flow 59.5% Total 100.0% Implied Analyses LTM EBITDA Multiple 10.7x NFY EBITDA Multiple 9.0x Implied Terminal Multiple 5.8x Indicated Enterprise Value (Rounded) $140.0 —$159.0 1 Source: Based on projections provided by Company management in files entitled “2008 five year planv9.xls” and “Q1 2008 Financial Overview final.ppt”. Reflects nine months ending December 31, 2008 for 2008. 2 Depreciation & amortization as provided by Company management is included in cost of goods sold. 3 Excludes corporate overhead. 4 Corporate overhead was allocated to the Other CKX Divisions core operations based on its revenue as a percentage of total core revenue. 5 Based on discussions with management, the Company receives prepaid royalties on its licensing contracts, maintaining a positive working capital balance. Therefore, there are no projected working capital requirements. 6 Mid-year convention applied. 7 Refer to the page titled “Weighted Average Cost of Capital (WACC)”.

Houlihan Lokey Discounted Cash Flow Approach OTHER CKX DIVISIONS (NEW INITIATIVES) — 2013 (figures in millions) Projected FYE December 31, (1) 2008 (1) 2009 2010 2011 2012 2013 Revenue $0.0 $0.0 $20.2 $72.6 $107.9 $112.4 Revenue Growth % NA NA NMF 260.1% 48.6% 4.2% Less: Cost of Goods Sold (2) 0.4 7.7 28.5 48.9 58.5 59.0 Less: Selling, General & Administrative (3) —2.1 5.1 6.1 5.7 Less: Minority Interest in EPE and MAE —0.4 6.8 11.4 16.5 Less: Non-Cash Compensation Expense — Add: Adjustments -— Adjusted EBIT ($0.4) ($7.7) ($10.9) $11.8 $31.8 $31.3 EBIT Margin % NMF NMF - -53.9% 16.3% 29.5% 27.8% Add: Option Expense -— Adjusted EBITO (0.4) (7.7) (10.9) 11.8 31.8 31.3 Less: Taxes (0.2) (3.1) (4.3) 4.7 12.7 12.5 Debt-Free Earnings ($0.2) ($4.6) ($6.5) $7.1 $19.1 $18.8 Less: Capital Expenditures (8.3) (29.0) (67.0) (47.0) (10.0) Less: Working Capital Requirements (4) -— Add: Depreciation and Amortization 0.4 7.7 28.5 42.3 48.3 48.3 Total Net Investment (7.9) (21.3) (38.5) (4.7) $38.3 $48.3 Net Debt-Free Cash Flows ($8.2) ($25.9) ($45.0) $2.3 $57.4 $67.0 Discount Period (5) 0.38 1.25 2.25 3.25 4.25 5.25 Discount Factor @ 19.0% 0.94 0.80 0.68 0.57 0.48 0.40 Present Value of Net Debt-Free Cash Flows ($7.7) ($20.9) ($30.4) $1.3 $27.4 $26.9 Sensitivity Analysis: Enterprise Value Gordon Growth Rate 15.0% 17.0% 19.0% 21.0% 23.0% Discount Rate 3.0% 3.5% 4.0% 4.5% 5.0% $279.1 $292.5 $307.1 $323.1 $340.8 $215.8 $224.9 $234.7 $245.3 $256.8 $169.7 $176.2 $183.1 $190.4 $198.3 $135.0 $139.8 $144.8 $150.1 $155.7 $108.2 $111.7 $115.5 $119.4 $123.6 DCF Assumptions Discount Rate (6) 19.0% Tax Rate 40.0% Terminal Value Assumptions 2013 Cash Flow (4.0% Growth Rate) $69.7 Gordon Growth Rate 4.0% Terminal Value $464.6 Discount Period 5.25 Discount Factor @ 19.0% 0.40 PV of Terminal Value $186.4 Distribution of Value Period Cash Flow -1.8% Terminal Cash Flow 101.8% Total 100.0% Implied Analyses LTM EBITDA Multiple NA NFY EBITDA Multiple NA Implied Terminal Multiple 5.8x Indicated Enterprise Value (Rounded) $140.0 —$250.0 1 Source: Based on projections provided by Company management in files entitled “2008 five year planv9.xls” and “Q1 2008 Financial Overview final.ppt”. Reflects nine months ending December 31, 2008 for 2008. 2 Depreciation & amortization as provided by Company management is included in cost of goods sold. 3 Excludes corporate overhead. 4 Based on discussions with management, the Company receives prepaid royalties on its licensing contracts, maintaining a positive working capital balance. Therefore, there are no projected working capital requirements. 5 Mid-year convention applied. 6 Refer to the page titled “Weighted Average Cost of Capital (WACC)”.

Houlihan Lokey Discounted Cash Flow Approach 19 ENTERTAINMENT (CORE OPERATIONS) — 2012 (figures in millions) Projected FYE December 31, (1) 2008 (1) 2009 2010 2011 2012 Revenue $155.7 $215.9 $234.9 $251.9 $274.8 Revenue Growth % NA 38.7% 8.8% 7.2% 9.1% Less: Cost of Goods Sold (2) 79.2 105.1 111.2 118.0 119.7 Less: Selling, General & Administrative (3) 21.0 24.4 21.5 18.8 17.6 Less: Corporate Expense (4) 10.2 14.3 14.9 15.6 16.2 Less: Non-Cash Compensation Expense -— Add: Adjustments -— Adjusted EBIT $45.3 $72.2 $87.3 $99.5 $121.4 EBIT Margin % 29.1% 33.4% 37.2% 39.5% 44.2% Add: Option Expense -— Adjusted EBITO 45.3 72.2 87.3 99.5 121.4 Less: Taxes 18.1 28.9 34.9 39.8 48.5 Debt-Free Earnings $27.2 $43.3 $52.4 $59.7 $72.8 Less: Capital Expenditures (0.3) (0.4) (0.5) (0.5) (0.5) Less: Working Capital Requirements (5) -— Add: Depreciation and Amortization 11.3 13.2 12.6 11.9 5.5 Total Net Investment $10.9 $12.8 $12.1 $11.4 $5.0 Net Debt-Free Cash Flows $38.1 $56.1 $64.5 $71.1 $77.8 Discount Period (6) 0.38 1.25 2.25 3.25 4.25 Discount Factor @ 13.0% 0.96 0.86 0.76 0.67 0.59 Present Value of Net Debt-Free Cash Flows $36.4 $48.1 $49.0 $47.8 $46.3 Sensitivity Analysis: Enterprise Value Gordon Growth Rate 12.0% 12.5% 13.0% 13.5% 14.0% Discount Rate 2.0% 2.5% 3.0% 3.5% 4.0% $722.9 $751.2 $782.7 $817.9 $857.5 $688.3 $713.6 $741.5 $772.6 $807.3 $656.9 $679.6 $704.5 $732.0 $762.6 $628.3 $648.7 $671.0 $695.5 $722.7 $602.0 $620.4 $640.5 $662.6 $686.8 DCF Assumptions Discount Rate (7) 13.0% Tax Rate 40.0% Terminal Value Assumptions 2012 Cash Flow (3.0% Growth Rate) $80.2 Gordon Growth Rate 3.0% Terminal Value $801.6 Discount Period 4.25 Discount Factor @ 13.0% 0.59 PV of Terminal Value $476.9 Distribution of Value Period Cash Flow 32.3% Terminal Cash Flow 67.7% Total 100.0% Implied Analyses LTM EBITDA Multiple 16.3x NFY EBITDA Multiple 9.4x Implied Terminal Multiple 6.3x Indicated Enterprise Value (Rounded) $649.0 —$773.0 1 Source: Based on projections provided by Company management in files entitled “2008 five year planv9.xls” and “Q1 2008 Financial Overview final.ppt”. Reflects nine months ending December 31, 2008 for 2008. 2 Depreciation & amortization as provided by Company management is included in cost of goods sold. 3 Excludes corporate overhead. 4 Corporate overhead was allocated to the 19 Entertainment core operations based on its revenue as a percentage of total core revenue. 5 Based on discussions with management, the Company receives prepaid royalties on its licensing contracts, maintaining a positive working capital balance. Therefore, there are no projected working capital requirements. 6 Mid-year convention applied. 7 Refer to the page titled “Weighted Average Cost of Capital (WACC)”.

Houlihan Lokey Discounted Cash Flow Approach 19 ENTERTAINMENT (NEW INITIATIVES) — 2012 (figures in millions) Revenue Revenue Growth % Less: Cost of Goods Sold (2) Less: Selling, General & Administrative (3) Less: Corporate Expense Less: Non-Cash Compensation Expense Add: Adjustments Adjusted EBIT EBIT Margin % Add: Option Expense Adjusted EBITO Less: Taxes Debt-Free Earnings Less: Capital Expenditures Less: Working Capital Requirements (4) Add: Depreciation and Amortization Total Net Investment Net Debt-Free Cash Flows Discount Period (5) Discount Factor @ 19.0% Present Value of Net Debt-Free Cash Flows Projected FYE December 31, (1) 2008 (1) 2009 2010 2011 2012 $5.7 $23.0 $71.5 $140.5 $199.2 NA NMF 210.9% 96.4% 41.8% 11.0 10.3 28.5 52.6 76.8 0.8 2.6 6.6 10.5 12.8 - -— -— -— ($6.0) $10.1 $36.5 $77.4 $109.6 NA 43.8% 51.0% 55.1% 55.1% -— (6.0) 10.1 36.5 77.4 109.6 (2.4) 4.0 14.6 31.0 43.9 ($3.6) $6.1 $21.9 $46.4 $65.8 (1.3) -— -— -— (1.3) -— ($4.9) $6.1 $21.9 $46.4 $65.8 0.38 1.25 2.25 3.25 4.25 0.94 0.80 0.68 0.57 0.48 ($4.6) $4.9 $14.8 $26.4 $31.4 Sensitivity Analysis: Enterprise Value Gordon Growth Rate 15.0% 17.0% 19.0% 21.0% 23.0% Discount Rate 4.0% 4.5% 5.0% 5.5% 6.0% $425.6 $443.7 $463.6 $485.6 $510.0 $347.4 $359.6 $372.7 $387.0 $402.6 $290.6 $299.2 $308.4 $318.3 $329.0 $247.7 $254.0 $260.7 $267.9 $275.5 $214.2 $219.0 $224.1 $229.4 $235.0 DCF Assumptions Discount Rate (6) 19.0% Tax Rate 40.0% Terminal Value Assumptions 2012 Cash Flow (5.0% Growth Rate) $69.1 Gordon Growth Rate 5.0% Terminal Value $493.4 Discount Period 4.25 Discount Factor @ 19.0% 0.48 PV of Terminal Value $235.6 Distribution of Value Period Cash Flow 23.6% Terminal Cash Flow 76.4% Total 100.0% Implied Analyses LTM EBITDA Multiple NA NFY EBITDA Multiple NA Implied Terminal Multiple 4.5x Indicated Enterprise Value (Rounded) $250.0 —$390.0 1 Source: Based on projections provided by Company management in files entitled “2008 five year planv9.xls” and “Q1 2008 Financial Overview final.ppt”. Reflects nine months ending December 31, 2008 for 2008. 2 Depreciation & amortization as provided by Company management is included in cost of goods sold. 3 Excludes corporate overhead. 4 Based on discussions with management, the Company receives prepaid royalties on its licensing contracts, maintaining a positive working capital balance. Therefore, there are no projected working capital requirements. 5 Mid-year convention applied. 6 Refer to the page titled “Weighted Average Cost of Capital (WACC)”.

Houlihan Lokey Discounted Cash Flow Approach OTHER CKX DIVISIONS (CORE OPERATIONS) — 2012 (figures in millions) Revenue Revenue Growth % Less: Cost of Goods Sold (2) Less: Selling, General & Administrative (3) Less: Minority Interest in EPE and MAE Less: Corporate Expense (4) Add: Adjustments Adjusted EBIT EBIT Margin % Add: Option Expense Adjusted EBITO Less: Taxes Debt-Free Earnings Less: Capital Expenditures Less: Working Capital Requirements (5) Add: Depreciation and Amortization Total Net Investment Net Debt-Free Cash Flows Discount Period (6) Discount Factor @ 13.0% Present Value of Net Debt-Free Cash Flows Projected FYE December 31, (1) 2008 (1) 2009 2010 2011 2012 $49.6 $67.1 $62.6 $66.4 $72.0 NA 35.4% -6.7% 6.1% 8.4% 28.9 34.3 29.3 26.0 24.3 7.4 10.3 8.6 6.0 5.4 1.3 1.7 1.3 6.2 7.6 3.8 5.1 5.3 5.4 5.6 -— $8.3 $15.7 $18.2 $22.8 $29.0 16.7% 23.4% 29.1% 34.2% 40.3% -— 8.3 15.7 18.2 22.8 29.0 3.3 6.3 7.3 9.1 11.6 $5.0 $9.4 $10.9 $13.7 $17.4 (1.0) (1.4) (1.5) (1.6) (1.6) -— 4.1 4.7 4.4 4.1 1.9 $3.1 $3.3 $2.9 $2.5 $0.3 $8.1 $12.7 $13.9 $16.2 $17.7 0.38 1.25 2.25 3.25 4.25 0.96 0.86 0.76 0.67 0.59 $7.7 $10.9 $10.5 $10.9 $10.5 Sensitivity Analysis: Enterprise Value Gordon Growth Rate 12.0% 12.5% 13.0% 13.5% 14.0% Discount Rate 2.0% 2.5% 3.0% 3.5% 4.0% $163.1 $169.5 $176.7 $184.7 $193.7 $155.2 $161.0 $167.3 $174.4 $182.3 $148.1 $153.3 $158.9 $165.2 $172.1 $141.6 $146.2 $151.3 $156.9 $163.1 $135.7 $139.8 $144.4 $149.4 $154.9 DCF Assumptions Discount Rate (7) 13.0% Tax Rate 40.0% Terminal Value Assumptions $108.3 2012 Cash Flow (3.0% Growth Rate) Gordon Growth Rate Terminal Value Discount Period Discount Factor @ 13.0% PV of Terminal Value $18.2 3.0% $182.1 4.25 0.59 Distribution of Value Period Cash Flow 31.8% Terminal Cash Flow 68.2% Total 100.0% Implied Analyses LTM EBITDA Multiple 11.6x NFY EBITDA Multiple 9.8x Implied Terminal Multiple 5.9x Indicated Enterprise Value (Rounded) $150.0 —$174.0 1 Source: Based on projections provided by Company management in files entitled “2008 five year planv9.xls” and “Q1 2008 Financial Overview final.ppt”. Reflects nine months ending December 31, 2008 for 2008. 2 Depreciation & amortization as provided by Company management is included in cost of goods sold. 3 Excludes corporate overhead. 4 Corporate overhead was allocated to the Other CKX Divisions core operations based on its revenue as a percentage of total core revenue. 5 Based on discussions with management, the Company receives prepaid royalties on its licensing contracts, maintaining a positive working capital balance. Therefore, there are no projected working capital requirements. 6 Mid-year convention applied. 7 Refer to the page titled “Weighted Average Cost of Capital (WACC)”.

Houlihan Lokey Discounted Cash Flow Approach OTHER CKX DIVISIONS (NEW INITIATIVES) — 2012 (figures in millions) Projected FYE December 31, (1) 2008 (1) 2009 2010 2011 2012 Revenue $0.0 $0.0 $20.2 $72.6 $107.9 Revenue Growth % NA NA NMF 260.1% 48.6% Less: Cost of Goods Sold (2) 0.3 7.7 28.5 48.9 58.5 Less: Selling, General & Administrative (3) —2.1 5.1 6.1 Less: Minority Interest in EPE and MAE —0.4 6.8 11.4 Less: Non-Cash Compensation Expense -— Add: Adjustments -— Adjusted EBIT ($0.3) ($7.7) ($10.9) $11.8 $31.8 EBIT Margin % NMF NMF -53.9% 16.3% 29.5% Add: Option Expense - -— Adjusted EBITO (0.3) (7.7) (10.9) 11.8 31.8 Less: Taxes (0.1) (3.1) (4.3) 4.7 12.7 Debt-Free Earnings ($0.2) ($4.6) ($6.5) $7.1 $19.1 Less: Capital Expenditures (8.3) (29.0) (67.0) (47.0) (10.0) Less: Working Capital Requirements (4) -— Add: Depreciation and Amortization 0.3 7.7 28.5 42.3 48.3 Total Net Investment (8.0) (21.3) (38.5) (4.7) $38.3 Net Debt-Free Cash Flows ($8.2) ($25.9) ($45.0) $2.3 $57.4 Discount Period (5) 0.38 1.25 2.25 3.25 4.25 Discount Factor @ 19.0% 0.94 0.80 0.68 0.57 0.48 Present Value of Net Debt-Free Cash Flows ($7.7) ($20.9) ($30.4) $1.3 $27.4 Sensitivity Analysis: Enterprise Value Gordon Growth Rate 15.0% 17.0% 19.0% 21.0% 23.0% Discount Rate 4.0% 4.5% 5.0% 5.5% 6.0% $270.2 $285.9 $303.3 $322.4 $343.7 $205.6 $216.2 $227.7 $240.2 $253.8 $159.6 $167.1 $175.1 $183.8 $193.0 $125.5 $131.0 $136.8 $143.1 $149.7 $99.4 $103.6 $107.9 $112.6 $117.5 DCF Assumptions Discount Rate (6) 19.0% Tax Rate 40.0% Terminal Value Assumptions 2012 Cash Flow (5.0% Growth Rate) $60.2 Gordon Growth Rate 5.0% Terminal Value $430.2 Discount Period 4.25 Discount Factor @ 19.0% 0.48 PV of Terminal Value $205.4 Distribution of Value Period Cash Flow -17.3% Terminal Cash Flow 117.3% Total 100.0% Implied Analyses LTM EBITDA Multiple NA NFY EBITDA Multiple NA Implied Terminal Multiple 5.4x Indicated Enterprise Value (Rounded) $130.0 —$240.0 1 Source: Based on projections provided by Company management in files entitled “2008 five year planv9.xls” and “Q1 2008 Financial Overview final.ppt”. Reflects nine months ending December 31, 2008 for 2008. 2 Depreciation & amortization as provided by Company management is included in cost of goods sold. 3 Excludes corporate overhead. 4 Based on discussions with management, the Company receives prepaid royalties on its licensing contracts, maintaining a positive working capital balance. Therefore, there are no projected working capital requirements. 5 Mid-year convention applied. 6 Refer to the page titled “Weighted Average Cost of Capital (WACC)”.

Houlihan Lokey Discounted Cash Flow Approach WEIGHTED AVERAGE COST OF CAPITAL (figures in millions) Debt to Preferred to Equity to Preferred Market Value Total Debt Total Total Total Debt (1) Stock of Equity (2) Capitalization (3) to Equity Capitalization Capitalization Capitalization CBS Corporation $7,126.6 $0.0 $15,579.3 $22,705.9 45.7% 31.4% 0.0% 68.6% CKX Inc. 102.6 0.0 977.3 1,079.9 10.5% 9.5% 0.0% 90.5% Dic Entertainment Holdings Inc. 41.0 0.0 19.7 60.7 208.6% 67.6% 0.0% 32.4% Walt Disney Co. 15,790.0 0.0 65,867.9 81,657.9 24.0% 19.3% 0.0% 80.7% 4 Kids Entertainment Inc. 0.0 0.0 103.1 103.1 0.0% 0.0% 0.0% 100.0% Lions Gate Entertainment Corp. 565.8 0.0 1,146.9 1,712.7 49.3% 33.0% 0.0% 67.0% Marvel Entertainment, Inc. 337.4 0.0 2,536.8 2,874.2 13.3% 11.7% 0.0% 88.3% News Corp. 13,497.0 0.0 48,953.1 62,450.1 27.6% 21.6% 0.0% 78.4% Time Warner Inc. 36,161.0 0.0 57,275.0 93,436.0 63.1% 38.7% 0.0% 61.3% Viacom, Inc. 8,610.0 0.0 24,301.5 32,911.5 35.4% 26.2% 0.0% 73.8% Median $7,126.6 $0.0 $15,579.3 $22,705.9 27.6% 21.6% 0.0% 78.4% Mean $9,132.3 $0.0 $24,082.3 $33,214.6 29.9% 21.3% 0.0% 78.7% Levered Unlevered Equity Risk Size Risk Cost of Cost of Cost of Beta (4) Beta (5) Premium (6) Premium (7) Equity (8) Debt (9) Preferred WACC (10) CBS Corporation 1.10 0.86 5.50% 0.68% 11.3% 7.0% 0.0% 9.1% CKX Inc. 1.58 1.48 5.50% 2.20% 15.5% 6.7% 0.0% 14.4% Dic Entertainment Holdings Inc. 1.02 0.45 5.50% 5.82% 16.1% 0.0% 0.0% 5.2% Walt Disney Co. 0.83 0.73 5.50% -0.34% 8.9% 5.1% 0.0% 7.7% 4 Kids Entertainment Inc. 0.99 0.99 5.50% 5.82% 15.9% 0.0% 0.0% 15.9% Lions Gate Entertainment Corp. 0.45 0.35 5.50% 1.50% 8.6% 7.0% 0.0% 7.1% Marvel Entertainment, Inc. 0.99 0.92 5.50% 1.47% 11.5% 4.2% 0.0% 10.5% News Corp. 0.92 0.79 5.50% -0.34% 9.3% 7.1% 0.0% 8.2% Time Warner Inc. 0.99 0.72 5.50% -0.34% 9.7% 6.4% 0.0% 7.4% Viacom, Inc. 0.86 0.71 5.50% -0.34% 9.0% 6.0% 0.0% 7.6% Median 0.99 0.83 9.7% 6.4% 0.0% 8.2% Mean 1.03 0.90 11.1% 5.5% 0.0% 9.8% Excluded from mean and median calculations. Footnotes on next page.

Houlihan Lokey Discounted Cash Flow Approach WEIGHTED AVERAGE COST OF CAPITAL (CONTINUED) Footnotes: 1 Debt amounts based on most recent public filing, which was 3/31/2008. 2 Equity market value based on closing stock price on May 23, 2008 and on reported fully-diluted shares as of the most recent filing stated in footnote 1. 3 Total capitalization equal to equity market value + debt outstanding + preferred stock. 4 Based on actual beta as per Bloomberg as of May 23, 2008. 5 Unlevered Beta = Levered Beta / (1+ (1 — Tax Rate) * (Debt / Equity Market Value)) . 6 Based on review of studies measuring the historical returns between stocks and bonds, theoretical models such as supply side and demand side models and other materials. 7 Morningstar, Stocks, Bonds, Bills and Inflation 2008 Yearbook, pp. 130, 131 and 137. 8 Cost of Equity=Risk Free Rate of Return + (Levered Beta * Equity Risk Premium) + Size Premium. Risk Free Rate of Return as of May 23, 2008, based on 20-year U.S. Treasury Bond Yield. 9 Based on selected company weighted average interest rate per most recent public filings. 10 Weighted Average Cost of Capital (WACC) = (Cost of Debt) * (1 — Tax Rate) * (Debt to Total Capitalization) + (Cost of Equity * Equity Market Value to Total Capitalization) + (Cost of Preferred * Preferred Stock to Total Capitalization). See next page for tax rate assumption. 28

Houlihan Lokey Discounted Cash Flow Approach INDICATED WEIGHTED AVERAGE COST OF CAPITAL (CONTINUED) Market Assumptions 20-Year Treasury Bond Yield (1) 4.62% Equity Risk Premium (2) 5.50% Size Risk Premium (3) 2.56% Tax Rate (4) 40.00% Beta Assumptions Selected Unlevered Beta (5) 0.90 Levered Beta (6) 1.05 Capital Structure Assumptions Preferred to Total Capitalization (7) 0.0% Debt to Total Capitalization (8) 21.6% Equity to Total Capitalization (9) 78.4% Cost of Debt (10) 6.4% Cost of Preferred 0.0% Cost of Equity (11) 12.9% Indicated Weighted Average Cost of Capital (rounded) (12) 11.0% CKX Inc. Weighted Average Cost of Capital (rounded) 14.4% Concluded Weighted Average Cost of Capital — Core Businesses Concluded Weighted Average Cost of Capital — Non-Core Businesses (13) 13.0% 19.0% 1 Risk Free Rate of Return as of May 23, 2008 based on 20-year U.S. Treasury Bond Yield. 2 Based on review of studies measuring the historical returns between stocks and bonds, theoretical models such as supply side and demand side models and other materials. 3 Morningstar, Stocks, Bonds, Bills and Inflation 2008 Yearbook, pp. 130, 131 and 137. 4 As per Company management. 5 Based on selected companies’ unlevered betas as listed on previous page 6 Levered Beta = Unlevered Beta * (1+ (Debt/Equity Market Value) * (1 — Tax Rate)) . 7 Based on selected companies’ Preferred Stock to Total Capitalization listed on previous page. Preferred Stock and Total Capitalization as of May 23, 2008. 8 Based on selected companies’ Debt to Total Capitalization listed on previous page. Debt Outstanding and Total Capitalization as of May 23, 2008. 9 Based on selected companies’ Equity Market Value to Total Capitalization listed on previous page. Equity Market Value and Total Capitalization as of May 23, 2008. 10 Based on selected companies’ cost of debt listed on previous page. 11 Cost of Equity = Risk Free Rate of Return + (Levered Beta * Equity Risk Premium) + Size Premium. 12 Weighted Average Cost of Capital (WACC) = (Cost of Debt) * (1 — Tax Rate) * (Debt to Total Capitalization) + (Cost of Equity * Equity Market Value to Total Capitalization) + (Cost of Preferred Preferred Stock to Total Capitalization). 13 Calculated including 10.0 percent company specific risk premium to reflect execution risk of developing new revenue streams and business lines. 29

Financial Analysis Market Multiple Methodology Comparable Transaction Methodology Discounted Cash Flow Approach Public Price Approach Valuation of License Agreements

Houlihan Lokey Price per Share Range (Rounded) 8.40 —10.10 Public Price Approach SUMMARY (figures in millions, except price per share) As of May 12, 2008 Low High Closing Stock Price as of5/12/2008 $9.70 5-Day Range $8.90 —$10.00 30-Day Range 8.17 —10.00 90-Day Range 8.02 —10.39 Market Value of Equity (1) (2) $818.5 —$984.1 Add: Net Debt (2) 46.7 —46.7 Add: Minority Interest (2) 4.7 —4.7 Add: Preferred Stock (2) 22.8 —22.8 Enterprise Value (Rounded) $890.0 —$1,060.0 Source: Capital IQ Note: Closing stock price as of 5/12/2008 the day prior to the announced revised offer of $12.00 per share 1 Based on fully diluted shares outstanding of 97.4 million per the Company’s Form 10-Q for the period ended March 31, 2008. 2 Per the Company’s Form 10-Q for the period ended March 31, 2008.

Houlihan Lokey Public Price Approach TRADING SNAPSHOT (figures in millions, except per share data) Public Market Enterprise Value 52-week High $15.34 90-day Average Daily Trading Volume 0.09 52-week Low $8.02 Equity Analyst Coverage 1 Fully Diluted Shares Outstanding (1) 97.4 Stock Price (2) $9.70 Market Value of Equity $945.1 Add: Total Debt (3) 102.6 Add: Preferred Stock (3) 22.8 Add: Minority Interest (3) 4.7 Less: Cash (3) 55.9 Public Market Enterprise Value (rounded) $1,020.0 Total Public Float 52.3 % of Total Basic Shares Outstanding 53.7% Institutional Holdings % of Total Shares Outstanding 50.6% % of Total Public Float 94.2% Source: Capital IQ 1 Based on fully diluted shares outstanding of 97.4 million per the Company’s Form 10-Q for the period ended March 31, 2008. 2 Closing stock price as of 5/12/2008 the day prior to the announced revised offer of $12.00 per share. 3 Per the Company’s Form 10-Q for the period ended March 31, 2008.

Financial Analysis Market Multiple Methodology Comparable Transaction Methodology Discounted Cash Flow Approach Public Price Approach Valuation of License Agreements

Houlihan Lokey Valuation of License Agreements FXRE LICENSING FEE VALUATION SUMMARY (figures in millions) Indicated Segment Discounted Cash Flow Summary Value Range FXRE License Fee — EPE $161.0 —$198.0 Percentage Allocated to the Company @ 85% (1) 136.9 —168.3 FXRE License Fee — MAE $12.0 —$15.0 Percentage Allocated to the Company @ 80% (1) 9.6 —12.0 Indicated Value Range (rounded) $146.0 —$180.0 1 Per Company management.

Houlihan Lokey Valuation of License Agreements DISCOUNTED CASH FLOW VALUATION — EPE (figures in millions) Revenue (1) Revenue Growth % Add: Adjustments Adjusted EBIT EBIT Margin % Less: Taxes Debt-Free Earnings Less: Capital Expenditures Less: Working Capital Requirements Add: Depreciation and Amortization Total Net Investment Net Debt-Free Cash Flows Discount Period Discount Factor @ 13.0% Present Value of Net Debt-Free Cash Flows Projected FYE December 31, 2008 2009 2010 2011 2012 2013 $9.0 NA $9.0 NA — $9.0 NA 3.6 $5.4 $9.0 100.0% 3.6 $5.4 — — — — $5.4 1.00 0.88 $4.8 $5.4 2.00 0.78 $4.2 Sensitivity Analysis: Enterprise Value Discount Rate $18.0 $18.0 $21.6 $45.4 100.0% 0.0% 20.0% 110.1% -— $18.0 $18.0 $21.6 $45.4 100.0% 100.0% 100.0% 100.0% 7.2 7.2 8.6 18.2 $10.8 $10.8 $13.0 $27.2 -— -— -— -— $10.8 $10.8 $13.0 $27.2 3.00 4.00 5.00 6.00 0.69 0.61 0.54 0.48 $7.5 $6.6 $7.0 $13.1 Gordon Growth Rate 2.0% 2.5% 3.0% 3.5% 4.0% 12.0% 12.5% $185.5 $174.5 $164.5 $193.6 $181.7 $170.9 $202.7 $189.6 $177.9 $212.8 $198.5 $185.7 $224.1 $208.3 $194.3 13.0% 13.5% 14.0% $155.4 $147.1 $161.1 $152.3 $167.4 $157.9 $174.3 $164.0 $181.9 $170.7 DCF Assumptions Discount Rate (2) 13.0% Tax Rate 40.0% Terminal Value Assumptions 2013 Cash Flow (3.0% Growth Rate) $28.0 Gordon Growth Rate 3.0% Terminal Value $280.4 Discount Period 6.00 Discount Factor @ 13.0% 0.48 PV of Terminal Value $134.7 Distribution of Value Period Cash Flow 24.3% Terminal Cash Flow Total 75.7% 100.0% Implied Analyses LTM EBITDA Multiple NA NFY EBITDA Multiple NA Implied Terminal Multiple 6.2x Indicated Enterprise Value $161.0 —$198.0 Source: Based on projections provided by Company management in files entitled “2008 five year planv9.xls” and “Q1 2008 Financial Overview final.ppt” . 1 Based on the greater of the contractual minimum guarantees under the EPE license agreement or the projected 3 percent royalties to the Company from the Phase I development only of FX Luxury. 2 Refer to page titled “Weighted Average Cost of Capital (WACC)” .

Houlihan Lokey Valuation of License Agreements DISCOUNTED CASH FLOW VALUATION — MAE (figures in millions) Revenue (1) Revenue Growth % Add: Adjustments Adjusted EBIT EBIT Margin % Less: Taxes Debt-Free Earnings Less: Capital Expenditures Less: Working Capital Requirements Add: Depreciation and Amortization Total Net Investment Net Debt-Free Cash Flows Discount Period Discount Factor @ 13.0% Projected FYE December 31, 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 $1.0 $1.0 $2.0 $2.0 $2.0 $3.0 $3.0 $3.0 $3.0 $3.0 NA NA 100.0% 0.0% 0.0% 50.0% 0.0% 0.0% 0.0% 0.0% $1.0 $1.0 $2.0 $2.0 $2.0 $3.0 $3.0 $3.0 $3.0 $3.0 NA 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 0.4 0.4 0.8 0.8 0.8 $0.6 $0.6 $1.2 $1.2 $1.2 $0.6 $0.6 $1.2 $1.2 $1.2 1.00 2.00 3.00 4.00 5.00 0.88 0.78 0.69 0.61 0.54 Present Value of Net Debt-Free Cash Flows $0.5 $0.5 $0.8 $0.7 $0.7 Sensitivity Analysis: Enterprise Value Gordon Growth Rate Discount Rate 4.0% 4.5% 5.0% 5.5% 6.0% 12.0% 12.5% $14.5 $13.6 $12.8 $15.1 $14.1 $13.2 $15.7 $14.6 $13.6 $16.4 $15.2 $14.1 $17.2 $15.9 $14.7 13.0% 13.5% 14.0% $12.1 $11.4 $12.4 $11.7 $12.8 $12.0 $13.2 $12.4 $13.7 $12.8 1.2 1.2 1.2 1.2 1.2 $1.8 $1.8 $1.8 $1.8 $1.8 $1.8 $1.8 $1.8 $1.8 $1.8 6.00 7.00 8.00 9.00 10.00 0.48 0.43 0.38 0.33 0.29 $0.9 $0.8 $0.7 $0.6 $0.5 DCF Assumptions Discount Rate (2) 13.0% Tax Rate 40.0% Terminal Value Assumptions 2017 Cash Flow (5.0% Growth Rate) Gordon Growth Rate Terminal Value Discount Period Discount Factor @ 13.0% PV of Terminal Value $1.9 5.0% $23.6 10.00 0.29 $7.0 Distribution of Value Period Cash Flow 48.9% Terminal Cash Flow Total 51.1% 100.0% Implied Analyses LTM EBITDA Multiple NA NFY EBITDA Multiple NA Implied Terminal Multiple 7.9x Indicated Enterprise Value $12.0 —$15.0 Source: Based on projections provided by Company management in files entitled “2008 five year planv9.xls” and “Q1 2008 Financial Overview final.ppt”. 1 Based on the contractual minimum guarantees under the MAE License Agreement in light of such guarantees exceeding projected royalty payments otherwise owed. 2 Refer to page titled “Weighted Average Cost of Capital (WACC)”.

Appendices

Appendices Supplemental Schedules

Houlihan Lokey Supplemental Schedules PRIOR REFERENCE RANGE SUMMARY1 (figures in millions, except price per share) Market Multiple Selected Discounted Cash Flow Public Price Approach Transaction Approach Approach Approach Low High Low High Low High Low High Enterprise Value (2) $1,080.0 $1,170.0 $1,010.0 $1,080.0 $1,280.0 $1,715.0 $980.0 $1,170.0 Add: PV of License Agreements (3) 136.0 136.0 136.0 136.0 136.0 136.0 136.0 136.0 Add: 25% Interest in FXRE (4) 50.0 50.0 50.0 50.0 50.0 50.0 50.0 50.0 Adjusted Enterprise Value $1,266.0 $1,356.0 $1,196.0 $1,266.0 $1,466.0 $1,901.0 $1,166.0 $1,356.0 Add: Cash (5) $62.4 $62.4 $62.4 $62.4 $62.4 $62.4 $62.4 $62.4 Less: Debt (5) 103.2 103.2 103.2 103.2 103.2 103.2 103.2 103.2 Less: Minority Interest (6) 0.0 0.0 0.0 0.0 0.0 0.0 4.1 4.1 Less: Preferred Stock (5) 22.8 22.8 22.8 22.8 22.8 22.8 22.8 22.8 Equity Value $1,202.4 $1,292.4 $1,132.4 $1,202.4 $1,402.4 $1,837.4 $1,098.3 $1,288.3 Price per Share (7) $12.36 $13.28 $11.64 $12.36 $14.41 $18.88 $11.29 $13.24 Offer Price (8) $13.75 $13.75 $13.75 $13.75 $13.75 $13.75 $13.75 $13.75 1 Excerpted from prior Houlihan Lokey analysis as of September 27, 2007. 2 CKX core operations and new initiatives. 3 Projected payments under the EPE License Agreement are based on the greater of the contractual minimum guarantees, or the 3 percent royalties for the Phase I development only of FX Luxury. Projected MAE license payments are based on the contractual minimum guarantees in light of such guarantees exceeding projected royalty payments otherwise owed. 4 Related to the remaining 25 percent interest in FXRE being distributed to CKX shareholders under the previously revised Transaction terms. Based on the Company’s initial investment of $100 million. 5 As per the Company’s latest unaudited financial statements as of 8/31/2007. 6 Minority interest has been captured in other approaches through adjustments to representative levels. 7 Based on 97.3 million fully diluted shares of CKX on Form 10-Q for the period ended June 30, 2007.

Houlihan Lokey Supplemental Schedules 13E-3 PREMIUMS PAID ANALYSIS 13e-3 Premiums Analysis1 Stock Price Premium Median/Mean 40.0% 35.0% 30.0% 25.0% 20.0% 15.0% 10.0% 5.0% 0.0% 1 Trading Day 1 Trading Day 5 Trading Day 5 Trading Day Median Mean Median Mean 25.5% 25.0% 25.8% 19.3% 18.1% 17.8% 1-Week Premium: 28.2% 1-Day Premium: 23.7% Source: Capital IQ 1 Based on the premium to stock price in 13e-3 transactions filed with the SEC for the period of 1/1/2004 — 5/23/2008. 1-Month Premium: 34.4% 20 Trading Day 20 Trading Day Median Mean

Houlihan Lokey Supplemental Schedules DCF SENSITIVITY ANALYSIS Discounted Cash Flow Approach (2013) 50% New Initiatives Downside $20.00 $18.00 $16.00 $14.00 $12.00 $10.00 $8.00 $6.00 $12.12 $11.84 $13.45 $12.97 $10.40 $10.68 $17.40 $17.78 $15.55 $15.83 $13.57 $13.30 Per Share Consideration: $12.00 (1) May 31, 2007 Share Price: $10.63 (2) May 12, 2008 Share Price: $9.70 (3) Price per Share 1 Based on the proposed Amendment No. 4 to Agreement. Discounted Cash Flow Approach (2012) Base Case Discounted Cash Flow Approach (2013) Base Case Discounted Cash Flow Approach (2012) 25% New Initiatives Downside Discounted Cash Flow Approach (2013) 25% New Initiatives Downside Discounted Cash Flow Approach (2012) 50% New Initiatives Downside 2 CKX closing stock price as of May 31, 2007 the day prior to the announcement of the original Transaction at $13.75 per share. 3 CKX closing stock price as of May 12, 2008 the day prior to the announced revised offer of $12.00 per share.

Houlihan Lokey Supplemental Schedules DCF SENSITIVITY ANALYSIS (CONTINUED)1 ($ in millions) For the Fiscal Year Ending December 31, Base Case (2) 2008 2009 2010 2011 2012 2013 Core Revenue (3) $273.7 $283.1 $297.5 $318.3 $346.9 $373.9 New Initiatives Revenue (4) 7.7 23.0 91.7 213.0 307.0 372.0 Total Revenue $281.3 $306.1 $389.2 $531.4 $653.9 $745.9 Core EBITDA $93.6 $107.5 $123.8 $144.5 $165.4 $182.5 New Initiatives EBITDA (8.0) 10.1 54.6 138.3 201.1 246.0 Total EBITDA $85.6 $117.6 $178.3 $282.8 $366.6 $428.5 Downside Case — 25% Reduction to New Initiatives (5) Core Revenue (3) $273.7 $283.1 $297.5 $318.3 $346.9 $373.9 New Initiatives Revenue (4) 5.7 17.3 68.7 159.8 230.3 279.0 Total Revenue $279.4 $300.3 $366.3 $478.1 $577.1 $652.9 Core EBITDA $93.6 $107.5 $123.8 $144.5 $165.4 $182.5 New Initiatives EBITDA (6.0) 7.6 40.9 103.7 150.9 184.5 Total EBITDA $87.6 $115.1 $164.7 $248.2 $316.3 $367.0 Downside Case — 50% Reduction to New Initiatives (6) Core Revenue (3) $273.7 $283.1 $297.5 $318.3 $346.9 $373.9 New Initiatives Revenue (4) 3.8 11.5 45.8 106.5 153.5 186.0 Total Revenue $277.5 $294.6 $343.4 $424.9 $500.4 $559.9 Core EBITDA $93.6 $107.5 $123.8 $144.5 $165.4 $182.5 New Initiatives EBITDA (4.0) 5.0 27.3 69.1 100.6 123.0 Total EBITDA $89.6 $112.6 $151.1 $213.7 $266.0 $305.5 1 Excludes FXRE license fees. 2 Base case revenue and EBITDA based on projections provided by Company management. Source: Based on proforma financials and projections provided by Company management in files entitled “consolidated financial model.xls” and “Q2 2007 Financial Overview final.ppt”. 3 Includes American Idol, Non-Us Idol, So You Think You Can Dance, Music, Beckhams, MBST, EPE Licensing/Royalties, Core Graceland Operations, Other Elvis Content and MAE. 4 Includes US Artist Band Show, Land-Based Attractions, New TV Development Projects, Now TV, Digital Idol, Most Beautiful Girl, MAAS, Tim LoveJoy, New Graceland Operations, Cirque Du Soleil Show and Ali Experience. 5 Based on a 25% reduction to New Initiatives revenue and EBITDA. 6 Based on a 50% reduction to New Initiatives revenue and EBITDA.

Houlihan Lokey Supplemental Schedules COMPARISON OF PROJECTIONS ($ in millions) For the Fiscal Year Ending December 31, Business Segments (1) 2007 2008 2009 2010 2011 2012 2013 Consolidated Revenue (9/2007) $247.3 $276.5 $342.4 $460.1 $580.0 $683.5 NA Consolidated Revenue (5/2008) 268.3 281.3 306.1 389.2 531.4 653.9 745.9 Percentage Variance 8.5% 1.7% -10.6% -15.4% -8.4% -4.3% NA Consolidated EBITDA (9/2007) $69.2 $111.6 $164.2 $263.5 $345.8 $414.9 NA Consolidated EBITDA (5/2008) 73.8 85.6 117.6 178.3 282.8 366.6 428.5 Percentage Variance 6.6% -23.3% -28.3% -32.3% - -18.2% -11.7% NA Total Core Revenue (9/2007) (2) $247.3 $245.0 $262.8 $276.1 $294.2 $319.0 NA Total Core Revenue (5/2008) (2) 262.4 273.7 283.1 297.5 318.3 346.9 373.9 Percentage Variance 6.1% 11.7% 7.7% 7.8% 8.2% 8.7% NA Total Core EBITDA (9/2007) $69.2 $87.7 $103.7 $126.9 $143.6 $163.9 NA Total Core EBITDA (5/2008) 77.6 93.6 107.5 123.8 144.5 165.4 182.5 Percentage Variance 12.1% 6.8% 3.7% - -2.5% 0.6% 0.9% NA Total New Initiatives Revenue (9/2007) (3) $0.0 $31.5 $79.6 $184.0 $285.8 $364.5 NA Total New Initiatives Revenue (5/2008) (3) 6.0 7.7 23.0 91.7 213.0 307.0 372.0 Percentage Variance NMF -75.7% -71.1% -50.2% -25.5% -15.8% NA Total New Initiatives EBITDA (9/2007) $0.0 $23.9 $60.5 $136.6 $202.1 $251.0 NA Total New Initiatives EBITDA (5/2008) (3.8) (8.0) 10.1 54.6 138.3 201.1 246.0 Percentage Variance NMF -133.4% -83.3% -60.1% -31.6% -19.9% NA 43 Comparison of Discounted Cash Flow Analysis (4) Price Per Share Key Assumptions As of September 25, 2007 $14.41 $18.88 Core Discount Rate: 12.5% — 13.5%, New Discount Rate: 17.0% — 21.0%, Core Terminal Growth: 2.5% — 3.5%, New Terminal Growth Rate: 4.5% — 5.5% As of May 20, 2008 (2012 Terminal Growth Year) $12.97 $17.40 Core Discount Rate: 12.5% — 13.5%, New Discount Rate: 17.0% — 21.0%, Core Terminal Growth: 2.5% — 3.5%, New Terminal Growth Rate: 4.5% — 5.5% As of May 20, 2008 (2013 Terminal Growth Year) $13.45 $17.78 Core Discount Rate: 12.5% — 13.5%, New Discount Rate: 17.0% — 21.0%, Core Terminal Growth: 1.5% — 3.5%, New Terminal Growth Rate: 3.5% — 4.5% Source: 9/2007 based on proforma financials and projections provided by Company management in files entitled “consolidated financial model.xls” and “Q2 2007 Financial Overview final.ppt”. 5/2008 based on proforma financials and projections provided by Company management in files entitled “2008 five year planv9.xls”, “ltm.xls” and “Q1 2008 Financial Overview final.ppt”. 1 Telephony and Internet for 19 Entertainment were reclassified by HL under Core revenue and EBITDA. Under prior analysis, Telephony and Internet were classified under New Initiatives. 2 Includes American Idol, Non-Us Idol, So You Think You Can Dance, Music, Beckhams, MBST, EPE Licensing/Royalties, Core Graceland Operations, Other Elvis Content and MAE. The analysis does not include FXRE license fees as they have been considered separately. 3 Includes US Artist Band Show, Land-Based Attractions, New TV Development Projects, Now TV, Digital Idol, Most Beautiful Girl, MAAS, Tim LoveJoy, New Graceland Operations, Cirque Du Soleil Show and Ali Experience. 4 Reflects HL assumptions used in our September 25, 2007 analysis compared to the May 23, 2008 analyses, together with resulting price per share ranges.

EX-99.C.4

CKX,Inc.MAY2007PresentationtotheSpecialCommitteeoftheBoardof DirectorsHoulihanLokeyInvestmentBankingServices1930CenturyParkWestLosAngeles, California90067310-553-8871www.hlhz.comLosAngelesNewYorkChicagoSanFranciscoWashington, D.C.MinneapolisDallasAtlantaLondonParisFrankfurtHongKong

^{HoulihanLokey}TableofContentsTabExecutiveSummary..1 OverviewofFairnessAnalyses.2LicenseAgreements..AFlag Investment..BGoing-PrivateTransaction...Ci

ExecutiveSummary

^{HoulihanLokey}ExecutiveSummaryTRANSACTIONOVERVIEW— GOING-PRIVATETRANSACTIONWefurtherunderstandthat theCEOoftheCompany,RobertSillerman,andtheChiefExecutiveOfficeroftheCompany’s subsidiary,19EntertainmentLimited,andadirectorandmemberoftheOfficeoftheChair,Simon Fuller(togetherwiththeirrespectiveaffiliates,andanyotherstockholderoftheCompanyacting inagroupinconnectionwiththeGoing-PrivateTransaction,collectively“Affiliated Stockholders”)maymakeanoffer(the“GoingPrivateTransaction”)toacquirethesharesofcommon stocknotheldbytheAffiliatedShareholder.WefurtherunderstandthatRobert SillermanisalsoasignificantshareholderinFlag.TheFlagTransactionand Going-PrivateTransactionarereferredtocollectivelyasthe“Transactions.”Itis ourunderstandingthattheTransactionswillbeannouncedsimultaneously.2

^{HoulihanLokey}ExecutiveSummaryENGAGEMENT OVERVIEWHoulihanLokeyHowardandZukinhasbeenretainedtoassistthe SpecialCommitteeinnegotiatingtheTransactions,andtoprovideopinions,astowhether: ThecashconsiderationtobepaidbytheCompanyof$100millionandthevalueof theLicenseAgreementstobegrantedtoFlagbyEPEandMAEinexchangeforthe50percentinterest inFlagandtheconsiderationtobereceivedbytheCompany’ssubsidiariespursuanttotheLicense AgreementsintheFlagTransactionarefairtotheCompanyfromafinancialpointofview;and TheconsiderationtobereceivedbytheCompany’sstockholders(otherthanthe AffiliatedStockholders)intheGoing-PrivateTransactionisfairtothemfromafinancialpointof view.ItisimportanttonotethatallaspectsoftheTransactionsaresubjecttonegotiation. Furthermore,thefinancingfortheTransactionshavenotyetbeenfinalized.Thepurposeofthis presentationistoprovidetheSpecialCommitteewithanoverviewoftheanalysisweexpectto completewithrespecttotheTransactions,andasummaryofduediligencecompletedtodate.3

OverviewofFairnessAnalyses

OverviewofFairnessAnalysesLicenseAgreementsFlagInvestmentGoing-Private Transaction

^{HoulihanLokey}Going-PrivateTransactionTRANSACTION OVERVIEWInconnectionwiththeGoing-PrivateTransaction,we understandtheAffiliatedShareholdersmayoffertheUnaffiliatedShareholdersoftheCompany considerationof$14percommonshare.Thegoing-privateofferpriceof$14per sharerepresentsa35percentand28percentpremiumovertheone-daypriorandthirty-dayprior closingsharepricesof$10.35and$10.90,respectively.Perpreliminary discussionswithcompanymanagement,fundingfortheGoing-PrivateTransactionwillconsistof approximately$800millionto$900millionofdebt(including$500millionofbankdebtand$300 millionto$400millionofsenior/mezzaninenotes)and$600millionofequity.The AffiliatedStockholderwouldreinvestapproximately$150million(ofatotalofapproximately$470 million)intotheprivatecompany.18

^{HoulihanLokey}Going-PrivateTransactionIMPLIEDSTOCK PREMIUMANALYSIS¹ImpliedStockPremiumOfferPriceper Share$14.0050.0%1-DayStockPrice-AsofMay18,2007$10.3540.0%Implied 1-DayStockPremium35.3%35.3%34.8%1-WeekStock Price$10.3930.0%28.4%Implied1-WeekStockPremium34.8%20.5%20.0%1-Month StockPrice$10.9016.2%15.6%Implied1-MonthStockPremium28.4% 10.0%3-MonthStockPrice$11.62Implied1-MonthStockPremium20.5%0.0%1Day5Day1 Month3Months6Months1Year¹Basedontheaveragestockpriceovertheperiodasof May18,2007.19

^{HoulihanLokey}Going-PrivateTransaction13E3PREMIUM PAIDANALYSIS13e3PremiumAnalysis¹StockPrice PremiumMedian/MeanPremium:35.3%⁽²⁾40.0%35.0%30.0%24.7%24.2%23.7% 25.0%20.0%16.7%17.2%15.9%15.0%10.0%5.0%0.0%1TradingDay1TradingDay5TradingDay5Trading Day20TradingDay20TradingDayMedianMeanMedianMeanMedianMean¹Basedonthe premiumtostockpriceon13e3transactionsfiledwiththeSECfortheperiodof1/2004—5/2007. ²Impliedone-daystockpremiumasofMay18,2007.20

^{HoulihanLokey}Going-PrivateTransactionCOMPARABLE COMPANYANDTRANSACTIONEBITDAMULTIPLES 24.0x20.0x17.4x16.0x13.9xEV/EBITDAMultiple12.9x12.0x11.0x10.8x10.3x 9.7x8.0xDiversifiedMediaContentManagementPrecedentTransactionsCompaniesAverage CompaniesAverageAverage2006/2007/20082006/2007/2008¹DiversifiedMediaCompanies include:CBSCorp.,WaltDisneyCo.,LionsGateEntertainmentCorp.,NewsCorp.,TimeWarnerInc., Viacom,Inc.²ContentManagementCompaniesinclude:DICEntertainmentCorp.,4Kids EntertainmentInc.,MavelEntertainmentInc.,CKx,Inc.21

^{HoulihanLokey}Going-PrivateTransactionSUMMARYOFDUE DILIGENCECOMPLETEDTODATEWehavereviewedthe followingdocumentsprovidedbytheCompany:DraftcopyoftheLLCInterest PurchaseAgreementasofMay16,2007TheCompany’s20075-YearForecastfinancial projectionsmodelTheQ12007FinancialOverviewpresentationforBoardof DirectorsMeetingdatedMay10,2007CKxSummaryofMergerAgreement Wehavehadthefollowingconversationswithmanagementandotherrelatedthird parties:TomBenson/ScottFrosch—discussedtheCompany’sfinancialprojections modelandrelevantsupportingassumptionsforeachoftheCompany’sdivisions JasonHorowitz—discussedstructureandrationalefortheGoing-Private TransactionsSUMMARYOFREMAININGITEMSNEEDED FinalcopyoftheLLCInterestPurchaseAgreementandsupportingGoing-Private Transactiondocumentsandexhibits22

EX-99.C.5

CKX, Inc.MAY 24, 2007 Presentation to the Special Committee of the Board of DirectorsHoulihan Lokey Investment Banking Services 1930 Century Park West Los Angeles, California 90067 310-553-8871 www.hlhz.com Los Angeles New York Chicago San Francisco Washington, D.C. Minneapolis Dallas Atlanta London Paris Frankfurt Hong Kong

Houlihan Lokey Table of Contents Tab CKX Preliminary Valuation Indications ... 1 Summary A Market Multiple Approach B Discounted Cash Flow Approach.. C Transaction Multiple Approach D Public Price Approach ... E Preliminary Valuation Indication of the Minimum Guarantee ... 2 i

CKX Preliminary Valuation Indications

CKX Preliminary Valuation Indications Summary Market Multiple Approach Discounted Cash Flow Approach Transaction Multiple Approach Public Price Approach

Houlihan LokeySummary PRELIMINARY VALUATION INDICATION $20.00$18.00 $16.49$16.00 offer Share price (1): $14.00 $14.00 Price per Share $12.58 $11.97$12.14 $12.00 $12.28 Curcurent Share Price (2): $10.85 $11.35$11.14 $10.00 $9.98 $8.00Market Multiple Approach Selected Transaction Discounted Cash Flow Public Price Approach Approach Approach 1 Based on current going-private tender offer price of $14 per share. 2CKX, Inc. stock price as of May 22, 2007. 2

Houlihan Lokey Summary PRELIMINARY VALUATION INDICATIONS(figures in millions, except price per share) Market Multiple            Selected            Discounted Cash Flow            Public Price Approach            Transaction Approach            Approach         &nb sp;  Approach Low            High            Low            High            Low            High            Low     &n bsp;      High Enterprise Value $1,100.0 $1,220.0 $1,080.0 $1,160.0 $1,190.0 $1,600.0 $970.0 $1,180.0 Add: Cash (1) 30.1 30.1 30.1 30.1 30.1 30.1 30.1 30.1 Less: Pro Forma Debt (1) 3.3 3.3 3.3 3.3 3.3 3.3 3.3 3.3 Less: Minority Interest (2) - — - — - — 3.7 3.7 Less: Preferred Stock (1) 22.8 22.8 22.8 22.8 22.8 22.8 22.8 22.8 Equity Value (Pro Forma) $1,104.0 $1,224.0 $1,084.0 $1,164.0 $1,194.0 $1,604.0 $970.4 $1,180.4 Price per Share (Pro Forma) $11.35 $12.58 $11.14 $11.97 $12.28 $16.49 $9.98 $12.14 1 As per the Company’s latest 2007 quarterly report on form 10-Q. 2 Minority interest has been captured in other approaches through adjustments to rep levels. 3

CKX Preliminary Valuation Indications Summary Market Multiple Approach Discounted Cash Flow Approach Transaction Multiple Approach Public Price Approach

Houlihan LokeyMarket Multiple ApproachINDICATIONS OF ENTERPRISE VALUE(figures in millions) Representative Selected Indicated Level Multiple Range Enterprise Value Range NFY — 2007 EBITDA$72.314.0 x — 15.0 x $1,011.7 —$1,083.9 NFY+1 — 2008 EBITDA$113.811.0 x — 12.0 x$1,252.3 — $1,366.1Median $1,088.6 — $1,217.3 Mean $1,110.3 — $1,221.1Indicated Enterprise Value Range (Rounded) $1,100.0 —$1,220.0 5

Houlihan LokeyMarket Multiple ApproachREPRESENTATIVE LEVELS(figures in millions) 2006 (1) 3/31/07 2007 2008 2009 2010 2011 2012 Fiscal Year Ended December 31, 2006 (1) LTM 3/31/2007 (1) 2007 2008 2009 2010 2011 2012 19E — Core Operations $148.3 $154.4 $159.4 $172.4 $185.7 $202.5 $216.2 $236.3 19E — New Initiatives 0.2 1.6 6.0 26.5 53.7 88.4 134.1 179.8 Other Businesses — Core Operations 62.5 61.5 72.6 72.6 77.0 73.6 78.0 82.7 Other Businesses — New Initiatives — - — 5.0 25.9 95.7 151.7 184.6 Reported Revenue — Total $211.0 $217.5 $238.0 $276.5 $342.4 $460.1 $580.0 $683.5 Revenue Growth % 74.9% NA 13.3% 16.2% 23.8% 34.4% 26.1% 17.8% 19E — Core Operations EBITDA $33.1 $38.2 $53.7 $70.3 $83.4 $98.0 $109.7 $126.4 19E — New Initiatives EBITDA (1.6) (2.5) 1.9 18.9 34.5 52.7 67.3 85.8 Other Businesses — Core Operations EBITDA 13.0 10.9 18.4 21.3 24.4 33.2 38.3 42.1 Other Businesses — New Initiatives EBITDA — - — 5.0 25.9 83.8 134.9 165.2 Adjusted Corporate EBITDA — Total $44.5 $46.6 $74.0 $115.5 $168.2 $267.7 $350.2 $419.5 EBITDA as % of Revenue 21.1% 21.4% 31.1% 41.8% 49.1% 58.2% 60.4% 61.4% Less: Net Cash Minority Interest in EPE & MAE (2) 1.7 1.7 1.7 1.7 1.7 4.1 17.5 26.7 Adjusted Net Corporate EBITDA — Total $42.8 $44.9 $72.3 $113.8 $166.5 $263.7 $332.7 $392.8 Footnotes: (1) 2006 and LTM 3/31/2007 numbers include pro-forma financial information for MAE acquisition in 2006.(2) Per Company management, based on contractual minimums to minority shareholders in EPE andMAE.6

Houlihan Lokey

Market Multiple Approach SELECTED PUBLIC COMPANY METRICS (figures in millions, except price per share) $2,006 LTM 2006 2007 (1) 2008 (1) Market Enterprise EBITDA 1 Yr Rev EV / EV / EV / EV / EV / EV / Content Management Companies Value Value Margin Growth Revenue EBITDA Revenue EBITDA Revenue EBITDA 4 Kids Entertainment Inc. $225.4 $113.8 -8.4% 12.9% 1.58 x -18.8 x 1.48 x 14.2 x 1.34 x 8.8 x CKX Inc. (2) 1,055.4 1,032.2 22.3% 74.2% 4.91 x 22.0 x 4.52 x 16.8 x 3.94 x 13.4 x DIC Entertainment Corporation 91.1 111.0 11.3% 30.6% 1.36 x 12.0 x NA NA NA NA Marvel Entertainment Inc. 2,597.4 2,616.7 35.6% 6.2% 7.44 x 20.9 x 6.04 x 10.4 x 5.16 x 11.0 x Low $91.1 $111.0 -8.4% 6.2% 1.36 x 12.0 x 1.48 x 10.4 x 1.34 x 8.8 x High $2,597.4 $2,616.7 35.6% 74.2% 7.44 x 22.0 x 6.04 x 16.8 x 5.16 x 13.4 x Mean $992.3 $968.4 15.2% 31.0% 3.82 x 18.3 x 4.01 x 13.8 x 3.48 x 11.0 x Median $640.4 $573.0 16.8% 21.7% 3.25 x 20.9 x 4.52 x 14.2 x 3.94 x 11.0 x LTM 2006 2007 (1) 2008 (1) Market Enterprise EBITDA 1 Yr Rev EV / EV / EV / EV / EV / EV / Diversified Media Companies Value Value Margin Growth Revenue EBITDA Revenue EBITDA Revenue EBITDA CBS Corporation $25,950.2 $30,297.7 21.0% 74.2% 2.12 x 10.1 x 2.11 x 9.7 x 2.02 x 9.0 x Lions Gate Entertainment Corp. 1,810.1 2,095.6 5.4% 7.3% 2.18 x 40.0 x 2.17 x 43.5 x 1.90 x 28.6 x News Corp. 70,989.1 76,630.1 22.5% 4.3% 2.73 x 12.1 x 2.74 x 13.8 x 2.55 x 12.2 x Time Warner Inc. 83,735.8 122,191.8 26.2% 1.5% 2.76 x 10.6 x 2.58 x 9.3 x 2.42 x 8.3 x Viacom, Inc. 30,478.2 37,490.0 28.1% -9.9% 3.27 x 11.6 x 3.03 x 10.9 x 2.83 x 9.9 x Walt Disney Co. 77,524.4 89,159.4 22.8% 19.3% 2.53 x 11.1 x 2.48 x 10.8 x 2.37 x 9.7 x Low $1,810.1 $2,095.6 5.4% -9.9% 2.12 x 10.1 x 2.11 x 9.3 x 1.90 x 8.3 x High $83,735.8 $122,191.8 28.1% 74.2% 3.27 x 12.1 x 3.03 x 13.8 x 2.83 x 12.2 x Mean $48,414.6 $59,644.1 21.0% 16.1% 2.60 x 11.1 x 2.52 x 10.9 x 2.35 x 9.8 x Median $50,733.6 $57,060.0 22.7% 5.8% 2.63 x 11.1 x 2.53 x 10.8 x 2.40 x 9.7 x CKX, Inc. (3) $1,361.8 $1,360.0 21.0% 74.2% 6.46 x 29.0 x 5.72 x 18.8 x 4.92 x 11.9 x Footnotes: * Excluded from range. (1) Calculated based upon analyst projections for the comparable companies. (2) Forward multiples based on publicly available Wall St. analyst estimates. (3) Based on offer price of $14.00 per share; forward multiples based on management projections.7

CKX Preliminary Valuation Indications Summary Market Multiple Approach Discounted Cash Flow Approach Transaction Multiple Approach Public Price Approach

Houlihan LokeyDiscounted Cash Flow ApproachDISCOUNTED CASH FLOW VALUATION SUMMARY (figures in millions)IndicatedSegment Discounted Cash Flow Summary Enterprise Value Range

19 Entertainment (Core Operations) (1) $590.0 — $700.0 19 Entertainment (New Initiatives) $190.0 — $280.0 Other CKx Divisions (Core Operations) (1) $180.0 — $220.0 Other CKx Divisions (New Initiatives) $230.0 — $400.0 Implied Enterprise Value Range (rounded) $1,190.0 — $1,600.0 Footnotes:(1) Corporate overhead was allocated between the two core segments based on a percentage of revenue.9

Houlihan LokeyDiscounted Cash Flow Approach19 ENTERTAINMENT — CORE OPERATIONS(figures in millions)Projected FYE December 31, 2007 2008 2009 2010 2011 2012 DCF Assumptions Revenue $159.4 $172.4 $185.7 $202.5 $216.2 $236.3 Discount Rate 13.0% Revenue Growth % NA 8.1% 7.8% 9.0% 6.8% 9.3% Tax Rate 40.0% Less: Cost of Goods Sold 77.8 78.3 79.2 82.6 86.5 82.5 Less: Selling, General & Administrative (1) 33.6 29.9 27.9 26.0 24.0 23.0 Less: Corporate Expense (2) 9.8 10.4 10.9 11.8 12.3 12.9 Less: Non-Cash Compensation Expense — - — - — -Add: Adjustments (Equity Earnings — Beckham) 0.9 3.1 3.7 4.4 5.1 5.7 Adjusted EBIT $39.1 $56.8 $71.4 $86.5 $98.5 $123.7EBIT Margin % 24.5% 32.9% 38.5% 42.7% 45.6% 52.4% Add: Option Expense — - — - — -Adjusted EBITO 39.1 56.8 71.4 86.5 98.5 123.7 Less:Taxes 15.6 22.7 28.6 34.6 39.4 49.5

Debt-Free Earnings $23.4 $34.1 $42.9 $51.9 $59.1 $74.2 Less: Capital Expenditures (3) (0.4) (0.4) (0.4) (0.5) (0.5) (0.5) Less: Working Capital Requirements (4) — - — - — - Terminal Value Assumptions Add: Depreciation and Amortization (3) 14.6 13.5 11.9 11.5 11.3 2.7 2013 Cash Flow (3.0% Growth Rate)$78.7 Total Net Investment $14.2 $13.1 $11.5 $11.1 $10.8 $2.2 Gordon Growth Rate 3.0% Net Debt-Free Cash Flows $37.6 $47.2 $54.4 $62.9 $69.9 $76.4 Terminal Value $787.2 Discount Period 0.50 1.50 2.50 3.50 4.50 5.50 Discount Period 5.50 Discount Factor @ 13.0% 0.94 0.83 0.74 0.65 0.58 0.51 Discount Factor @ 13.0%0.51 Present Value of Net Debt-Free Cash Flows$35.4 $39.3 $40.1 $41.0 $40.3 $39.0 PV of Terminal Value $401.9Sensitivity Analysis: Enterprise Value            Distribution of Value 0.0 Period Cash Flow36.9% 0.5% Gordon Growth Rate Terminal Cash Flow 63.1% $637.0542.0%2.5% 3.0% 3.5% 4.0% Total 100.0% 12.0% $659.6 $683.7 $710.6 $740.6 $774.3 12.5% $626.8 $648.2 $671.9 $698.2 $727.6 Implied Analyses 13.0% $597.0 $616.1 $637.1 $660.3 $686.0 LTM EBITDA Multiple 19.5x Discount Rate 13.5% $569.8 $586.9 $605.6 $626.2 $648.9 NFY EBITDA Multiple 12.0x 14.0% $544.9 $560.3 $577.0 $595.4 $615.6 Implied Terminal Multiple 6.2x Indicated Enterprise Value (Rounded) $590.0 — $700.0Footnotes:(1) Excludes corporate overhead. (2) Corporate overhead was allocated to the 19E core segment based on itsrevenue as a percentage of total core revenue. (3) Based on managementprojections. (4) Based on discussions with management, the Company receives prepaid royalties on itslicensing contracts, maintaining a positive working capital balance. Therefore, the Company does not have any projected working capital requirements.

Houlihan Lokey Discounted Cash Flow Approach 19ENTERTAINMENT REPRESENTATIVE LEVELS — CORE OPERATIONS(figures in millions) 2006 2007 2008 2009 2010 2011 2012 Fiscal Year Ended December 31, 2006 2007 2008 2009 2010 2011 2012 American Idol $65.0 $74.9 $79.9 $85.4 $91.1 $94.6 $103.2 Non-US Idol 8.6 8.6 9.1 9.5 10.0 10.5 11.0 SYTYCD 38.1 41.8 43.9 46.1 48.4 50.8 53.4 Music 27.9 22.1 26.4 31.4 37.1 43.6 51.2 Beckhams 0.9 1.2 1.3 1.4 1.4 1.5 1.6 Other 8.0 10.8 11.8 12.0 14.5 15.2 15.9 Reported Revenue $148.3 $159.4 $172.4 $185.7 $202.5 $216.2 $236.3 Revenue Growth % NA 7.5% 8.1% 7.8% 9.0% 6.8% 9.3% American Idol EBITDA $31.5 $44.3 $50.6 $56.8 $62.9 $66.7 $75.0 Non-US Idol EBITDA 6.5 6.8 7.5 8.1 8.7 9.3 9.9 SYTYCD EBITDA (0.7) 0.5 2.4 4.0 5.6 7.1 8.6 Music EBITDA 5.2 7.5 12.4 16.0 20.2 25.0 30.5 Beckhams EBITDA 0.6 0.9 1.0 1.1 1.2 1.3 1.3 Other EBITDA 3.5 2.7 3.7 4.7 6.9 7.5 8.2 Equity EBITDA of Affiliates (Beckham Brands) 0.7 0.9 3.1 3.7 4.4 5.1 5.7 Less: Corporate Overhead (1) 14.2 9.8 10.4 10.9 11.8 12.3 12.9 Adjusted EBITDA — Total $33.1 $53.7 $70.3 $83.4 $98.0 $109.7 $126.4 Less: Depreciation & Amortization (Core) 14.5 14.6 13.5 11.9 11.5 11.3 2.7 Adjusted EBIT — Total $18.7 $39.1 $56.8 $71.4 $86.5 $98.5 $123.7 Footnotes: (1) Corporate overhead was allocated between the two core segments based on a percentage of revenue.11

Houlihan LokeyDiscounted Cash Flow Approach 19 ENTERTAINMENT — NEW OPERATIONS(figures in millions) Projected FYE December 31, 2007 2008 2009 2010 2011 2012 DCF Assumptions Revenue $6.0 $26.5 $53.7 $88.4 $134.1 $179.8 Discount Rate 19.0% Revenue Growth % NA 341.8% 102.5% 64.6% 51.7% 34.1% Tax Rate 40.0% Less: Cost of Goods Sold 2.8 3.0 11.1 24.3 51.9 76.6 Less: Selling, General & Administrative (1) 1.3 4.6 8.1 11.4 14.9 17.5 Less: Corporate Expense — - — - — -Less: Non-Cash Compensation Expense — - — - — -Add: Adjustments — - — - — - Adjusted EBIT $1.9 $18.9 $34.5 $52.7 $67.3 $85.8 EBIT Margin % 31.7% 71.4% 64.3% 59.7% 50.2% 47.7% Add: Option Expense — - — - — -Adjusted EBITO 1.9 18.9 34.5 52.7 67.3 85.8 Less: Taxes 0.8 7.6 13.8 21.1 26.9 34.3 Debt-Free Earnings $1.1 $11.4 $20.7 $31.6 $40.4 $51.5 Less: Capital Expenditures (2) — - — - — - Less: Working Capital Requirements (3) — - — - — - Terminal Value Assumptions Add: Depreciation and Amortization (2) — - — - — - 2013 Cash Flow (5.0% Growth Rate) $54.0 Total Net Investment — - — - — - Gordon Growth Rate 5.0% Net Debt-Free Cash Flows $1.1 $11.4 $20.7 $31.6 $40.4 $51.5 Terminal Value $385.9 Discount Period 0.50 1.50 2.50 3.50 4.50 5.50 Discount Period 5.50 Discount Factor @ 19.0% 0.92 0.77 0.65 0.54 0.46 0.38 Discount Factor @ 19.0%0.38 Present Value of Net Debt-Free Cash Flows$1.0 $8.8 $13.4 $17.2 $18.5 $19.8 PV of Terminal Value $148.3 Sensitivity Analysis: Enterprise Value            Distribution of Value 0.50% Period Cash Flow34.7% 2.0% Gordon Growth Rate Terminal Cash Flow 65.3% $226.8834.0% 4.5% 5.0% 5.5% 6.0% Total 100.0% 15.0% $315.2 $327.1 $340.1 $354.6 $370.6

17.0% $257.5 $265.3 $273.8 $282.9 $293.0 Implied Analyses 19.0% $215.7 $221.1 $226.9 $233.1 $239.8 LTM EBITDA Multiple            NA Discount Rate 21.0% $184.2 $188.0 $192.2 $196.6 $201.3 NFY EBITDA Multiple 123.4x 23.0% $159.6 $162.5 $165.5 $168.8 $172.2 Implied Terminal Multiple 4.5x Indicated Enterprise Value (Rounded) $190.0 — $280.0Footnotes:(1) Excludes corporate overhead. (2)Based on management projections. (3) Based on discussions with management, the Company receives prepaid royalties on itslicensing contracts, maintaining a positive working capital balance. Therefore, the Company does not have any projected working capital requirem12

Houlihan Lokey Discounted Cash Flow Approach 19 ENTERTAINMENT REPRESENTATIVE LEVELS — NEW OPERATIONS (figures in millions) 2006 2007 2008 2009 2010 2011 2012 Fiscal Year Ended December 31, 2006 2007 2008 2009 2010 2011 2012 Other TV 0.2 5.3 10.5 23.7 44.4 85.1 125.8 Telephony — - 8.3 16.7 25.0 25.0 25.0 Internet — - 5.0 10.0 15.0 20.0 25.0 Downloads — 0.7 2.7 3.4 4.0 4.0 4.0 Reported Revenue $0.2 $6.0 $26.5 $53.7 $88.4 $134.1 $179.8Revenue Growth % NA 3847.4% 341.8% 102.5% 64.6% 51.7% 34.1% Other TV EBITDA (1.6) 1.4 5.7 9.0 14.4 23.7 37.0 Telephony EBITDA — - 6.9 14.2 21.8 22.2 22.6 Internet EBITDA — - 4.1 8.5 13.1 17.8 22.6 Downloads EBITDA — 0.5 2.2 2.8 3.5 3.6 3.6 Adjusted EBITDA — Total ($1.6) $1.9 $18.9 $34.5 $52.7 $67.3 $85.8 Less: Depreciation & Amortization (New) — - — - — - - Adjusted EBIT — Total ($1.6) $1.9 $18.9 $34.5 $52.7 $67.3 $85.8 13

Houlihan LokeyDiscounted Cash Flow Approach OTHER CKX DIVISIONS — CORE OPERATIONS (figures in millions) Projected FYE December 31, 2007 2008 2009 2010 2011 2012 DCF Assumptions Revenue $72.6 $72.6 $77.0 $73.6 $78.0 $82.7 Discount Rate 13.0% Revenue Growth % NA 0.1% 6.0% -4.4% 6.0% 6.1% Tax Rate 40.0% Less: Cost of Goods Sold 47.5 44.3 44.1 36.0 35.3 36.2 Less: Selling, General & Administrative (1) 10.0 9.6 10.0 5.6 4.7 4.7 Less: Minority Interest in EPE and MAE 1.7 1.7 1.5 2.0 6.7 9.5 Less: Corporate Expense (2) 4.5 4.4 4.5 4.3 4.4 4.5 Add: Adjustments — - — - — - Adjusted EBIT $8.9 $12.6 $16.9 $25.7 $26.8 $27.9 EBIT Margin % 12.3% 17.4% 22.0% 35.0% 34.4% 33.7% Add: Option Expense 4.5 4.4 4.5 4.3 4.4 4.5 Adjusted EBITO 13.4 17.0 21.5 30.0 31.2 32.4 Less: Taxes 5.4 6.8 8.6 12.0 12.5 12.9 Debt-Free Earnings $8.0 $10.2 $12.9 $18.0 $18.7 $19.4 Less: Capital Expenditures (3) (1.4) (1.2) (1.2) (1.3) (1.4) (1.4) Less: Working Capital Requirements (4) — - — - — - Terminal Value Assumptions Add: Depreciation and Amortization (3) 7.8 7.0 6.0 5.5 4.8 4.7 2013 Cash Flow (3.0% Growth Rate)$23.4 Total Net Investment $6.4 $5.8 $4.7 $4.2 $3.4 $3.3 Gordon Growth Rate 3.0% Net Debt-Free Cash Flows $14.4 $16.0 $17.6 $22.2 $22.1 $22.7 Terminal Value $234.0 Discount Period 0.50 1.50 2.50 3.50 4.50 5.50 Discount Period 5.50 Discount Factor @ 13.0% 0.94 0.83 0.74 0.65 0.58 0.51 Discount Factor @ 13.0%0.51 Present Value of Net Debt-Free Cash Flows$13.5 $13.3 $13.0 $14.5 $12.8 $11.6 PV of Terminal Value $119.5Sensitivity Analysis: Enterprise Value            Distribution of Value 0.0 Period Cash Flow39.7% 0.5% Gordon Growth Rate Terminal Cash Flow 60.3% $198.1692.0%2.5% 3.0% 3.5% 4.0% Total 100.0% 12.0% $205.0 $212.2 $220.2 $229.1 $239.1 12.5% $195.2 $201.6 $208.6 $216.4 $225.2 Implied Analyses 13.0% $186.3 $191.9 $198.2 $205.1 $212.7 LTM EBITDA Multiple 17.7x Discount Rate 13.5% $178.1 $183.2 $188.7 $194.9 $201.6 NFY EBITDA Multiple 12.0x 14.0% $170.6 $175.2 $180.2 $185.6 $191.6 Implied Terminal Multiple 7.2x Indicated Enterprise Value (Rounded) $180.0 — $220.0Footnotes: (1) Excludes corporate overhead. (2) Corporate overhead was allocated to the Other CKx Divisions core segment based on its revenue as a percentage of total core revenue. (3) Based on managementprojections. (4) Based on discussions with management, the Company receives prepaid royalties on its licensing contracts, maintaining a positive working capital balance. Therefore, the Company does not have any projected working capital requirements.

14 Houlihan LokeyDiscounted Cash Flow Approach OTHER CKX DIVISIONS REPRESENTATIVE LEVELS — CORE OPERATIONS(figures in millions) 2006 2007 2008 2009 2010 2011 2012 Fiscal Year Ended December 31, 2006 2007 2008 2009 2010 2011 2012 EPE Licensing 13.7 15.2 15.4 16.1 16.9 17.8 18.7 EPE Graceland (Core) 24.9 28.4 29.8 31.3 32.9 34.5 36.2 EPE Other 10.2 16.0 13.1 13.9 6.7 7.2 7.7 MBST 6.1 6.3 6.9 7.2 7.6 8.0 8.4 MAE Memorabilia & Licensing (1) 7.6 6.6 7.5 8.5 9.5 10.6 11.8 Reported Revenue $62.5 $72.6 $72.6 $77.0 $73.6 $78.0 $82.7Revenue Growth % NA 16.2% 0.1% 6.0% -4.4% 6.0% 6.1% EPE Licensing EBITDA 7.4 9.7 10.0 10.6 12.2 13.2 14.0 EPE Graceland EBITDA 6.4 7.88.6 10.0 16.7 19.6 21.4 EPE Other EBITDA 0.3 1.1 1.9 2.0 1.4 1.6 1.7 MBST EBITDA 1.1 1.3 1.4 1.5 1.7 1.9 2.0 MAE Memorabilia & Licensing EBITDA 3.8 3.0 3.8 4.7 5.5 6.4 7.5 Less: Corporate Overhead (2) 6.0 4.5 4.4 4.5 4.3 4.4 4.5 Adjusted EBITDA — Total $13.0 $18.4 $21.3 $24.4 $33.2 $38.3 $42.1 Less: Net Cash Minority Interest in EPE & MAE (3) 1.7 1.7 1.7 1.5 2.0 6.7 9.5 Adjusted EBITDA — Total $11.3 $16.7 $19.6 $22.9 $31.2 $31.6 $32.6 Less: Depreciation & Amortization 24.4 7.8 7.0 6.0 5.5 4.8 4.7 Adjusted EBIT — Total ($13.1) $8.9 $12.6 $16.9 $25.7 $26.8 $27.9 Footnotes: (1) 2006 numbers include pro-forma financial information for MAE acquisition in 2006. (2) Corporate overhead was allocated between the two core segments based on a percentage of revenue. (3) As provided by Company management; net cash minority interest payments were allocated between the two Other Business segments based on a percentage of revenue.15

Houlihan L okey Discounted Cash Flow Approach OTHER CKX DIVISIONS — NEW INITIATIVES (figures in millions) Projected FYE December 31, 2007 2008 2009 2010 2011 2012 DCF Assumptions Revenue $0.0 $5.0 $25.9 $95.7 $151.7 $184.6 Discount Rate 19.0% Revenue Growth % NA            NA 418.9% 268.7% 58.6% 21.7% Tax Rate 40.0% Less: Cost of Goods Sold — 0.1 6.1 28.2 41.3 49.1 Less: Selling, General & Administrative (1) — - — 4.8 6.1 6.5 Less: Minority Interest in EPE and MAE — - 0.2 2.1 10.8 17.2 Less: Non-Cash Compensation Expense — - — - — -Add: Adjustments — - — - — - Adjusted EBIT $0.0 $4.9 $19.6 $60.6 $93.6 $111.8 EBIT Margin % NA 98.0% 75.5% 63.3% 61.7% 60.6%Add: Option Expense — - — - — -Adjusted EBITO — 4.9 19.6 60.6 93.6 111.8 Less: Taxes — 2.0 7.8 24.2 37.4 44.7 Debt-Free Earnings $0.0 $2.9 $11.7 $36.3 $56.1 $67.1 Less: Capital Expenditures (2) (9.0) (30.0) (74.0) (37.5) (23.7) (3.7) Less: Working Capital Requirements (3) — - — - — - Terminal Value Assumptions Add: Depreciation and Amortization (2) — 0.1 6.1 21.2 30.6 36.2 2013 Cash Flow (5.0% Growth Rate) $104.5 Total Net Investment (9.0) (29.9) (67.9) (16.3) $6.8 $32.5 Gordon Growth Rate5.0% Net Debt-Free Cash Flows ($9.0) ($27.0) ($56.1) $20.0 $63.0 $99.6 Terminal Value $746.7 Discount Period 0.50 1.50 2.50 3.50 4.50 5.50 Discount Period 5.50 Discount Factor @ 19.0% 0.92 0.77 0.65 0.54 0.46 0.38 Discount Factor @ 19.0%0.38 Present Value of Net Debt-Free Cash Flows($8.3) ($20.8) ($36.3) $10.9 $28.8 $38.2 PV of Terminal Value $286.8Sensitivity Analysis: Enterprise Value            Distribution of Value 0.50% Period Cash Flow4.2% 2.0% Gordon Growth Rate Terminal Cash Flow 95.8% $299.4234.0%4.5% 5.0% 5.5% 6.0% Total 100.0% 15.0% $458.6 $481.6 $506.9 $534.8 $565.8

17.0% $352.9 $368.1 $384.4 $402.2 $421.6 Implied Analyses 19.0% $277.8 $288.2 $299.4 $311.5 $324.4 LTM EBITDA Multiple            NA Discount Rate 21.0% $222.1 $229.6 $237.6 $246.1 $255.2 NFY EBITDA Multiple            NA 23.0% $179.6 $185.2 $191.1 $197.3 $203.9 Implied Terminal Multiple 5.0x Indicated Enterprise Value (Rounded) $230.0 — $400.0Footnotes: (1) Excludes corporate overhead. (2)Based on management projections. (3) Based on discussions with management, the Company receives prepaid royalties on its licensing contracts, maintaining a positive working capital balance. Therefore, the Company does not have any projected working capital requirem16

Houlihan Lokey Discounted Cash Flow Approach OTHER CKX DIVISIONS REPRESENTATIVE LEVELS — NEW INITIATIVES(figures in millions) 20062007 2008 2009 2010 2011 2012 Fiscal Year Ended December 31,20062007 2008 2009 2010 2011 2012 EPE Graceland (New) — - — - 17.9 30.7 38.4 EPE Cirque Du Soleil — - — - 30.2 46.3 48.9 MAE — 24 Fitness & Ali Experience — - — 10.9 22.6 34.8 47.3 iStars/Now — - 5.0 15.0 25.0 40.0 50.0Reported Revenue $0.0 $0.0 $5.0 $25.9 $95.7 $151.7 $184.6Revenue Growth % NA            NA            NA 418.9% 268.7% 58.6% 21.7% EPE Graceland EBITDA (2) — - — - 9.1 17.5 22.7 EPE Cirque Du Soleil EBITDA - — - — 27.2 42.6 45.3 MAE — 24 Hour Fitness EBITDA — - — 10.9 22.6 34.8 47.3 iStars/Now EBITDA — - 5.0 15.0 25.0 40.0 50.0 Adjusted EBITDA — Total $0.0 $0.0 $5.0 $25.9 $83.8 $134.9 $165.2 Less: Net Cash Minority Interest in EPE & MAE (3) — - — 0.2 2.1 10.8 17.2 Adjusted EBIT — Total $0.0 $0.0 $5.0 $25.7 $81.7 $124.1 $148.0 Less: Depreciation & Amortization — 0.1 0.1 6.1 21.2 30.6 36.2 Adjusted EBIT — Total $0.0 ($0.1) $4.9 $19.6 $60.6 $93.6 $111.8 Footnotes: (1) Revenue was split between Core & New by growing Graceland (Core) 2009 revenue at 5 percent through 2012, and allocating any additional forecasted revenue to Graceland (New) from 2010 to 2012.(2) Corporate SG&A has been allocated to EPE Graceland based on its percentage ofrevenue. (3) As provided by Company management; net cash minority interest payments were allocated between the two Other Business segments based on a percentage of revenue.17

Houlihan Lokey Discounted Cash Flow Approach COMPARABLE COMPANY WACC ANALYSIS (figures in millions) Debt to            Preferred to            Equity to Preferred Market Value            Total            Debt            Total            Total & nbsp;          Total Debt            Stock            of Equity Capitalization to Equity Capitalization Capitalization Capitalization CBS Corporation $7,725.3 # $0.0 # $25,950.2 # $33,675.5 # 29.8% # 22.9% # 0.0% # 77.1% CKX Inc. 3.3 # 0.0 # 1,055.4 # 1,058.6 # 0.3% # 0.3% # 0.0% # 99.7% DIC Entertainment Corporation 23.2 # 0.0 # 91.1 # 114.3 # 25.5% # 20.3% # 0.0% # 79.7% Walt Disney Co. 12,689.0 # 0.0 # 77,524.4 # 90,213.4 # 16.4% # 14.1% # 0.0% # 85.9% 4 Kids Entertainment Inc. 0.0 # 0.0 # 225.4 # 225.4 # 0.0% # 0.0% # 0.0% # 100.0% Lions Gate Entertainment Corp. 325.0 # 0.0 # 1,810.1 # 2,135.1 # 18.0% # 15.2% # 0.0% # 84.8% Marvel Entertainment Inc. 49.5 # 0.0 # 2,597.4 # 2,646.9 # 1.9% # 1.9% # 0.0% # 98.1% News Corp. 12,474.0 # 0.0 # 70,989.1 # 83,463.1 # 17.6% # 14.9% # 0.0% # 85.1% Time Warner Inc. 35,041.0 # 0.0 # 83,735.8 # 118,776.8 # 41.8% # 29.5% # 0.0% # 70.5% Viacom, Inc. 7,377.5 # 0.0 # 30,478.2 # 37,855.7 # 24.2% # 19.5% # 0.0% # 80.5% Median $3,851.3 $0.0 $14,273.8$18,161.2 17.8% 15.1% 0.0% 84.9% Mean $7,570.8 $0.0 $29,445.7 $37,016.5 17.5% 13.9% 0.0% 86.1%Levered            Unlevered            Equity RiskSize Risk            Cost of            Cost of         ;    Cost of Beta            Beta            Premium (1) Premium (1) Equity            Debt            Preferred            WACC CBS Corporation 1.01 # 0.86 # 6.40% -0.37% 11.1% # 6.9% # 0.0% # 9.5% CKX Inc. 0.98 # 0.98 # 6.40% 1.67% 12.9% # 5.3% # 0.0% # 12.9% DIC Entertainment Corporation 0.72 # 0.62 # 6.40% 6.36% 16.0% # 0.0% # 0.0% # 12.7% Walt Disney Co. 1.20 # 1.09 # 6.40% -0.37% 12.3% # 6.2% # 0.0% # 11.1% 4 Kids Entertainment Inc. 0.65 # 0.65 # 6.40% 6.36% 15.5% # 0.0% # 0.0% # 15.5% Lions Gate Entertainment Corp. 0.81 # 0.73 # 6.40% 1.49% 11.7% # 3.6% # 0.0% # 10.2% Marvel Entertainment Inc. 0.85 # 0.84 # 6.40% 1.10% 11.5% # 7.0% # 0.0% # 11.4% News Corp. 1.27 # 1.15 # 6.40% -0.37% 12.7% # 6.3% # 0.0% # 11.4% Time Warner Inc. 1.99 # 1.59 # 6.40% -0.37% 17.4% # 6.7% # 0.0% # 13.4% Viacom, Inc. 1.28 # 1.12 # 6.40% -0.37% 12.8% # 6.2% # 0.0% # 11.0%Median 1.00 0.92 12.8% 6.2% 0.0% 11.4% Mean 1.08 0.96 13.4% 4.8% 0.0% 11.9%Footnotes:Sources: Capital IQ and Bloomberg. Weighted Average Cost of Capital (WACC) = (Cost of Debt * (1- Tax Rate) * Debt toEnterprise Value) + (Cost of Equity * Equity to Enterprise Value) + (Cost of Preferred * Preferred to Enterprise Value).Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium) + Size Risk Premium. Risk Free Rate as of May 22, 2007.(1) Ibbotson Associates, Stocks Bonds Bills and Inflation 2006 Yearbook, pp. 14 0, 142, 166 and 174.18

Houlihan LokeyDiscounted Cash Flow Approach SUBJECT COMPANY WACC ANALYSIS Market AssumptionsBeta Assumptions            Capital Structure Assumptions 20-Year Treasury Bond Yield4.99%Company Specific Decile Beta1.28 Preferred to Enterprise Value 0.0% Equity Risk Premium (1)6.40% Selected Unlevered Beta 0.96Debt to Enterprise Value15.1% Size Risk Premium (1) 2.33%Levered Beta1.07 Equity to Enterprise Value 84.9% Company Specific Risk Premium 0.00% Cost of Debt 6.2% Tax Rate 40.00% Cost of Preferred 0.0% Cost of Equity 14.1% Indicated Weighted Average Cost of Capital (rounded)13.0% Concluded Weighted Average Cost of Capital — Core Businesses13.0% Concluded Weighted Average Cost of Capital — Non-Core Businesses (2)19.0% 1 Ibbotson Associates, Stocks Bonds Bills and Inflation 2006 Yearbook, pp. 140, 142, 166 and 174. 2 Calculated including 7.5 percent company specific risk premium to reflect execution risk of developing new revenue streams and business lines.

19 CKX Preliminary Valuation Indications Summary Market Multiple Approach Discounted Cash Flow Approach Transaction Multiple Approach Public Price Approach

Houlihan LokeyTransaction Multiple Approach SELECTED TRANSACTION METHODOLOGY (figures in millions)Representative Selected Indicated Level Multiple RangeEnterprise Value RangeNFY — 2007 EBITDA $72.3 15.0 x — 16.0 x $1,083.9 — $1,156.2 Median $1,083.9 — $1,156.2 Mean $1,083.9 — $1,156.2 Indicated Enterprise Value Range $1,080.0 — $1,160.021

Houlihan Lokey Transaction Multiple Approach SELECTED TRANSACTION SUMMARY (figures in millions)EV/ LTM EBITDA 1-Week 1-Month Announced Effective Target Target Business Description Acquiror EV EBITDA Margin Premium Premium Engages in the acquisition, production, and distribution 3/29/2007 Pending            Image Entertainment Inc. Lions Gate Entertainment Corp. $118.9 14.8x 6.8% 40.6% 32.9% of content for release on DVD. The Topps Company, Inc. engages in the creation and Madison Dearborn Partners, 3/5/2007Pending            Topps Co., Inc. 303.1 20.9x 4.7% 3.7% -2.2% marketing of confectionery and entertainment products. LLC Operates as a television program production company in 6/1/2006Pending            Tiger Aspect Productions Ltd. TWI Interactive 48.2 13.9x 7.2% (3) NA N            NA N London. A            A Creates and produces entertainment programs. The 3/17/2005 3/17/2005 19 Entertainment Ltd.company offers programs, such as American Idol in the CKx, Inc. 200.0 (2) 10.0x (2) 10.0% (3) NA N            NA N            A            A United States and Pop Idol in the United Kingdom. Provides music publishing, licensing, production, and 12/16/2004 2/7/2005 Elvis Presley Enterprises, Inc. CKx, Inc. 105.0 (2) 12.4x (2) 26.4% (3) NA N            NA N tourism services. A            A Low $48.2 10.0x 4.7% 3.7% -2.2% High $303.1 20.9x 26.4% 40.6% 32.9% Median $118.9 13.9x 7.2% 22.2% 15.4% Mean $155.0 14.4x 11.0% 22.2% 15.4%Footnotes: Sources: Factset Mergerstat LLC, Capital IQ, Securities Data Company, analyst reports, news articles and public filings.(1) Transaction study based on announced and completed, controlling interest acquisitions between $5.0 million and $10.0 billion. Transactions with announcementsdates between 12/1/2004 and 5/18/2007 for which purchase price multiples were available were considered. Target companies were required to have SIC codes of 4841, 4833, 6794,7389, 7812, 7819 and 7319. (2) Based on discussions with management. The transaction with Elvis Prelsey Enterprises includes approximately $5.0 million in transaction costs and represents an 85% interest. (3) Based on the implied EBITDA margin reflected by the EV and EV/EBITDA multiple. EV — Enterprise Value. EBITDA — Earnings Before Interest, Taxes, Depreciation and Amortization. EBIT — Earnings Before Interest and Taxes.

22 CKX Preliminary Valuation Indications Summary Market Multiple Approach Discounted Cash Flow Approach Transaction Multiple Approach Public Price Approach Houlihan Lokey Public Price Approach

IMPLIED PUBLIC MARKET PRICING APPROACH (figures in millions, except price per share) LowHigh Closing Stock Price as of 5/22/2007 $10.85 5-Day Range $10.00 — $11.05 30-Day Range 10.00 — 11.65 90-Day Range 10.00 — 14.25 Price per Share Range (Rounded) 10.00 — 12.30 Market Value of Equity (1) $972.7 — $1,196.4 Add: Net Debt (26.9) — (26.9) Add: Minority Interest 3.7 — 3.7 Add: Preferred Stock 22.8 — 22.8 Enterprise Value (Rounded) $970.0 — $1,200.0 1 Based on 97.3 million shares outstanding per the Company’s latest 2007 quarterly report on form 10-Q.24

Houlihan LokeyPublic Price Approach IMPLIED PUBLIC VALUATION (figures in millions, except per share data) Public Market Enterprise Value 52-week High $14.48 52-week Low $8.77 Fully Diluted Shares Outstanding (1) 97.3 Stock Price (2) $10.85 Market Value of Equity $1,055.4 Add: Total Debt (1) 3.3 Add: Preferred Stock (1) 22.8 Add: Minority Interest (1) 3.7 Less: Cash (1) 30.1 Public Market Enterprise Value (rounded) $1,060.0 1 As per the Company’s latest 2007 quarterly report on form 10-Q. 2Pricing Data as of 5/22/2007.25

Preliminary Valuation Indication of the Minimum Guarantee

Houlihan Lokey Preliminary Valuation Indication of the Minimum Guarantee LICENSING TRANSACTION MINIMUM GUARANTEE PRELIMINARY VALUATION SUMMARY(figures in millions) Indicated Segment Discounted Cash Flow Summary Value Range Minimum Guarantees — Gordon Growth Approach $80.0 — $90.0

Indicated Value Range (rounded) $80.0 — $90.0 Selected Value (rounded) $85.0

27 Houlihan Lokey Preliminary Valuation Indication of the Minimum Guarantee DISCOUNTED CASH FLOW VALUATION — MINIMUM GUARANTEESfigures in millions) Projected FYE December 31, 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 Revenue $0.0 $10.0 $10.0 $10.0 $20.0 $20.0 $20.0 $25.0 $25.0 $25.0 Revenue Growth % 13.2% -95.8% 0.0% 0.0% 100.0% 0.0% 0.0% 25.0% 0.0% 0.0% Add: Adjustments — - — - — - — - — -Adjusted EBIT $0.0 $10.0 $10.0 $10.0 $20.0 $20.0 $20.0 $25.0 $25.0 $25.0 EBIT Margin % NA 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% Less: Taxes — 4.0 4.0 4.0 8.0 8.0 8.0 10.0 10.0 10.0 Debt-Free Earnings $0.0 $6.0 $6.0 $6.0 $12.0 $12.0 $12.0 $15.0 $15.0 $15.0 Less: Capital Expenditures — - — - — - — - — -Less: Working Capital Requirements — - — - — - - — - -Add: Depreciation and Amortization — - — - — - — - — -Total Net Investment — - — - — - - — -Net Debt-Free Cash Flows $0.0 $6.0 $6.0 $6.0 $12.0 $12.0 $12.0 $15.0 $15.0 $15.0 Discount Period 0.50 1.50 2.50 3.50 4.50 5.50 6.50 7.50 8.50 9.50 Discount Factor @ 13.0% 0.94 0.83 0.74 0.65 0.58 0.51 0.45 0.40 0.35 0.31 Present Value of Net Debt-Free Cash Flows $0.0 $5.0 $4.4 $3.9 $6.9 $6.1 $5.4 $6.0 $5.3 $4.7Sensitivity Analysis: Enterprise Value 0.5% 0.5% Gordon Growth Rate $83.936 -1.0% -0.5% 0.0% 0.5% 1.0% 12.0% $89.2 $90.9 $92.8 $94.9 $97.2 12.5% $84.9 $86.5 $88.2 $90.0 $92.0 13.0% $81.0 $82.4 $83.9 $85.6 $87.3 Discount Rate 13.5% $77.4 $78.7 $80.0 $81.5 $83.0 14.0% $74.0 $75.2 $76.4 $77.7 $79.1Indicated Enterprise Value $80.0 — $90.028

EX-99.C.6

Exhibit (c)(6)

CKX, Inc. MAY 21, 2008 Confidential Presentation to the Special Committee of the Board of Directors Houlihan Lokey www.hlhz.com U.S. 800.788.5300 Europe +44 (0)20.7839.3355 Hong Kong 852.3551.2300 Japan 81.3.4577.6000 Los Angeles•New York•Chicago•San Francisco•Minneapolis•Washington, D.C.•Dallas•Atlanta•London•Paris•Frankfurt•Hong Kong•Tokyo

These materials are provided for the information of the Special Committee of the Board of Directors of CKX, Inc. (“CKX” or the “Company”) by Houlihan Lokey Howard & Zukin Financial Advisors, Inc. (“Houlihan Lokey”) in connection with the Special Committee’s consideration of a potential transaction involving the Company or its affiliates (the “Proposed Transaction”). These materials were prepared for specific persons familiar with the business and affairs of the Company for use in a specific context.

These materials are provided on a confidential basis for the information of the Special Committee and may not be disclosed, summarized, reproduced, disseminated or quoted or otherwise referred to, in whole or in part, without Houlihan Lokey’s written consent. Notwithstanding the foregoing, Houlihan Lokey imposes no restrictions on the disclosure by the Company (including its employees, representatives and agents) of the tax treatment or tax structure of any transaction, including those portions of any materials containing such information that are provided by Houlihan Lokey to the Company. Any discussion in these materials regarding any U.S. federal tax matter is not intended or written to be used, and cannot be used, by any taxpayer for the purpose of avoiding any penalties. Any such discussion was written to support the marketing or promotion of the transaction(s) or matters(s) to which the discussion relates. Each taxpayer should seek advice based on the taxpayer’s particular circumstances from an independent tax advisor. Houlihan Lokey is not an expert on, and nothing contained herein should be construed as advice with regard to, legal, accounting, regulatory, insurance or tax matters.

These materials necessarily are based on financial, economic, market and other conditions as in effect on, and the information made available to us as of, the date of these materials. Houlihan Lokey undertakes no obligation to update, revise or reaffirm these materials. These materials are not intended to provide the sole basis for evaluation of the Proposed Transaction, do not purport to contain all information that may be required and should not be considered a recommendation with respect to the Proposed Transaction. These materials do not address the underlying business decision of the Special Committee, the Company or any other party to proceed with or effect the Proposed Transaction, or the relative merits of the Proposed Transaction as compared to any alternative business strategies that may exist for the Company or any other party. These materials do not constitute an opinion with respect to the Proposed Transaction, nor a recommendation to any security holder of the Company or any other person as to how such person should vote or act with respect to the Proposed Transaction. The preparation of these materials involves various determinations as to the most appropriate and relevant methods of financial analyses and the application of those methods to particular circumstances and, therefore, are not readily susceptible to summary description. Furthermore, Houlihan Lokey did not attribute any particular weight to any analysis or factor considered by it, but rather made qualitative judgments as to the significance and relevance of each analysis and factor. Thus, the analyses contained in these materials must be considered as a whole. Selecting portions of the analyses, without considering all analyses, could create an incomplete view. Estimates of value contained in the analyses are not necessarily indicative of actual value or predictive of future results or values, which may be significantly more or less favorable. In preparing these materials, Houlihan Lokey has not conducted any physical inspection or independent appraisal or evaluation of any of the assets, properties or liabilities (contingent or otherwise) of the Company or any other participant in the Proposed Transaction.

The materials necessarily are based on financial, economic, market and other conditions as in effect on, and the information available to Houlihan Lokey as of, the date of the materials. Although subsequent developments may affect the contents of the materials, Houlihan Lokey has not undertaken, and is under no obligation, to update, revise or reaffirm the materials. The materials are not intended to provide the sole basis for evaluation of the Transaction and do not purport to contain all information that may be required. The materials do not address the underlying business decision of the Company or any other party to proceed with or effect the Transaction, or the relative merits of the Transaction as compared to any alternative business strategies that might exist for the Company or any other party. The materials do not constitute any opinion, nor a recommendation to the Special Committee, any security holder of the Company or any other person as to how to vote or act with respect to any matter relating to the Transaction or whether to buy or sell any assets or securities of any company. Houlihan Lokey’s only opinion is the opinion that is delivered to the Special Committee.

The preparation of the materials was a complex process involving quantitative and qualitative judgments and determinations with respect to the financial, comparative and other analytic methods employed and the adaptation and application of these methods to the unique facts and circumstances presented and, therefore, is not readily susceptible to partial analysis or summary description. Furthermore, Houlihan Lokey did not attribute any particular weight to any analysis or factor considered by it, but rather made qualitative judgments as to the significance and relevance of each analysis and factor. Each analytical technique has inherent strengths and weaknesses, and the nature of the available information may further affect the value of particular techniques. Accordingly, the analyses contained in the materials must be considered as a whole. Selecting portions of the analyses, analytic methods and factors without considering all analyses and factors could create a misleading or incomplete view. The materials reflect judgments and assumptions with regard to industry performance, general business, economic, regulatory, market and financial conditions and other matters, many of which are beyond the control of the participants in the Transaction. Any estimates of value contained in the materials are not necessarily indicative of actual value or predictive of future results or values, which may be significantly more or less favorable. In addition, any analyses relating to the value of assets, businesses or securities do not purport to be appraisals or to reflect the prices at which any assets, businesses or securities may actually be sold. In preparing the materials, Houlihan Lokey has not conducted any physical inspection or independent appraisal or evaluation of any of the assets, properties or liabilities (contingent or otherwise) of the Company or any other participant in the Transaction.

All budgets, projections, estimates, financial analyses, reports and other information with respect to operations (including estimates of potential cost savings and expenses) reflected in the materials have been prepared by management of the relevant party or are derived from such budgets, projections, estimates, financial analyses, reports and other information or from other sources, which involve numerous and significant subjective determinations made by management of the relevant party and/or which such management has reviewed and found reasonable. The budgets, projections and estimates contained in the materials may or may not be achieved and differences between projected results and those actually achieved may be material. Houlihan Lokey has relied upon representations made by management of the relevant party that such budgets, projections and estimates have been reasonably prepared in good faith on bases reflecting the best currently available estimates and judgments of such management (or, with respect to information obtained from public sources, represent reasonable estimates), and Houlihan Lokey expresses no opinion with respect to such budgets, projections or estimates or the assumptions on which they are based.

Houlihan Lokey has assumed and relied upon the accuracy and completeness of the financial and other information provided to or reviewed by it without (and without assuming responsibility for) independent verification of such information, makes no representation or warranty (express or implied) in respect of the accuracy or completeness of such information and has further relied upon the assurances of the Company that it is not aware of any facts or circumstances that would make such information inaccurate or misleading. In addition, Houlihan Lokey has relied upon representations made by management of the relevant party, without independent verification, that there has been no material change in the business, assets, liabilities, financial condition, results of operations, cash flows or prospects of the Company or any other participant in the Transaction since the date of the most recent financial statements provided to Houlihan Lokey, and that the final forms of any draft documents reviewed by Houlihan Lokey will not differ in any material respect from such draft documents.

The materials do not constitute a commitment by Houlihan Lokey or any of its affiliates to underwrite, subscribe for or place any securities, to extend or arrange credit, or to provide any other services. In the ordinary course of business, certain of Houlihan Lokey’s affiliates, as well as investment funds in which they may have financial interests, may acquire, hold or sell, long or short positions, or trade or otherwise effect transactions, in debt, equity, and other securities and financial instruments (including loans and other obligations) of, or investments in, one or more parties that may be involved in the Transaction and their respective affiliates or any currency or commodity that may be involved in the Transaction.

Houlihan Lokey            Table of Contents            Page Executive Summary. 1 Financial Analysis 6 Market Multiple Methodology .. 8 Comparable Transaction Methodology . 14 Discounted Cash Flow Approach... 17 Public Price Approach 30 Valuation of License Agreements... 33 Appendices .. 37 Supplemental Schedules 38

Executive Summary

Houlihan Lokey            Executive Summary TRANSACTION VALUE OVERVIEW Summary of Transaction Value Implied Premiums to Historical Stock Trading Prices4 (figures in millions, except per share values) Offer Summary Implied Stock Premium — As of May 12, 2008 (5) Transaction Consideration Per Share (1) $12.00 Per Share Transaction Consideration (1) $12.00 Total Diluted Shares Outstanding (2) 97.4 1-Day Stock Price $9.70 Total Market Capitalization $1,169.3 Implied 1-Day Stock Premium 23.7% Add: Net Debt (2) 46.7 1-Week Stock Price $9.36 Add: Minority Interest (2) 4.7 Implied 1-Week Stock Premium 28.2% Add: Preferred Stock (2) 22.8 1-Month Stock Price $8.93 Indicated Enterprise Value $1,240.0 Implied 1-Month Stock Premium 34.4% LTM 3/31/2008 EBITDA (3) $95.4 Implied EV/EBITDA Multiple 13.0x 2008E EBITDA (3) $93.9 Implied EV/EBITDA Multiple 13.2x 1 Based on the proposed Amendment No.4, dated as of May 21, 2008 to the Merger Agreement by and among CKX, 19X Acquisition Corp. and 19X, as amended (the “Agreement”) 2 Per the Company’s Form 10-Q for the period ended March 31, 2008. 3 EBITDA calculated after minority interest payments to Elvis Presley Enterprises (“EPE”) and Muhammad Ali Enterprises (“MAE”) minority shareholders and including $10 million for            FX Real Estate and Entertainment Inc. (“FXRE”) payments under license agreements between FXRE and CKX relating to EPE and MAE (collectively, the “License Agreements”). 4 Source: Capital IQ. 5 CKX closing stock price as of May 12, 2008, the day prior to the announced revised offer of $12.00 per share.

Houlihan Lokey            Executive Summary VALUATION INDICATIONS VS. MERGER CONSIDERATION1 — PRICE PER SHARE Price per Share Implied Per Share Reference Range $20.00 $18.00 $16.00 $14.00 $12.00 $10.00 Per Share Consideration: $12.00 (1) May 31, 2007 Share Price: $10.63 (2) $8.00 $6.00 Market Multiple Comparable Discounted Cash Discounted Cash Public Price Approach Transaction Flow Approach Flow Approach Approach Approach (2013) (2012) May 12, 2008 Share Price: $9.70 (3) $8.37 $10.82 $12.26 $13.45 $12.97 $17.40 $17.78 $13.53 $10.12 $12.10 Note: No particular weight was attributed to any particular analysis. 1 Based on the proposed Amendment No.4 to the Agreement. 2 CKX closing stock price as of May 31, 2007, the day prior to the announcement of the original Transaction at $13.75 per share. 3 CKX closing stock price as of May 12, 2008, the day prior to the announced revised offer of $12.00 per share.

Houlihan Lokey            Executive Summary REFERENCE RANGE SUMMARY (figures in millions, except price per share) Market Multiple Comparable Discounted Cash Flow Discounted Cash Flow Public Price Approach Transaction Approach Approach (2013) Approach (2012) Approach Low High Low High Low High Low High Low High Enterprise Value (1) $970.0 $1,060.0 $1,110.0 $1,200.0 $1,226.0 $1,614.0 $1,179.0 $1,577.0 $890.0 $1,060.0 Add: PV of License Agreements (2) 146.0 180.0 146.0 180.0 146.0 180.0 146.0 180.0 0.0 0.0 Adjusted Enterprise Value $1,116.0 $1,240.0 $1,256.0 $1,380.0 $1,372.0 $1,794.0 $1,325.0 $1,757.0 $890.0 $1,060.0 Add: Cash (3) $55.9 $55.9 $55.9 $55.9 $55.9 $55.9 $55.9 $55.9 $55.9 $55.9 Add: Loan Receivable (4) $8.1 $8.1 $8.1 $8.1 $8.1 $8.1 $8.1 $8.1 $0.0 $0.0 Less: Debt (3) 102.6 102.6 102.6 102.6 102.6 102.6 102.6 102.6 102.6 102.6 Less: Minority Interest (5) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 4.7 4.7 Less: Preferred Stock (3) 22.8 22.8 22.8 22.8 22.8 22.8 22.8 22.8 22.8 22.8 Equity Value $1,054.6 $1,178.6 $1,194.6 $1,318.6 $1,310.6 $1,732.6 $1,263.6 $1,695.6 $815.8 $985.8 Price per Share (6) $10.82 $12.10 $12.26 $13.53 $13.45 $17.78 $12.97 $17.40 $8.37 $10.12 Offer Price (7) $12.00 $12.00 $12.00 $12.00 $12.00 $12.00 $12.00 $12.00 $12.00 $12.00 1 CKX core operations and new initiatives. 2 Based on the present value of projected payments from FXRE to CKX, as projected by the Company, in connection with the License Agreements. Projected EPE license payments are based on the greater of contractual minimum guarantees or the projected 3 percent royalty from Las Vegas and Graceland Elvis themed hotels, as applicable (“Phase I development”). The Company’s projections do not include potential royalties from potential properties in Asia, Middle East, Europe or other markets. Projected MAE license payments are based on the contractual minimum guarantees in light of such guarantees exceeding projected royalty payments otherwise owed. 3 Per the Company’s Form 10-Q for the period ended March 31, 2008. 4 Loans receivable from related parties. 5 Minority interest has been captured in other approaches through adjustments to representative levels as provided by Company management. 6 Based on fully diluted shares outstanding of 97.4 million per the Company’s Form 10-Q for the period ended March 31, 2008. 7 Based on the proposed Amendment No.4 to the Agreement. 3

Houlihan Lokey            Executive Summary COMPARISON OF SELECTED COMPANIES ($ in millions, except per share prices) Comparison of Comparable Companies (1) Diversified Media Companies Ticker As of September 25, 2007 Market Value Enterprise of Equity Value EV / EBITDA Market Value of Equity As of May 20, 2008 Enterprise Value EV / EBITDA Market Value of Equity Percentage Variance Enterprise Value EV / EBITDA CBS Corporation Walt Disney Co. Lions Gate Entertainment Corp. News Corp. Time Warner Inc. Viacom, Inc. CBS DIS LGF NWS.A TWX VIA.B $22,952.0 69,125.4 1,208.7 67,963.9 68,488.2 26,055.2 $27,171.1 79,215.4 1,475.1 73,373.9 107,983.2 32,943.7 8.8x 9.1x NMF 12.1x 8.1x 9.6x $15,888.4 67,572.6 1,168.2 50,283.2 58,139.0 24,808.8 $20,757.8 67,572.6 1,168.2 50,283.2 58,139.0 24,808.8 6.8x 8.4x NMF 8.9x 7.4x 8.4x -30.8% -2.2% - -3.3% -26.0% -15.1% -4.8% -23.6% -14.7% -20.8% -31.5% -46.2% -24.7% -22.3% -6.9% NA -26.1% -9.2% - -12.6% Mean Median -13.7% -9.9% -26.9% -24.1% -15.4% -12.6% Content Management Companies Ticker As of September 25, 2007 Market Value Enterprise of Equity Value EV / EBITDA Market Value of Equity As of May 20, 2008 Enterprise Value EV / EBITDA Market Value of Equity Percentage Variance Enterprise Value EV / EBITDA CKX Inc. Dic Entertainment Holdings Inc. 4 Kids Entertainment Inc. Marvel Entertainment, Inc. CKXE DEKE KDE MVL $1,134.6 53.8 222.6 1,939.1 $1,260.7 73.7 117.0 2,027.7 20.8x NA NA 8.2x $970.5 19.7 103.9 2,562.8 $1,021.9 44.6 46.0 2,772.8 11.9x NMF -1.5x 11.3x -14.5% -63.5% -53.3% 32.2% -18.9% -39.5% -60.7% 36.7% -42.6% NA NA 38.2% Mean -24.8% -20.6% -2.2% Median -33.9% -29.2% -2.2% All Companies Mean Median -18.1% -14.8% - -24.4% -24.1% -11.6% -12.6% Comparison of Indications of Value (2) Market Multiple Approach Selected Transaction Approach Discounted Cash Flow Approach (2013) Discounted Cash Flow Approach (2012) (3) Public Price Approach As of September 25, 2007 Enterprise Market Value Value of Equity $1,356.0 $1,292.4 1,266.0 1,202.4 NA NA1,901.0 1,837.4 1,356.0 1,288.3 Price per Share $13.28 $12.36 NA $18.88 $13.24 Enterprise Value $1,240.0 1,380.0 1,794.0 1,757.0 1,060.0 As of May 20, 2008 Market Value of Equity $1,178.6 1,318.6 1,732.6 1,695.6 985.8 Price per Share $12.10 $13.53 $17.78 $17.40 $10.12 Percentage Variance Enterprise Market Value Value of Equity - -8.6% -8.8% 9.0% 9.7% NA NA -7.6% -7.7% -21.8% -23.5% Price per Share -8.9% 9.5% NA -7.8% - -23.6% Mean Median -7.2% -8.1% -7.6% -8.3% -7.7% -8.4% Offer Price $13.00 $12.00 -7.7% 4 1 EV/EBITDA multiples for analysis as of September 25, 2007 based on 2007E. EV/EBITDA multiples for analysis as of May 20, 2008 based on latest twelve months, i.e., LTM ending March 31, 2008. 2 Indications of value for the different approaches based on the high end of the range. 3 Analysis as of May 20, 2008 based on revised projections provided by Company management. Based on proforma financials and projections provided by Company management in files entitled “2008 five year planv9.xls”, “ltm.xls” and “Q1 2008 Financial Overview final.ppt”.

Houlihan Lokey Executive Summary ONE-YEAR HISTORICAL PRICE VOLUME PERFORMANCE1 5 Comment A 6/1/2007 — 19X, an affiliate of Mr. Robert F.X. Sillerman, Chairman and Chief Executive Officer of CKX and Mr. Simon Fuller, Director of CKX, entered into an agreement with CKX to acquire CKX for $1.33 billion. B 6/19/2007 — CKX declares dividend of FXRE shares, CKX shareholders to receive 25% of outstanding common stock of FXRE upon registration of shares with the SEC. C 8/24/2007 — CKX announces that FXRE has filed a registration statement with the SEC to register the shares of FXRE for distribution to common stock holders. D 9/28/2007 — CKX announces revised offer from 19X. E 1/3/2008 — CKX announces January 10th payment date for dividend of FXRE. F 1/24/2008 — CKX Announces Preliminary Earnings Results for 2007 G 3/6/2008 — FXRE sets March 6th as record date for rights offering. FXRE stockholders will receive the right to purchase one share of FXRE common stock at $10 per share for every two shares of common stock held. H 4/1/2008 — FXRE announces the 20-day trading period to be used to determine the purchase price adjustment to the CKX going-private offer. $8 $10 $12 $14 $16 5/21/076/26/07 8/1/07 9/6/0710/11/0711/15/0712/21/071/30/08 3/6/084/11/085/16/08 0.000 0.500 1.000 1.500 2.000 2.500 3.000 Volume Close Volume (millions)Closing Price E F A C G H B D I I 5/12/2008 — CKX Announces Earnings Results for Q1 2008; 19X delivers a revised offer to the Special Committee of the Board of Directors of $12.00 per share. 1 Source: Capital IQ and public filings.

Financial Analysis

Houlihan Lokey            Financial Analysis IMPLIED TRANSACTION EBITDA MULTIPLES (EV/EBITDA) 2008E EBITDA (3) $93.9 Implied EV/EBITDA Multiple 13.2x 8.0x 9.1x 13.2x 7.8x 6.0x 10.0x 14.0x Diversified Media Companies Mean LTM/2008/2009 Content Management Companies Mean LTM/2008/2009 (4) Precedent Transactions LTM Mean EV/EBITDA Multiple ($ in millions) 22.0x Implied EBITDA Multiples            Indicated Enterprise Value (1) $1,240.0 18.0x Implied Transaction LTM 3/31/08 EBITDA Multiple 2007A EBITDA $72.1 Implied EV/EBITDA Multiple 17.2x LTM (2) 3/31/2008 EBITDA (3) $95.4 11.4x Implied EV/EBITDA Multiple 13.0x 8.2x 8.2x 1 Based on the proposed Amendment No. 4 to the Agreement. 2 LTM means Latest Twelve Months 3 EBITDA calculated after minority interest payments to EPE and MAE minority shareholders and including $10 million for FXRE payments under the License Agreements. 4 Based on Marvel, Inc. as all other Content Management Companies were excluded from the mean.

Financial Analysis Market Multiple Methodology Comparable Transaction Methodology Discounted Cash Flow Approach Public Price Approach Valuation of License Agreements

Houlihan Lokey            Market Multiple Methodology SUMMARY OF VALUE (figures in millions) LTM - 3/31/2008 EBITDA Representative Level $85.4 Selected Multiple Range 12.0 x — 13.0 x Indicated Enterprise Value Range $1,024.8 — 1,110.2 NFY — 2008 EBITDA $83.9 11.0 x — 12.0 x $923.4 — 1,007.3 Median $974.1 — 1,058.8 Mean $974.1 — 1,058.8 Indicated Enterprise Value Range (Rounded) $970.0 — 1,060.0 Implied Multiples 2008 EBITDA -Core Core Rep Level $91.9 Implied Multiple Range 10.6 x — 11.5 x 2009 EBITDA -Core $105.8 9.2 x — 10.0 x

Houlihan Lokey            Market Multiple Methodology REPRESENTATIVE LEVELS (figures in millions) Fiscal Year Ended December 31, 2007 LTM 3/31/2008 2008 2009 2010 2011 2012 2013 19E — Core Operations (1) $193.5 $210.8 $207.5 $215.9 $234.9 $251.9 $274.8 $299.0 19E — New Initiatives (2) 6.0 6.0 7.7 23.0 71.5 140.5 199.2 259.6 Other Businesses — Core Operations (3) 78.9 79.1 76.1 77.1 82.6 86.4 95.6 123.3 Other Businesses — New Initiatives (4) —20.2 72.6 107.9 112.4 Less: FXRE License Fees (5) 10.0 10.0 10.0 10.0 20.0 20.0 23.6 48.4 Reported Revenue — Total $268.3 $285.9 $281.3 $306.1 $389.2 $531.4 $653.9 $745.9 Revenue Growth % 25.1% 4.8% 8.8% 27.2% 36.5% 23.1% 14.1% 19E — Core Operations EBITDA $60.5 $78.5 $75.4 $85.4 $99.9 $111.4 $126.9 $142.9 19E — New Initiatives EBITDA (3.8) (4.5) (8.0) 10.1 36.5 77.4 109.6 150.0 Other Businesses — Core Operations EBITDA 17.1 23.1 18.3 22.2 23.9 33.1 38.5 39.6 Other Businesses — New Initiatives EBITDA —18.1 60.9 91.5 96.0 Adjusted Corporate EBITDA — Total (6) $73.8 $87.1 $85.6 $117.6 $178.3 $282.8 $366.6 $428.5 EBITDA as % of Revenue 27.5% 30.5% 30.4% 38.4% 45.8% 53.2% 56.1% 57.5% Less: Net Cash Minority Interest in EPE & MAE (7) 1.7 1.7 1.7 1.7 1.7 13.1 19.0 27.4 Adjusted Net Corporate EBITDA — Total $72.1 $85.4 $83.9 $115.9 $176.6 $269.7 $347.6 $401.1 Source: Based on proforma financials and projections provided by Company management in files entitled “2008 five year planv9.xls”, “ltm.xls” and “Q1 2008 Financial Overview final.ppt” 1 Includes American Idol, Non-Us Idol, So You Think You Can Dance, Music, Beckhams, MBST and other content licensing businesses. 2 Includes US Artist Band Show, Land-Based Attractions, New TV Development Projects, Now TV, Digital Idol, Most Beautiful Girl, MAAS and Tim LoveJoy. 3 Includes EPE Licensing/Royalties, Core Graceland Operations, Other Elvis Content, MAE and FXRE License Fees. 4 Includes New Graceland Operations, Cirque Du Soleil Show and Ali Experience. 5 Based on projected license payments under the License Agreements. Refer to ‘Valuation of License Agreements’ for further detail. 6 Corporate overhead is before pro forma overhead savings. 2009 — 2013 is based on 2008 corporate overhead increasing by 4 percent per year as discussed with Company management. 7 Per Company management, based on projected payments to minority shareholders in EPE and MAE of interest in fees under License Agreements.

Houlihan Lokey            Market Multiple Methodology REPRESENTATIVE LEVELS — CONSOLIDATED (figures in millions) FYE LTM Fiscal Year Ending December 31, 2007 3/31/2008 2008 2009 2010 2011 2012 2013 Reported Revenue $278.3 $295.8 $290.1 $316.1 $409.2 $551.4 $677.5 $794.3 Revenue Growth % 29.8% 4.2% 9.0% 29.5% 34.7% 22.9% 17.2% Less: Operating Expenses 175.2 180.5 175.8 169.0 190.7 227.6 265.5 294.7 Less: Corporate Overhead 8.0 7.5 10.0 9.0 9.9 10.9 12.0 13.2 EBITDA $95.2 $107.9 $104.3 $138.0 $208.6 $312.9 $400.0 $486.4 EBITDA Margin % 34.2% 36.0% 43.7% 51.0% 56.7% 59.0% 61.2% Less: FXRE License Fees (1) 10.0 10.0 10.0 10.0 20.0 20.0 23.6 48.4 Less: Net Cash Minority Interest in EPE & MAE (2) 1.7 1.7 1.7 1.7 1.7 13.1 19.0 27.4 Less: Additional Corporate Overhead (3) 11.4 10.8 8.7 10.4 10.3 10.1 9.8 9.5 Add: Adjustments -— Adjusted EBITDA $72.1 $85.4 $83.9 $115.9 $176.6 $269.7 $347.6 $401.1 EBITDA Margin % 25.9% 28.9% 28.9% 36.7% 43.2% 48.9% 51.3% 50.5% Less: Depreciation & Amortization 22.5 22.6 20.9 25.6 45.5 58.3 55.7 53.0 Adjusted EBIT $49.6 $62.8 $63.0 $90.3 $131.1 $211.4 $291.9 $348.1 Source: Based on proforma financials and projections provided by Company management in files entitled “2008 five year planv9.xls”, “ltm.xls” and “Q1 2008 Financial Overview final.ppt” 1 Based on projected license payments under the License Agreements. Refer to ‘Valuation of License Agreements’ for further detail. 2 Per Company management, based on projected payments to minority shareholders in EPE and MAE of interest in fees under License Agreements. 3 Based on additional overhead expenses the Company would incur as a public company, per Company management.

Houlihan Lokey            Market Multiple Methodology COMPARABLE COMPANY METRICS (figures in millions, except price per share) 2008 (2) (3) 2009 (2) (3) LTM LTM Equity Market Enterprise EBITDA 1 Yr Rev EV / Adjusted EV / Adjusted EV / Adjusted Content Management Companies (4) Value (5) (6) Value (7) Margin Growth EV / Revenue EBITDA (8) EV / Revenue EBITDA (8) EV / Revenue EBITDA (8) 4 Kids Entertainment Inc. $103.9 $46.0 -54.3% 13.1% 0.83 x -1.5 x NA NA NA NA CKX Inc. 970.5 1,021.9 30.3% 26.9% 3.62 x 11.9 x NA 10.8 x NA NA Lions Gate Entertainment Corp. 19.7 44.6 -11.5% 25.1% 0.60 x NMF 1.11 x 22.3 x NA NA Marvel Entertainment, Inc. 2,562.8 2,772.8 54.8% 5.1% 6.20 x 11.3 x 4.58 x 9.0 x 4.14 x 8.0 x Low $19.7 $44.6 -54.3% 5.1% 0.60 x 11.3 x 1.11 x 9.0 x 4.14 x 8.0 High $2,562.8 $2,772.8 54.8% 25.1% 6.20 x 11.3 x 4.58 x 9.0 x 4.14 x 8.0 Mean $895.4 $954.5 - -3.7% 14.5% 2.54 x 11.3 x 2.85 x 9.0 x 4.14 x 8.0 Median $103.9 $46.0 -11.5% 13.1% 0.83 x 11.3 x 2.85 x 9.0 x 4.14 x 8.0 x 2008 (3) (4) 2009 (3) (4) LTM LTM Equity Market Enterprise EBITDA 1 Yr Rev EV / Adjusted EV / Adjusted EV / Adjusted Diversified Media Companies (10) Value (5) (6) Value (7) Margin Growth EV / Revenue EBITDA (8) EV / Revenue EBITDA (8) EV / Revenue EBITDA (8) CBS Corporation $15,888.4 $20,757.8 21.7% 38.1% 1.48 x 6.8 x 1.46 x 6.6 x 1.44 x 6.6 x Walt Disney Co. 1,168.2 1,551.3 -5.3% 5.2% 1.33 x NMF 1.11 x 26.3 x 1.03 x 20.6 x News Corp. 50,283.2 61,582.2 21.8% 3.3% 1.94 x 8.9 x 1.87 x 9.4 x 1.74 x 8.5 x Time Warner Inc. 58,139.0 97,385.0 28.2% -1.7% 2.08 x 7.4 x 2.03 x 7.1 x 1.94 x 6.8 x Viacom, Inc. 24,808.8 32,645.8 25.5% -8.5% 2.36 x 9.3 x 2.26 x 9.0 x 2.13 x 8.4 x Walt Disney Co. 67,572.6 80,648.6 25.8% 17.1% 2.17 x 8.4 x 2.14 x 8.7 x 2.06 x 8.2 x Low $1,168.2 $1,551.3 -5.3% -8.5% 1.33 x 6.8 x 1.11 x 6.6 x 1.03 x 6.6 High $67,572.6 $97,385.0 28.2% 38.1% 2.36 x 9.3 x 2.26 x 9.4 x 2.13 x 8.5 Mean $36,310.0 $49,095.1 19.6% 8.9% 1.89 x 8.2 x 1.81 x 8.2 x 1.72 x 7.7 Median $37,546.0 $47,114.0 23.6% 4.3% 2.01 x 8.4 x 1.95 x 8.7 x 1.84 x 8.2 Source: Capital IQ Footnotes on next page.

Houlihan Lokey            Market Multiple Methodology COMPARABLE COMPANY METRICS (CONTINUED) Footnotes: 1 No company used in this analysis for comparative purposes is identical to the Company. 2 Calculated based upon analyst projections for the comparable companies. 3 Forward estimates for 2008 & 2009 refers to fiscal years after the most recently completed twelve-month period for which financial information has been made public. 4 All Content Management Companies have a 12/31 fiscal year end. 5 Based on closing stock prices as of May 20, 2008. 6 Based on reported fully-diluted shares. 7 Enterprise Value equals equity market value plus debt outstanding plus preferred stock less cash and cash equivalents. 8 Adjusted EBITDA refers to Earnings Before Interest, Taxes, Depreciation and Amortization adjusted for certain non-recurring items. 9 Forward looking estimates based on publicly available analyst estimates. LTM data as of 3/31/2008. 10 Time Warner, Viacom and CBS have a 12/31 fiscal year end. Disney has a 9/30 fiscal year end. Lions Gate Entertainment has 3/31 fiscal year end. News Corp. has a 6/30 fiscal year end.

Financial Analysis Market Multiple Methodology Comparable Transaction Methodology Discounted Cash Flow Approach Public Price Approach Valuation of License Agreements

Houlihan Lokey            Comparable Transaction Methodology SUMMARY OF VALUE (figures in millions) LTM — 3/31/2008 EBITDA Representative Level $85.4 Selected Multiple Range 13.0 x — 14.0 x Indicated Enterprise Value Range $1,110.2 — 1,195.6 Median $1,110.2 — 1,195.6 Mean $1,110.2 - 1,195.6 Indicated Enterprise Value Range $1,110.0 — 1,200.0

Houlihan Lokey            Comparable Transaction Methodology PRECEDENT TRANSACTION ANALYSIS1 (figures in millions) Transaction Value / LTM EBITDA 1-Week 1-Month Announced Target Target Business Description Acquiror Transaction Value (2) EBITDA (3) Margin Premium Premium 3/13/2008 2waytraffic N.V. Engages in developing and exploiting interactive entertainment content, such as Who Wants to Be a Millionaire across television, mobile, and digital platforms. Sony Pictures Entertainment Inc. $385.4 15.4x 26.9% 44.0% 59.7% 3/5/2007 Topps Co., Inc. The Topps Company, Inc. engages in the creation and marketing of confectionery and entertainment products. Madison Dearborn Partners, LLC 303.3 14.3x 6.5% 3.7% -2.2% 6/1/2006 Tiger Aspect Productions Ltd. Operates as a television program production company in London. TWI Interactive 48.2 13.9x 7.2% (5) NA NA 3/17/2005 19 Entertainment Ltd. Creates and produces entertainment programs. The company offers programs, such as American Idol in the United States and Pop Idol in the United Kingdom. CKx, Inc. 200.0 (4) 10.0x (4) 10.0% (5) NA NA 12/16/2004 Elvis Presley Enterprises, Inc. Provides music publishing, licensing, production, and tourism services. CKx, Inc. 105.0 (4) 12.4x (4) 26.4% (5) NA NA            Low $48.2 10.0x 6.5% 3.7% -2.2% High $385.4 15.4x 26.4% 44.0% 59.7% Median $200.0 13.9x 10.0% 23.9% 28.8% Mean $208.4 13.2x 15.4% 23.9% 28.8% Sources: Capital IQ and public filings and securities analyst reports EBITDA refers to Earnings Before Interest, Taxes, Depreciation and Amortization. 1 No transaction used in this analysis for comparative purposes is identical to the Transaction. 2 Transaction Value refers to the implied enterprise value of the target company, based on the announced transaction equity price and other public information available at the time of the announcement. 3 Based on reported metric for the most recent LTM period prior to the announcement of the transaction. 4 Based on discussions with management. The transaction with EPE includes approximately $5.0 million in transaction costs and represents an 85% interest. 5 Based on the implied EBITDA margin reflected by the EV and EV/EBITDA multiple.

Financial Analysis Market Multiple Methodology Comparable Transaction Methodology Discounted Cash Flow Approach Public Price Approach Valuation of License Agreements

Houlihan Lokey            Discounted Cash Flow Approach 18 SUMMARY OF VALUE1 (figures in millions) Indicated Indicated Indicated Segment Discounted Cash Flow Summary Enterprise Value Range (2013 Terminal Year) Enterprise Value Range (2012 Terminal Year) Enterprise Value Range (% Variance) 19 Entertainment (Core Operations) (1) $646.0 —$755.0 $649.0 —$773.0 0.5% —2.4% 19 Entertainment (New Initiatives) $300.0 —$450.0 $250.0 —$390.0 -16.7% —13.3% Other CKx Divisions (Core Operations) (1) $140.0 —$159.0 $150.0 —$174.0 7.1% —9.4% Other CKx Divisions (New Initiatives) $140.0 —$250.0 $130.0 —$240.0 -7.1% —4.0% Implied Enterprise Value Range (rounded) $1,226.0 —$1,614.0 $1,179.0 —$1,577.0 -3.8% —2.3% 1 Corporate overhead was allocated between the two core segments based on a percentage of revenue, per Company management.

Houlihan Lokey            Discounted Cash Flow Approach 19 ENTERTAINMENT (CORE OPERATIONS) — 2013 (figures in millions) Projected FYE December 31, (1) 2008 (1) 2009 2010 2011 2012 2013 Revenue $155.7 $215.9 $234.9 $251.9 $274.8 $299.0 Revenue Growth % NA 38.7% 8.8% 7.2% 9.1% 8.8% Less: Cost of Goods Sold (2) 79.2 105.1 111.2 118.0 119.7 126.4 Less: Selling, General & Administrative (3) 21.0 24.4 21.5 18.8 17.6 16.9 Less: Corporate Expense (4) 10.2 14.3 14.9 15.6 16.2 16.1 Less: Non-Cash Compensation Expense -— Add: Adjustments -— Adjusted EBIT $45.3 $72.2 $87.3 $99.5 $121.4 $139.6 EBIT Margin % 29.1% 33.4% 37.2% 39.5% 44.2% 46.7% Add: Option Expense — Adjusted EBITO 45.3 72.2 87.3 99.5 121.4 139.6 Less: Taxes 18.1 28.9 34.9 39.8 48.5 55.8 Debt-Free Earnings $27.2 $43.3 $52.4 $59.7 $72.8 $83.7 Less: Capital Expenditures (0.3) (0.4) (0.5) (0.5) (0.5) (0.5) Less: Working Capital Requirements (5) -— Add: Depreciation and Amortization 11.3 13.2 12.6 11.9 5.5 3.3 Total Net Investment $10.9 $12.8 $12.1 $11.4 $5.0 $2.8 Net Debt-Free Cash Flows $38.1 $56.1 $64.5 $71.1 $77.8 $86.6 Discount Period (6) 0.38 1.25 2.25 3.25 4.25 5.25 Discount Factor @ 13.0% 0.96 0.86 0.76 0.67 0.59 0.53 Present Value of Net Debt-Free Cash Flows $36.4 $48.1 $49.0 $47.8 $46.3 $45.6 Sensitivity Analysis: Enterprise Value Gordon Growth Rate 12.0% 12.5% 13.0% 13.5% 14.0% Discount Rate 1.0% 1.5% 2.0% 2.5% 3.0% $718.5 $741.7 $767.2 $795.3 $826.6 $686.3 $707.0 $729.7 $754.7 $782.3 $656.7 $675.3 $695.7 $718.0 $742.5 $629.5 $646.4 $664.7 $684.6 $706.5 $604.5 $619.7 $636.3 $654.2 $673.8 DCF Assumptions Discount Rate (7) 13.0% Tax Rate 40.0% Terminal Value Assumptions 2013 Cash Flow (2.0% Growth Rate) $88.3 Gordon Growth Rate 2.0% Terminal Value $802.6 Discount Period 5.25 Discount Factor @ 13.0% 0.53 PV of Terminal Value $422.5 Distribution of Value Period Cash Flow 39.3% Terminal Cash Flow 60.7% Total 100.0% Implied Analyses LTM EBITDA Multiple 16.1x NFY EBITDA Multiple 9.3x Implied Terminal Multiple 5.6x Indicated Enterprise Value (Rounded) $646.0 —$755.0 1 Source: Based on projections provided by Company management in files entitled “2008 five year planv9.xls” and “Q1 2008 Financial Overview final.ppt”. Reflects nine months ending December 31, 2008 for 2008. 2 Depreciation & amortization as provided by Company management is included in cost of goods sold. 3 Excludes corporate overhead. 4 Corporate overhead was allocated to the 19 Entertainment core operations based on its revenue as a percentage of total core revenue. 5 Based on discussions with management, the Company receives prepaid royalties on its licensing contracts, maintaining a positive working capital balance. Therefore, there are no projected working capital requirements. 6 Mid-year convention applied. 7 Refer to the page titled “Weighted Average Cost of Capital (WACC)”.

Houlihan Lokey            Discounted Cash Flow Approach 19 ENTERTAINMENT (NEW INITIATIVES) — 2013 (figures in millions) Revenue Revenue Growth % Less: Cost of Goods Sold (2) Less: Selling, General & Administrative (3) Less: Corporate Expense Less: Non-Cash Compensation Expense Add: Adjustments Adjusted EBIT EBIT Margin % Add: Option Expense Adjusted EBITO Less: Taxes Debt-Free Earnings Less: Capital Expenditures Less: Working Capital Requirements (4) Add: Depreciation and Amortization Total Net Investment Net Debt-Free Cash Flows Discount Period (5) Discount Factor @ 19.0% Present Value of Net Debt-Free Cash Flows Projected FYE December 31, (1) 2008 (1) 2009 2010 2011 2012 2013 $5.7 $23.0 $71.5 $140.5 $199.2 $259.6 NA NMF 210.9% 96.4% 41.8% 30.3% 11.0 10.3 28.5 52.6 76.8 94.9 0.8 2.6 6.6 10.5 12.8 14.7 -— -— -— ($6.0) $10.1 $36.5 $77.4 $109.6 $150.0 NA 43.8% 51.0% 55.1% 55.1% 57.8% -— (6.0) 10.1 36.5 77.4 109.6 150.0 (2.4) 4.0 14.6 31.0 43.9 60.0 ($3.6) $6.1 $21.9 $46.4 $65.8 $90.0 (1.3) -— -— -— (1.3) — ($4.9) $6.1 $21.9 $46.4 $65.8 $90.0 0.38 1.25 2.25 3.25 4.25 5.25 0.94 0.80 0.68 0.57 0.48 0.40 ($4.6) $4.9 $14.8 $26.4 $31.4 $36.1 Sensitivity Analysis: Enterprise Value Gordon Growth Rate 15.0% 17.0% 19.0% 21.0% 23.0% Discount Rate 3.0% 3.5% 4.0% 4.5% 5.0% $496.3 $514.3 $534.0 $555.5 $579.2 $407.2 $419.4 $432.6 $446.8 $462.2 $341.4 $350.1 $359.3 $369.2 $379.8 $291.1 $297.5 $304.2 $311.3 $318.9 $251.6 $256.3 $261.4 $266.7 $272.3 DCF Assumptions Discount Rate (6) 19.0% Tax Rate 40.0% Terminal Value Assumptions 2013 Cash Flow (4.0% Growth Rate) $93.6 Gordon Growth Rate 4.0% Terminal Value $624.0 Discount Period 5.25 Discount Factor @ 19.0% 0.40 PV of Terminal Value $250.4 Distribution of Value Period Cash Flow 30.3% Terminal Cash Flow 69.7% Total 100.0% Implied Analyses LTM EBITDA Multiple NA NFY EBITDA Multiple NA Implied Terminal Multiple 4.2x Indicated Enterprise Value (Rounded) $300.0 —$450.0 1 Source: Based on projections provided by Company management in files entitled “2008 five year planv9.xls” and “Q1 2008 Financial Overview final.ppt”. Reflects nine months ending December 31, 2008 for 2008. 2 Depreciation & amortization as provided by Company management is included in cost of goods sold. 3 Excludes corporate overhead. 4 Based on discussions with management, the Company receives prepaid royalties on its licensing contracts, maintaining a positive working capital balance. Therefore, there are no projected working capital requirements. 5 Mid-year convention applied. 6 Refer to the page titled “Weighted Average Cost of Capital (WACC)”.

Houlihan Lokey            Discounted Cash Flow Approach OTHER CKX DIVISIONS (CORE OPERATIONS) — 2013 (figures in millions) Revenue Revenue Growth % Less: Cost of Goods Sold (2) Less: Selling, General & Administrative (3) Less: Minority Interest in EPE and MAE Less: Corporate Expense (4) Add: Adjustments            Adjusted EBIT EBIT Margin % Add: Option Expense Adjusted EBITO Less: Taxes            Debt-Free Earnings Less: Capital Expenditures Less: Working Capital Requirements (5) Add: Depreciation and Amortization Total Net Investment Net Debt-Free Cash Flows Discount Period (6) Discount Factor @ 13.0% Present Value of Net Debt-Free Cash Flows Projected FYE December 31, (1) 2008 (1) 2009 2010 2011 2012 2013 $49.6 $67.1 $62.6 $66.4 $72.0 $74.9 NA 35.4% -6.7% 6.1% 8.4% 4.0% 28.9 34.3 29.3 26.0 24.3 23.8 7.4 10.3 8.6 6.0 5.4 6.3 1.3 1.7 1.3 6.2 7.6 11.0 3.8 5.1 5.3 5.4 5.6 6.6 -— $8.3 $15.7 $18.2 $22.8 $29.0 $27.3 16.7% 23.4% 29.1% 34.2% 40.3% 36.4% -— 8.3 15.7 18.2 22.8 29.0 27.3 3.3 6.3 7.3 9.1 11.6 10.9 $5.0 $9.4 $10.9 $13.7 $17.4 $16.4 (1.0) (1.4) (1.5) (1.6) (1.6) (1.7) -— 4.1 4.7 4.4 4.1 1.9 1.4 $3.1 $3.3 $2.9 $2.5 $0.3 (0.3) $8.1 $12.7 $13.9 $16.2 $17.7 $16.0 0.38 1.25 2.25 3.25 4.25 5.25 0.96 0.86 0.76 0.67 0.59 0.53 $7.7 $10.9 $10.5 $10.9 $10.5 $8.4 Sensitivity Analysis: Enterprise Value Gordon Growth Rate 12.0% 12.5% 13.0% 13.5% 14.0% Discount Rate 2.0% 2.5% 3.0% 3.5% 4.0% $150.6 $155.8 $161.6 $168.0 $175.3 $143.5 $148.2 $153.3 $158.9 $165.3 $137.2 $141.3 $145.8 $150.8 $156.4 $131.3 $135.0 $139.1 $143.5 $148.4 $126.0 $129.3 $132.9 $136.9 $141.3 DCF Assumptions Discount Rate (7) 13.0% Tax Rate 40.0% Terminal Value Assumptions 2013 Cash Flow (3.0% Growth Rate) Gordon Growth Rate Terminal Value Discount Period Discount Factor @ 13.0% PV of Terminal Value $16.5 3.0% $164.9 5.25 0.53 $86.8 Distribution of Value Period Cash Flow 40.5% Terminal Cash Flow 59.5% Total 100.0% Implied Analyses LTM EBITDA Multiple 10.7x NFY EBITDA Multiple 9.0x Implied Terminal Multiple 5.8x Indicated Enterprise Value (Rounded) $140.0 —$159.0 1 Source: Based on projections provided by Company management in files entitled “2008 five year planv9.xls” and “Q1 2008 Financial Overview final.ppt”. Reflects nine months ending December 31, 2008 for 2008. 2 Depreciation & amortization as provided by Company management is included in cost of goods sold. 3 Excludes corporate overhead. 4 Corporate overhead was allocated to the Other CKX Divisions core operations based on its revenue as a percentage of total core revenue. 5 Based on discussions with management, the Company receives prepaid royalties on its licensing contracts, maintaining a positive working capital balance. Therefore, there are no projected working capital requirements. 6 Mid-year convention applied. 7 Refer to the page titled “Weighted Average Cost of Capital (WACC)”.

Houlihan Lokey            Discounted Cash Flow Approach OTHER CKX DIVISIONS (NEW INITIATIVES) — 2013 (figures in millions) Projected FYE December 31, (1) 2008 (1) 2009 2010 2011 2012 2013 Revenue $0.0 $0.0 $20.2 $72.6 $107.9 $112.4 Revenue Growth % NA NA NMF 260.1% 48.6% 4.2% Less: Cost of Goods Sold (2) 0.4 7.7 28.5 48.9 58.5 59.0 Less: Selling, General & Administrative (3) —2.1 5.1 6.1 5.7 Less: Minority Interest in EPE and MAE —0.4 6.8 11.4 16.5 Less: Non-Cash Compensation Expense -— Add: Adjustments -— Adjusted EBIT ($0.4) ($7.7) ($10.9) $11.8 $31.8 $31.3 EBIT Margin % NMF NMF -53.9% 16.3% 29.5% 27.8% Add: Option Expense -— Adjusted EBITO (0.4) (7.7) (10.9) 11.8 31.8 31.3 Less: Taxes (0.2) (3.1) (4.3) 4.7 12.7 12.5 Debt-Free Earnings ($0.2) ($4.6) ($6.5) $7.1 $19.1 $18.8 Less: Capital Expenditures (8.3) (29.0) (67.0) (47.0) (10.0) Less: Working Capital Requirements (4) -— Add: Depreciation and Amortization 0.4 7.7 28.5 42.3 48.3 48.3 Total Net Investment (7.9) (21.3) (38.5) (4.7) $38.3 $48.3 Net Debt-Free Cash Flows ($8.2) ($25.9) ($45.0) $2.3 $57.4 $67.0 Discount Period (5) 0.38 1.25 2.25 3.25 4.25 5.25 Discount Factor @ 19.0% 0.94 0.80 0.68 0.57 0.48 0.40 Present Value of Net Debt-Free Cash Flows ($7.7) ($20.9) ($30.4) $1.3 $27.4 $26.9 Sensitivity Analysis: Enterprise Value Gordon Growth Rate 15.0% 17.0% 19.0% 21.0% 23.0% Discount Rate 3.0% 3.5% 4.0% 4.5% 5.0% $279.1 $292.5 $307.1 $323.1 $340.8 $215.8 $224.9 $234.7 $245.3 $256.8 $169.7 $176.2 $183.1 $190.4 $198.3 $135.0 $139.8 $144.8 $150.1 $155.7 $108.2 $111.7 $115.5 $119.4 $123.6 DCF Assumptions Discount Rate (6) 19.0% Tax Rate 40.0% Terminal Value Assumptions 2013 Cash Flow (4.0% Growth Rate) $69.7 Gordon Growth Rate 4.0% Terminal Value $464.6 Discount Period 5.25 Discount Factor @ 19.0% 0.40 PV of Terminal Value $186.4 Distribution of Value Period Cash Flow -1.8% Terminal Cash Flow 101.8% Total 100.0% Implied Analyses LTM EBITDA Multiple NA NFY EBITDA Multiple NA Implied Terminal Multiple 5.8x Indicated Enterprise Value (Rounded) $140.0 —$250.0 1 Source: Based on projections provided by Company management in files entitled “2008 five year planv9.xls” and “Q1 2008 Financial Overview final.ppt”. Reflects nine months ending December 31, 2008 for 2008. 2 Depreciation & amortization as provided by Company management is included in cost of goods sold. 3 Excludes corporate overhead. 4 Based on discussions with management, the Company receives prepaid royalties on its licensing contracts, maintaining a positive working capital balance. Therefore, there are no projected working capital requirements. 5 Mid-year convention applied. 6 Refer to the page titled “Weighted Average Cost of Capital (WACC)”.

Houlihan Lokey            Discounted Cash Flow Approach 19 ENTERTAINMENT (CORE OPERATIONS) — 2012 (figures in millions) Projected FYE December 31, (1) 2008 (1) 2009 2010 2011 2012 Revenue $155.7 $215.9 $234.9 $251.9 $274.8 Revenue Growth % NA 38.7% 8.8% 7.2% 9.1% Less: Cost of Goods Sold (2) 79.2 105.1 111.2 118.0 119.7 Less: Selling, General & Administrative (3) 21.0 24.4 21.5 18.8 17.6 Less: Corporate Expense (4) 10.2 14.3 14.9 15.6 16.2 Less: Non-Cash Compensation Expense -— Add: Adjustments -— Adjusted EBIT $45.3 $72.2 $87.3 $99.5 $121.4 EBIT Margin % 29.1% 33.4% 37.2% 39.5% 44.2% Add: Option Expense -— Adjusted EBITO 45.3 72.2 87.3 99.5 121.4 Less: Taxes 18.1 28.9 34.9 39.8 48.5 Debt-Free Earnings $27.2 $43.3 $52.4 $59.7 $72.8 Less: Capital Expenditures (0.3) (0.4) (0.5) (0.5) (0.5) Less: Working Capital Requirements (5) -— Add: Depreciation and Amortization 11.3 13.2 12.6 11.9 5.5 Total Net Investment $10.9 $12.8 $12.1 $11.4 $5.0 Net Debt-Free Cash Flows $38.1 $56.1 $64.5 $71.1 $77.8 Discount Period (6) 0.38 1.25 2.25 3.25 4.25 Discount Factor @ 13.0% 0.96 0.86 0.76 0.67 0.59 Present Value of Net Debt-Free Cash Flows $36.4 $48.1 $49.0 $47.8 $46.3 Sensitivity Analysis: Enterprise Value Gordon Growth Rate 12.0% 12.5% 13.0% 13.5% 14.0% Discount Rate 2.0% 2.5% 3.0% 3.5% 4.0% $722.9 $751.2 $782.7 $817.9 $857.5 $688.3 $713.6 $741.5 $772.6 $807.3 $656.9 $679.6 $704.5 $732.0 $762.6 $628.3 $648.7 $671.0 $695.5 $722.7 $602.0 $620.4 $640.5 $662.6 $686.8 DCF Assumptions Discount Rate (7) 13.0% Tax Rate 40.0% Terminal Value Assumptions 2012 Cash Flow (3.0% Growth Rate) $80.2 Gordon Growth Rate 3.0% Terminal Value $801.6 Discount Period 4.25 Discount Factor @ 13.0% 0.59 PV of Terminal Value $476.9 Distribution of Value Period Cash Flow 32.3% Terminal Cash Flow 67.7% Total 100.0% Implied Analyses LTM EBITDA Multiple 16.3x NFY EBITDA Multiple 9.4x Implied Terminal Multiple 6.3x Indicated Enterprise Value (Rounded) $649.0 —$773.0 1 Source: Based on projections provided by Company management in files entitled “2008 five year planv9.xls” and “Q1 2008 Financial Overview final.ppt”. Reflects nine months ending December 31, 2008 for 2008. 2 Depreciation & amortization as provided by Company management is included in cost of goods sold. 3 Excludes corporate overhead. 4 Corporate overhead was allocated to the 19 Entertainment core operations based on its revenue as a percentage of total core revenue. 5 Based on discussions with management, the Company receives prepaid royalties on its licensing contracts, maintaining a positive working capital balance. Therefore, there are no projected working capital requirements. 6 Mid-year convention applied. 7 Refer to the page titled “Weighted Average Cost of Capital (WACC)”.

Houlihan Lokey            Discounted Cash Flow Approach 19 ENTERTAINMENT (NEW INITIATIVES) — 2012 (figures in millions) Revenue Revenue Growth % Less: Cost of Goods Sold (2) Less: Selling, General & Administrative (3) Less: Corporate Expense Less: Non-Cash Compensation Expense Add: Adjustments Adjusted EBIT EBIT Margin % Add: Option Expense Adjusted EBITO Less: Taxes Debt-Free Earnings Less: Capital Expenditures Less: Working Capital Requirements (4) Add: Depreciation and Amortization Total Net Investment Net Debt-Free Cash Flows Discount Period (5) Discount Factor @ 19.0% Present Value of Net Debt-Free Cash Flows Projected FYE December 31, (1) 2008 (1) 2009 2010 2011 2012 $5.7 $23.0 $71.5 $140.5 $199.2 NA NMF 210.9% 96.4% 41.8% 11.0 10.3 28.5 52.6 76.8 0.8 2.6 6.6 10.5 12.8 -— -— -— ($6.0) $10.1 $36.5 $77.4 $109.6 NA 43.8% 51.0% 55.1% 55.1% -— (6.0) 10.1 36.5 77.4 109.6 (2.4) 4.0 14.6 31.0 43.9 ($3.6) $6.1 $21.9 $46.4 $65.8 (1.3) -— -— -— (1.3) -— ($4.9) $6.1 $21.9 $46.4 $65.8 0.38 1.25 2.25 3.25 4.25 0.94 0.80 0.68 0.57 0.48 ($4.6) $4.9 $14.8 $26.4 $31.4 Sensitivity Analysis: Enterprise Value Gordon Growth Rate 15.0% 17.0% 19.0% 21.0% 23.0% Discount Rate 4.0% 4.5% 5.0% 5.5% 6.0% $425.6 $443.7 $463.6 $485.6 $510.0 $347.4 $359.6 $372.7 $387.0 $402.6 $290.6 $299.2 $308.4 $318.3 $329.0 $247.7 $254.0 $260.7 $267.9 $275.5 $214.2 $219.0 $224.1 $229.4 $235.0 DCF Assumptions Discount Rate (6) 19.0% Tax Rate 40.0% Terminal Value Assumptions 2012 Cash Flow (5.0% Growth Rate) $69.1 Gordon Growth Rate 5.0% Terminal Value $493.4 Discount Period 4.25 Discount Factor @ 19.0% 0.48 PV of Terminal Value $235.6 Distribution of Value Period Cash Flow 23.6% Terminal Cash Flow 76.4% Total 100.0% Implied Analyses LTM EBITDA Multiple NA NFY EBITDA Multiple NA Implied Terminal Multiple 4.5x Indicated Enterprise Value (Rounded) $250.0 —$390.0 1 Source: Based on projections provided by Company management in files entitled “2008 five year planv9.xls” and “Q1 2008 Financial Overview final.ppt”. Reflects nine months ending December 31, 2008 for 2008. 2 Depreciation & amortization as provided by Company management is included in cost of goods sold. 3 Excludes corporate overhead. 4 Based on discussions with management, the Company receives prepaid royalties on its licensing contracts, maintaining a positive working capital balance. Therefore, there are no projected working capital requirements. 5 Mid-year convention applied. 6 Refer to the page titled “Weighted Average Cost of Capital (WACC)”.

Houlihan Lokey            Discounted Cash Flow Approach OTHER CKX DIVISIONS (CORE OPERATIONS) — 2012 (figures in millions) Revenue Revenue Growth % Less: Cost of Goods Sold (2) Less: Selling, General & Administrative (3) Less: Minority Interest in EPE and MAE Less: Corporate Expense (4) Add: Adjustments            Adjusted EBIT EBIT Margin % Add: Option Expense Adjusted EBITO Less: Taxes            Debt-Free Earnings Less: Capital Expenditures Less: Working Capital Requirements (5) Add: Depreciation and Amortization Total Net Investment Net Debt-Free Cash Flows Discount Period (6) Discount Factor @ 13.0% Present Value of Net Debt-Free Cash Flows Projected FYE December 31, (1) 2008 (1) 2009 2010 2011 2012 $49.6 $67.1 $62.6 $66.4 $72.0 NA 35.4% - -6.7% 6.1% 8.4% 28.9 34.3 29.3 26.0 24.3 7.4 10.3 8.6 6.0 5.4 1.3 1.7 1.3 6.2 7.6 3.8 5.1 5.3 5.4 5.6 -— $8.3 $15.7 $18.2 $22.8 $29.0 16.7% 23.4% 29.1% 34.2% 40.3% -— 8.3 15.7 18.2 22.8 29.0 3.3 6.3 7.3 9.1 11.6 $5.0 $9.4 $10.9 $13.7 $17.4 (1.0) (1.4) (1.5) (1.6) (1.6) -— 4.1 4.7 4.4 4.1 1.9 $3.1 $3.3 $2.9 $2.5 $0.3 $8.1 $12.7 $13.9 $16.2 $17.7 0.38 1.25 2.25 3.25 4.25 0.96 0.86 0.76 0.67 0.59 $7.7 $10.9 $10.5 $10.9 $10.5 Sensitivity Analysis: Enterprise Value Gordon Growth Rate 12.0% 12.5% 13.0% 13.5% 14.0% Discount Rate 2.0% 2.5% 3.0% 3.5% 4.0% $163.1 $169.5 $176.7 $184.7 $193.7 $155.2 $161.0 $167.3 $174.4 $182.3 $148.1 $153.3 $158.9 $165.2 $172.1 $141.6 $146.2 $151.3 $156.9 $163.1 $135.7 $139.8 $144.4 $149.4 $154.9 DCF Assumptions Discount Rate (7) 13.0% Tax Rate 40.0% Terminal Value Assumptions $108.3 2012 Cash Flow (3.0% Growth Rate) Gordon Growth Rate Terminal Value Discount Period Discount Factor @ 13.0% PV of Terminal Value $18.2 3.0% $182.1 4.25 0.59 Distribution of Value Period Cash Flow 31.8% Terminal Cash Flow 68.2% Total 100.0% Implied Analyses LTM EBITDA Multiple 11.6x NFY EBITDA Multiple 9.8x Implied Terminal Multiple 5.9x Indicated Enterprise Value (Rounded) $150.0 —$174.0 1 Source: Based on projections provided by Company management in files entitled “2008 five year planv9.xls” and “Q1 2008 Financial Overview final.ppt”. Reflects nine months ending December 31, 2008 for 2008. 2 Depreciation & amortization as provided by Company management is included in cost of goods sold. 3 Excludes corporate overhead. 4 Corporate overhead was allocated to the Other CKX Divisions core operations based on its revenue as a percentage of total core revenue. 5 Based on discussions with management, the Company receives prepaid royalties on its licensing contracts, maintaining a positive working capital balance. Therefore, there are no projected working capital requirements. 6 Mid-year convention applied. 7 Refer to the page titled “Weighted Average Cost of Capital (WACC)”.

Houlihan Lokey            Discounted Cash Flow Approach OTHER CKX DIVISIONS (NEW INITIATIVES) — 2012 (figures in millions) Projected FYE December 31, (1) 2008 (1) 2009 2010 2011 2012 Revenue $0.0 $0.0 $20.2 $72.6 $107.9 Revenue Growth % NA NA NMF 260.1% 48.6% Less: Cost of Goods Sold (2) 0.3 7.7 28.5 48.9 58.5 Less: Selling, General & Administrative (3) —2.1 5.1 6.1 Less: Minority Interest in EPE and MAE —0.4 6.8 11.4 Less: Non-Cash Compensation Expense -— Add: Adjustments -— Adjusted EBIT ($0.3) ($7.7) ($10.9) $11.8 $31.8 EBIT Margin % NMF NMF -53.9% 16.3% 29.5% Add: Option Expense -— Adjusted EBITO (0.3) (7.7) (10.9) 11.8 31.8 Less: Taxes (0.1) (3.1) (4.3) 4.7 12.7 Debt-Free Earnings ($0.2) ($4.6) ($6.5) $7.1 $19.1 Less: Capital Expenditures (8.3) (29.0) (67.0) (47.0) (10.0) Less: Working Capital Requirements (4) -— Add: Depreciation and Amortization 0.3 7.7 28.5 42.3 48.3 Total Net Investment (8.0) (21.3) (38.5) (4.7) $38.3 Net Debt-Free Cash Flows ($8.2) ($25.9) ($45.0) $2.3 $57.4 Discount Period (5) 0.38 1.25 2.25 3.25 4.25 Discount Factor @ 19.0% 0.94 0.80 0.68 0.57 0.48 Present Value of Net Debt-Free Cash Flows ($7.7) ($20.9) ($30.4) $1.3 $27.4 Sensitivity Analysis: Enterprise Value Gordon Growth Rate 15.0% 17.0% 19.0% 21.0% 23.0% Discount Rate 4.0% 4.5% 5.0% 5.5% 6.0% $270.2 $285.9 $303.3 $322.4 $343.7 $205.6 $216.2 $227.7 $240.2 $253.8 $159.6 $167.1 $175.1 $183.8 $193.0 $125.5 $131.0 $136.8 $143.1 $149.7 $99.4 $103.6 $107.9 $112.6 $117.5 DCF Assumptions Discount Rate (6) 19.0% Tax Rate 40.0% Terminal Value Assumptions 2012 Cash Flow (5.0% Growth Rate) $60.2 Gordon Growth Rate 5.0% Terminal Value $430.2 Discount Period 4.25 Discount Factor @ 19.0% 0.48 PV of Terminal Value $205.4 Distribution of Value Period Cash Flow -17.3% Terminal Cash Flow 117.3% Total 100.0% Implied Analyses LTM EBITDA Multiple NA NFY EBITDA Multiple NA Implied Terminal Multiple 5.4x Indicated Enterprise Value (Rounded) $130.0 —$240.0 1 Source: Based on projections provided by Company management in files entitled “2008 five year planv9.xls” and “Q1 2008 Financial Overview final.ppt”. Reflects nine months ending December 31, 2008 for 2008. 2 Depreciation & amortization as provided by Company management is included in cost of goods sold. 3 Excludes corporate overhead. 4 Based on discussions with management, the Company receives prepaid royalties on its licensing contracts, maintaining a positive working capital balance. Therefore, there are no projected working capital requirements. 5 Mid-year convention applied. 6 Refer to the page titled “Weighted Average Cost of Capital (WACC)”.

Houlihan Lokey            Discounted Cash Flow Approach WEIGHTED AVERAGE COST OF CAPITAL (figures in millions) Debt to Preferred to Equity to Preferred Market Value Total Debt Total Total Total Debt (1) Stock of Equity (2) Capitalization (3) to Equity Capitalization Capitalization Capitalization CBS Corporation $7,126.6 $0.0 $15,888.4 $23,015.0 44.9% 31.0% 0.0% 69.0% CKX Inc. 102.6 0.0 970.5 1,073.1 10.6% 9.6% 0.0% 90.4% Dic Entertainment Holdings Inc. 41.0 0.0 19.7 60.7 208.6% 67.6% 0.0% 32.4% Walt Disney Co. 15,790.0 0.0 67,572.6 83,362.6 23.4% 18.9% 0.0% 81.1% 4 Kids Entertainment Inc. 0.0 0.0 103.9 103.9 0.0% 0.0% 0.0% 100.0% Lions Gate Entertainment Corp. 565.8 0.0 1,168.2 1,734.0 48.4% 32.6% 0.0% 67.4% Marvel Entertainment, Inc. 337.4 0.0 2,562.8 2,900.2 13.2% 11.6% 0.0% 88.4% News Corp. 13,497.0 0.0 50,283.2 63,780.2 26.8% 21.2% 0.0% 78.8% Time Warner Inc. 36,161.0 0.0 58,139.0 94,300.0 62.2% 38.3% 0.0% 61.7% Viacom, Inc. 8,610.0 0.0 24,808.8 33,418.8 34.7% 25.8% 0.0% 74.2% Median $7,126.6 $0.0 $15,888.4 $23,015.0 26.8% 21.2% 0.0% 78.8% Mean $9,132.3 $0.0 $24,610.8 $33,743.1 29.3% 21.0% 0.0% 79.0% Levered Unlevered Equity Risk Size Risk Cost of Cost of Cost of Beta (4) Beta (5) Premium (6) Premium (7) Equity (8) Debt (9) Preferred WACC (10) CBS Corporation 1.10 0.87 5.50% 0.68% 11.3% 7.0% 0.0% 9.1% CKX Inc. 1.58 1.48 5.50% 2.20% 15.4% 6.7% 0.0% 14.3% Dic Entertainment Holdings Inc. 1.02 0.45 5.50% 5.82% 16.0% 0.0% 0.0% 5.2% Walt Disney Co. 0.83 0.73 5.50% -0.34% 8.8% 5.1% 0.0% 7.7% 4 Kids Entertainment Inc. 0.99 0.99 5.50% 5.82% 15.8% 0.0% 0.0% 15.8% Lions Gate Entertainment Corp. 0.45 0.35 5.50% 1.50% 8.5% 7.0% 0.0% 7.1% Marvel Entertainment, Inc. 0.99 0.92 5.50% 1.47% 11.5% 4.2% 0.0% 10.4% News Corp. 0.92 0.79 5.50% -0.34% 9.3% 7.1% 0.0% 8.2% Time Warner Inc. 0.99 0.72 5.50% - -0.34% 9.7% 6.4% 0.0% 7.4% Viacom, Inc. 0.86 0.71 5.50% -0.34% 8.9% 6.0% 0.0% 7.6% Median 0.99 0.83 9.7% 6.4% 0.0% 8.2% Mean 1.03 0.90 11.0% 5.5% 0.0% 9.7% Excluded from mean and median calculations. Footnotes on next page.

Houlihan Lokey            Discounted Cash Flow Approach WEIGHTED AVERAGE COST OF CAPITAL (CONTINUED) Footnotes: 1 Debt amounts based on most recent public filing, which was 3/31/2008. 2 Equity market value based on closing stock price on May 20, 2008 and on reported fully-diluted shares as of the most recent filing stated in footnote 1. 3 Total capitalization equal to equity market value + debt outstanding + preferred stock. 4 Based on actual beta as per Bloomberg as of May 20, 2008. 5 Unlevered Beta = Levered Beta / (1+ (1 — Tax Rate) * (Debt / Equity Market Value)) . 6 Based on review of studies measuring the historical returns between stocks and bonds, theoretical models such as supply side and demand side models and other materials. 7 Morningstar, Stocks, Bonds, Bills and Inflation 2008 Yearbook, pp. 130, 131 and 137. 8 Cost of Equity=Risk Free Rate of Return + (Levered Beta * Equity Risk Premium) + Size Premium. Risk Free Rate of Return as of May 20, 2008, based on 20-year U.S. Treasury Bond Yield. 9 Based on selected company weighted average interest rate per most recent public filings. 10 Weighted Average Cost of Capital (WACC) = (Cost of Debt) * (1 — Tax Rate) * (Debt to Total Capitalization) + (Cost of Equity * Equity Market Value to Total Capitalization) + (Cost of Preferred * Preferred Stock to Total Capitalization). See next page for tax rate assumption. 28

Houlihan Lokey            Discounted Cash Flow Approach INDICATED WEIGHTED AVERAGE COST OF CAPITAL (CONTINUED) Market Assumptions 20-Year Treasury Bond Yield (1) 4.55% Equity Risk Premium (2) 5.50% Size Risk Premium (3) 2.56% Tax Rate (4) 40.00% Beta Assumptions Selected Unlevered Beta (5) 0.90 Levered Beta (6) 1.05 Capital Structure Assumptions Preferred to Total Capitalization (7) 0.0% Debt to Total Capitalization (8) 21.2% Equity to Total Capitalization (9) 78.8% Cost of Debt (10) 6.4% Cost of Preferred 0.0% Cost of Equity (11) 12.9% Indicated Weighted Average Cost of Capital (rounded) (12) 11.0% CKX Inc. Weighted Average Cost of Capital (rounded) 14.3% Concluded Weighted Average Cost of Capital — Core Businesses 13.0% Concluded Weighted Average Cost of Capital — Non-Core Businesses (13) 19.0% 1 Risk Free Rate of Return as of May 20, 2008 based on 20-year U.S. Treasury Bond Yield. 2 Based on review of studies measuring the historical returns between stocks and bonds, theoretical models such as supply side and demand side models and other materials. 3 Morningstar, Stocks, Bonds, Bills and Inflation 2008 Yearbook, pp. 130, 131 and 137. 4 As per Company management. 5 Based on selected companies’ unlevered betas as listed on previous page 6 Levered Beta = Unlevered Beta * (1+ (Debt/Equity Market Value) * (1 — Tax Rate)) . 7 Based on selected companies’ Preferred Stock to Total Capitalization listed on previous page. Preferred Stock and Total Capitalization as of May 20, 2008. 8 Based on selected companies’ Debt to Total Capitalization listed on previous page. Debt Outstanding and Total Capitalization as of May 20, 2008. 9 Based on selected companies’ Equity Market Value to Total Capitalization listed on previous page. Equity Market Value and Total Capitalization as of May 20, 2008. 10 Based on selected companies’ cost of debt listed on previous page. 11 Cost of Equity = Risk Free Rate of Return + (Levered Beta * Equity Risk Premium) + Size Premium. 12 Weighted Average Cost of Capital (WACC) = (Cost of Debt) * (1 — Tax Rate) * (Debt to Total Capitalization) + (Cost of Equity * Equity Market Value to Total Capitalization) + (Cost of Preferred            Preferred Stock to Total Capitalization). 13 Calculated including 10.0 percent company specific risk premium to reflect execution risk of developing new revenue streams and business lines. 29

Financial Analysis Market Multiple Methodology Comparable Transaction Methodology Discounted Cash Flow Approach Public Price Approach Valuation of License Agreements

Houlihan Lokey            Price per Share Range (Rounded) 8.40 —10.10 Public Price Approach SUMMARY (figures in millions, except price per share) As of May 12, 2008 Low High Closing Stock Price as of5/12/2008 $9.70 5-Day Range $8.90 —$10.00 30-Day Range 8.17 —10.00 90-Day Range 8.02 —10.39 Market Value of Equity (1) (2) $818.5 —$984.1 Add: Net Debt (2) 46.7 —46.7 Add: Minority Interest (2) 4.7 —4.7 Add: Preferred Stock (2) 22.8 —22.8 Enterprise Value (Rounded) $890.0 —$1,060.0 Source: Capital IQ Note: Closing stock price as of 5/12/2008 the day prior to the announced revised offer of $12.00 per share 1 Based on fully diluted shares outstanding of 97.4 million per the Company’s Form 10-Q for the period ended March 31, 2008. 2 Per the Company’s Form 10-Q for the period ended March 31, 2008.

Houlihan Lokey            Public Price Approach TRADING SNAPSHOT (figures in millions, except per share data) Public Market Enterprise Value 52-week High $15.34 90-day Average Daily Trading Volume 0.09 52-week Low $8.02 Equity Analyst Coverage 1 Fully Diluted Shares Outstanding (1) 97.4 Stock Price (2) $9.70 Market Value of Equity $945.1 Add: Total Debt (3) 102.6 Add: Preferred Stock (3) 22.8 Add: Minority Interest (3) 4.7 Less: Cash (3) 55.9 Public Market Enterprise Value (rounded) $1,020.0 Total Public Float 52.3 % of Total Basic Shares Outstanding 53.7% Institutional Holdings      % of Total Shares Outstanding 50.6% % of Total Public Float 94.2% Source: Capital IQ 1 Based on fully diluted shares outstanding of 97.4 million per the Company’s Form 10-Q for the period ended March 31, 2008. 2 Closing stock price as of 5/12/2008 the day prior to the announced revised offer of $12.00 per share. 3 Per the Company’s Form 10-Q for the period ended March 31, 2008.

Financial Analysis Market Multiple Methodology Comparable Transaction Methodology Discounted Cash Flow Approach Public Price Approach Valuation of License Agreements

Houlihan Lokey            Valuation of License Agreements FXRE LICENSING FEE VALUATION SUMMARY (figures in millions) Indicated Segment Discounted Cash Flow Summary Value Range FXRE License Fee — EPE $161.0 —$198.0 Percentage Allocated to the Company @ 85% (1) 136.9 —168.3 FXRE License Fee — MAE $12.0 —$15.0 Percentage Allocated to the Company @ 80% (1) 9.6 —12.0 Indicated Value Range (rounded) $146.0 —$180.0 1 Per Company management.

Houlihan Lokey            Valuation of License Agreements DISCOUNTED CASH FLOW VALUATION — EPE (figures in millions) Revenue (1) Revenue Growth % Add: Adjustments Adjusted EBIT EBIT Margin % Less: Taxes Debt-Free Earnings Less: Capital Expenditures Less: Working Capital Requirements Add: Depreciation and Amortization Total Net Investment Net Debt-Free Cash Flows Discount Period Discount Factor @ 13.0% Present Value of Net Debt-Free Cash Flows            Projected FYE December 31, 2008 2009 2010 2011 2012 2013 $9.0 NA $9.0 NA — $9.0 NA 3.6 $5.4 $9.0 100.0% 3.6 $5.4 — — — — $5.4 1.00 0.88 $4.8 $5.4 2.00 0.78 $4.2 Sensitivity Analysis: Enterprise Value Discount Rate $18.0 $18.0 $21.6 $45.4 100.0% 0.0% 20.0% 110.1% -— $18.0 $18.0 $21.6 $45.4 100.0% 100.0% 100.0% 100.0% 7.2 7.2 8.6 18.2 $10.8 $10.8 $13.0 $27.2 -— -— -— -— $10.8 $10.8 $13.0 $27.2 3.00 4.00 5.00 6.00 0.69 0.61 0.54 0.48 $7.5 $6.6 $7.0 $13.1 Gordon Growth Rate 2.0% 2.5% 3.0% 3.5% 4.0% 12.0% 12.5% $185.5 $174.5 $164.5 $193.6 $181.7 $170.9 $202.7 $189.6 $177.9 $212.8 $198.5 $185.7 $224.1 $208.3 $194.3 13.0% 13.5% 14.0% $155.4 $147.1 $161.1 $152.3 $167.4 $157.9 $174.3 $164.0 $181.9 $170.7 DCF Assumptions Discount Rate (2) 13.0% Tax Rate 40.0% Terminal Value Assumptions 2013 Cash Flow (3.0% Growth Rate) $28.0 Gordon Growth Rate 3.0% Terminal Value $280.4 Discount Period 6.00 Discount Factor @ 13.0% 0.48 PV of Terminal Value $134.7 Distribution of Value Period Cash Flow 24.3% Terminal Cash Flow Total 75.7% 100.0% Implied Analyses LTM EBITDA Multiple NA NFY EBITDA Multiple NA Implied Terminal Multiple 6.2x Indicated Enterprise Value $161.0 —$198.0 Source: Based on projections provided by Company management in files entitled “2008 five year planv9.xls” and “Q1 2008 Financial Overview final.ppt”         . 1 Based on the greater of the contractual minimum guarantees under the EPE license agreement or the projected 3 percent royalties to the Company from the Phase I development only of FX Luxury. 2 Refer to page titled “Weighted Average Cost of Capital (WACC)” .

Houlihan Lokey            Valuation of License Agreements DISCOUNTED CASH FLOW VALUATION — MAE (figures in millions) Revenue (1) Revenue Growth % Add: Adjustments Adjusted EBIT EBIT Margin % Less: Taxes Debt-Free Earnings Less: Capital Expenditures Less: Working Capital Requirements Add: Depreciation and Amortization Total Net Investment Net Debt-Free Cash Flows Discount Period Discount Factor @ 13.0% Projected FYE December 31, 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 $1.0 $1.0 $2.0 $2.0 $2.0 $3.0 $3.0 $3.0 $3.0 $3.0 NA NA 100.0% 0.0% 0.0% 50.0% 0.0% 0.0% 0.0% 0.0% $1.0 $1.0 $2.0 $2.0 $2.0 $3.0 $3.0 $3.0 $3.0 $3.0 NA 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 0.4 0.4 0.8 0.8 0.8 $0.6 $0.6 $1.2 $1.2 $1.2 $0.6 $0.6 $1.2 $1.2 $1.2 1.00 2.00 3.00 4.00 5.00 0.88 0.78 0.69 0.61 0.54 Present Value of Net Debt-Free Cash Flows $0.5 $0.5 $0.8 $0.7 $0.7 Sensitivity Analysis: Enterprise Value Gordon Growth Rate Discount Rate 4.0% 4.5% 5.0% 5.5% 6.0% 12.0% 12.5% $14.5 $13.6 $12.8 $15.1 $14.1 $13.2 $15.7 $14.6 $13.6 $16.4 $15.2 $14.1 $17.2 $15.9 $14.7 13.0% 13.5% 14.0% $12.1 $11.4 $12.4 $11.7 $12.8 $12.0 $13.2 $12.4 $13.7 $12.8 1.2 1.2 1.2 1.2 1.2 $1.8 $1.8 $1.8 $1.8 $1.8 $1.8 $1.8 $1.8 $1.8 $1.8 6.00 7.00 8.00 9.00 10.00 0.48 0.43 0.38 0.33 0.29 $0.9 $0.8 $0.7 $0.6 $0.5 DCF Assumptions Discount Rate (2) 13.0% Tax Rate 40.0% Terminal Value Assumptions 2017 Cash Flow (5.0% Growth Rate) Gordon Growth Rate Terminal Value Discount Period Discount Factor @ 13.0% PV of Terminal Value $1.9 5.0% $23.6 10.00 0.29 $7.0 Distribution of Value Period Cash Flow 48.9% Terminal Cash Flow Total 51.1% 100.0% Implied Analyses LTM EBITDA Multiple NA NFY EBITDA Multiple NA Implied Terminal Multiple 7.9x Indicated Enterprise Value $12.0 —$15.0 Source: Based on projections provided by Company management in files entitled “2008 five year planv9.xls” and “Q1 2008 Financial Overview final.ppt”. 1 Based on the contractual minimum guarantees under the MAE License Agreement in light of such guarantees exceeding projected royalty payments otherwise owed. 2 Refer to page titled “Weighted Average Cost of Capital (WACC)”.

Appendices

Appendices Supplemental Schedules

Houlihan Lokey            Supplemental Schedules PRIOR REFERENCE RANGE SUMMARY1 (figures in millions, except price per share) Market Multiple Selected Discounted Cash Flow Public Price Approach Transaction Approach Approach Approach Low High Low High Low High Low High Enterprise Value (2) $1,080.0 $1,170.0 $1,010.0 $1,080.0 $1,280.0 $1,715.0 $980.0 $1,170.0 Add: PV of License Agreements (3) 136.0 136.0 136.0 136.0 136.0 136.0 136.0 136.0 Add: 25% Interest in FXRE (4) 50.0 50.0 50.0 50.0 50.0 50.0 50.0 50.0 Adjusted Enterprise Value $1,266.0 $1,356.0 $1,196.0 $1,266.0 $1,466.0 $1,901.0 $1,166.0 $1,356.0 Add: Cash (5) $62.4 $62.4 $62.4 $62.4 $62.4 $62.4 $62.4 $62.4 Less: Debt (5) 103.2 103.2 103.2 103.2 103.2 103.2 103.2 103.2 Less: Minority Interest (6) 0.0 0.0 0.0 0.0 0.0 0.0 4.1 4.1 Less: Preferred Stock (5) 22.8 22.8 22.8 22.8 22.8 22.8 22.8 22.8 Equity Value $1,202.4 $1,292.4 $1,132.4 $1,202.4 $1,402.4 $1,837.4 $1,098.3 $1,288.3 Price per Share (7) $12.36 $13.28 $11.64 $12.36 $14.41 $18.88 $11.29 $13.24 Offer Price (8) $13.75 $13.75 $13.75 $13.75 $13.75 $13.75 $13.75 $13.75 Source: Based on proforma financials and projections provided by Company management in files entitled “2008 five year planv9.xls”, “ltm.xls” and “Q1 2008 Financial Overview final.ppt” 1 Excerpted from prior Houlihan Lokey analysis as of September 27, 2007. 2 CKX core operations and new initiatives. 3 Projected payments under the EPE License Agreement are based on the greater of the contractual minimum guarantees, or the 3 percent royalties for the Phase I development only of FX Luxury. Projected MAE license            payments are based on the contractual minimum guarantees in light of such guarantees exceeding projected royalty payments otherwise owed. 4 Related to the remaining 25 percent interest in FXRE being distributed to CKX shareholders under the previously revised Transaction terms. Based on the Company’s initial investment of $100 million. 5 As per the Company’s latest unaudited financial statements as of 8/31/2007. 6 Minority interest has been captured in other approaches through adjustments to representative levels. 7 Based on 97.3 million fully diluted shares of CKX on Form 10-Q for the period ended June 30, 2007.

Houlihan Lokey            Supplemental Schedules 13E-3 PREMIUMS PAID ANALYSIS 13e-3 Premiums Analysis1 Stock Price Premium Median/Mean 40.0% 35.0% 30.0% 25.0% 20.0% 15.0% 10.0% 5.0% 0.0% 1 Trading Day 1 Trading Day 5 Trading Day 5 Trading Day Median Mean Median Mean 25.5% 25.0% 25.8% 19.3% 18.1% 17.8% 1-Week Premium: 28.2% 1-Day Premium: 23.7% Source: Capital IQ 1 Based on the premium to stock price in 13e-3 transactions filed with the SEC for the period of 1/1/2004 — 5/20/2008. 1-Month Premium: 34.4% 20 Trading Day 20 Trading Day Median Mean

Houlihan Lokey            Supplemental Schedules DCF SENSITIVITY ANALYSIS Discounted Cash Flow Approach (2013) 50% New Initiatives Downside $20.00 $18.00 $16.00 $14.00 $12.00 $10.00 $8.00 $6.00 $12.12 $11.84 $13.45 $12.97 $10.40 $10.68 $17.40 $17.78 $15.55 $15.83 $13.57 $13.30 Per Share Consideration: $12.00 (1) May 31, 2007 Share Price: $10.63 (2) May 12, 2008 Share Price: $9.70 (3) Price per Share 1 Based on the proposed Amendment No. 4 to Agreement. Discounted Cash Flow Approach (2012) Base Case Discounted Cash Flow Approach (2013) Base Case Discounted Cash Flow Approach (2012) 25% New Initiatives Downside Discounted Cash Flow Approach (2013) 25% New Initiatives Downside Discounted Cash Flow Approach (2012) 50% New Initiatives Downside 2 CKX closing stock price as of May 31, 2007 the day prior to the announcement of the original Transaction at $13.75 per share. 3 CKX closing stock price as of May 12, 2008 the day prior to the announced revised offer of $12.00 per share.

Houlihan Lokey            Supplemental Schedules DCF SENSITIVITY ANALYSIS (CONTINUED)1 ($ in millions) For the Fiscal Year Ending December 31, Base Case (2) 2008 2009 2010 2011 2012 2013 Core Revenue (3) $273.7 $283.1 $297.5 $318.3 $346.9 $373.9 New Initiatives Revenue (4) 7.7 23.0 91.7 213.0 307.0 372.0 Total Revenue $281.3 $306.1 $389.2 $531.4 $653.9 $745.9 Core EBITDA $93.6 $107.5 $123.8 $144.5 $165.4 $182.5 New Initiatives EBITDA (8.0) 10.1 54.6 138.3 201.1 246.0 Total EBITDA $85.6 $117.6 $178.3 $282.8 $366.6 $428.5 Downside Case — 25% Reduction to New Initiatives (5) Core Revenue (3) $273.7 $283.1 $297.5 $318.3 $346.9 $373.9 New Initiatives Revenue (4) 5.7 17.3 68.7 159.8 230.3 279.0 Total Revenue $279.4 $300.3 $366.3 $478.1 $577.1 $652.9 Core EBITDA $93.6 $107.5 $123.8 $144.5 $165.4 $182.5 New Initiatives EBITDA (6.0) 7.6 40.9 103.7 150.9 184.5 Total EBITDA $87.6 $115.1 $164.7 $248.2 $316.3 $367.0 Downside Case — 50% Reduction to New Initiatives (6) Core Revenue (3) $273.7 $283.1 $297.5 $318.3 $346.9 $373.9 New Initiatives Revenue (4) 3.8 11.5 45.8 106.5 153.5 186.0 Total Revenue $277.5 $294.6 $343.4 $424.9 $500.4 $559.9 Core EBITDA $93.6 $107.5 $123.8 $144.5 $165.4 $182.5 New Initiatives EBITDA (4.0) 5.0 27.3 69.1 100.6 123.0 Total EBITDA $89.6 $112.6 $151.1 $213.7 $266.0 $305.5 1 Excludes FXRE license fees. 2 Base case revenue and EBITDA based on projections provided by Company management. Source: Based on proforma financials and projections provided by Company management in files entitled “consolidated            financial model.xls” and “Q2 2007 Financial Overview final.ppt”. 3 Includes American Idol, Non-Us Idol, So You Think You Can Dance, Music, Beckhams, MBST, EPE Licensing/Royalties, Core Graceland Operations, Other Elvis Content and MAE. 4 Includes US Artist Band Show, Land-Based Attractions, New TV Development Projects, Now TV, Digital Idol, Most Beautiful Girl, MAAS, Tim LoveJoy, New Graceland Operations, Cirque Du Soleil Show and Ali Experience. 5 Based on a 25% reduction to New Initiatives revenue and EBITDA. 6 Based on a 50% reduction to New Initiatives revenue and EBITDA.

Houlihan Lokey            Supplemental Schedules COMPARISON OF PROJECTIONS ($ in millions) For the Fiscal Year Ending December 31, Business Segments (1) 2007 2008 2009 2010 2011 2012 2013 Consolidated Revenue (9/2007) $247.3 $276.5 $342.4 $460.1 $580.0 $683.5 NA Consolidated Revenue (5/2008) 268.3 281.3 306.1 389.2 531.4 653.9 745.9 Percentage Variance 8.5% 1.7% -10.6% -15.4% - -8.4% -4.3% NA Consolidated EBITDA (9/2007) $69.2 $111.6 $164.2 $263.5 $345.8 $414.9 NA Consolidated EBITDA (5/2008) 73.8 85.6 117.6 178.3 282.8 366.6 428.5 Percentage Variance 6.6% - -23.3% -28.3% -32.3% -18.2% -11.7% NA Total Core Revenue (9/2007) (2) $247.3 $245.0 $262.8 $276.1 $294.2 $319.0 NA Total Core Revenue (5/2008) (2) 262.4 273.7 283.1 297.5 318.3 346.9 373.9 Percentage Variance 6.1% 11.7% 7.7% 7.8% 8.2% 8.7% NA Total Core EBITDA (9/2007) $69.2 $87.7 $103.7 $126.9 $143.6 $163.9 NA Total Core EBITDA (5/2008) 77.6 93.6 107.5 123.8 144.5 165.4 182.5 Percentage Variance 12.1% 6.8% 3.7% -2.5% 0.6% 0.9% NA Total New Initiatives Revenue (9/2007) (3) $0.0 $31.5 $79.6 $184.0 $285.8 $364.5 NA Total New Initiatives Revenue (5/2008) (3) 6.0 7.7 23.0 91.7 213.0 307.0 372.0 Percentage Variance NMF -75.7% -71.1% -50.2% -25.5% -15.8% NA Total New Initiatives EBITDA (9/2007) $0.0 $23.9 $60.5 $136.6 $202.1 $251.0 NA Total New Initiatives EBITDA (5/2008) (3.8) (8.0) 10.1 54.6 138.3 201.1 246.0 Percentage Variance NMF -133.4% -83.3% -60.1% - -31.6% -19.9% NA 43 Comparison of Discounted Cash Flow Analysis (4) Price Per Share Key Assumptions As of September 25, 2007 $14.41 $18.88 Core Discount Rate: 12.5% — 13.5%, New Discount Rate: 17.0% — 21.0%, Core Terminal Growth: 2.5% — 3.5%, New Terminal Growth Rate: 4.5% — 5.5% As of May 20, 2008 (2012 Terminal Growth Year) $12.97 $17.40 Core Discount Rate: 12.5% — 13.5%, New Discount Rate: 17.0% — 21.0%, Core Terminal Growth: 2.5% — 3.5%, New Terminal Growth Rate: 4.5% - 5.5% As of May 20, 2008 (2013 Terminal Growth Year) $13.45 $17.78 Core Discount Rate: 12.5% - 13.5%, New Discount Rate: 17.0% — 21.0%, Core Terminal Growth: 1.5% — 3.5%, New Terminal Growth Rate: 3.5% — 4.5% Source: 9/2007 based on proforma financials and projections provided by Company management in files entitled “consolidated financial model.xls” and “Q2 2007 Financial Overview final.ppt” Source: 5/2008 based on proforma financials and projections provided by Company management in files entitled “2008 five year planv9.xls”, “ltm.xls” and “Q1 2008 Financial Overview final.ppt” 1 Telephony and Internet for 19 Entertainment were reclassified by HL under Core revenue and EBITDA. Under prior analysis, Telephony and Internet were classified under New Initiatives. 2 Includes American Idol, Non-Us Idol, So You Think You Can Dance, Music, Beckhams, MBST, EPE Licensing/Royalties, Core Graceland Operations, Other Elvis Content and MAE. The analysis does not include FXRE license fees as they have been considered separately. 3 Includes US Artist Band Show, Land-Based Attractions, New TV Development Projects, Now TV, Digital Idol, Most Beautiful Girl, MAAS, Tim LoveJoy, New Graceland Operations, Cirque Du Soleil Show and Ali Experience. 4 Reflects HL assumptions used in our September 25, 2007 analysis compared to the May 20, 2008 analyses, together with resulting price per share ranges.

EX-99.C.7

Exhibit (c)(7)

June 1, 2007

Board of Directors

Special Committee of the Board of Directors

CKX, Inc.

Dear Members of the Board of Directors and the Special Committee of the Board of Directors:

We understand that 19X, Inc. (the “Acquiror”), 19X Acquisition Corp., a wholly-owned subsidiary of the Acquiror (“Sub”), and CKX, Inc. (the “Company”), propose to enter into the Merger Agreement (defined below) pursuant to which, among other things, Sub will be merged with and into the Company (the “Transaction”) and that, in connection with the Transaction, each outstanding share of common stock, par value $0.01 per share, of the Company (“Company Common Stock”) will be converted into the right to receive $13.75 in cash (the “Consideration”). We understand that the Acquiror is owned by a significant stockholder and Chief Executive Officer of the Company, Robert Sillerman; and Simon Fuller, who is the Chief Executive Officer of the Company’s subsidiary, 19 Entertainment Limited, and a director and member of the Office of the Chair (together with Acquiror and their respective affiliates, and any other stockholder of the Company acting in a group in connection with the Transaction, collectively “Excluded Persons”).

You have requested that Houlihan Lokey Howard & Zukin Financial Advisors, Inc. (“Houlihan Lokey”) provide an opinion (the “Opinion”) as to whether, as of the date hereof, the Consideration to be received by the holders of Company Common Stock (other than the Excluded Persons) in the Transaction is fair to such holders from a financial point of view.

In connection with this Opinion, we have made such reviews, analyses and inquiries as we have deemed necessary and appropriate under the circumstances. Among other things, we have:

1. reviewed the Company’s annual report to shareholders on Form 10-K for the fiscal year ended December 31, 2006, and quarterly report on Form 10-Q for the quarter ended March 31, 2007, which the Company’s management has identified as being the most current financial statements available;

2. spoken with certain members of the management of the Company regarding the operations, financial condition, future prospects and projected operations and performance of the Company and regarding the Transaction, and spoken with representatives of the Company’s independent legal counsel regarding the Company, the Transaction, and related matters;

3. reviewed the following agreements and documents:

a. Agreement and Plan of Merger (the “Merger Agreement”), by and among 19X, Inc., 19 Acquisition Corp. and the Company, dated as of June 1, 2007;

b. Management Cooperation Agreement, by and among the Company and certain stockholders of the Company, dated as of June 1, 2007;

c. Membership Interest Purchase Agreement, by and among Flag Luxury Realty, LLC (together with its parent corporation following the FX Luxury Reorganization (as defined below), “FX Luxury”), the Company and Flag Luxury Properties, LLC, dated as of June 1, 2007;

d. Amended and Restated Limited Liability Company Operating Agreement of FX Luxury, dated as of June 1, 2007;

e. Repurchase Agreement by and among FX Luxury, the Company, Flag Luxury Properties, LLC, Robert F.X. Sillerman, Brett Torino, and Paul C. Kavanos, dated as of June 1, 2007 (the “Repurchase Agreement”);

f. Purchase and/or Redemption Agreement between Leviev Boymelgreen and FX Luxury, dated as of June 1, 2007;

g. License Agreement between Elvis Presley Enterprises, Inc. and FX Luxury, dated as of June 1, 2007 (the “Presley License Agreement”);

h. License Agreement between Muhammad Ali Enterprises, LLC and FX Luxury, dated as of June 1, 2007 (the “Ali License Agreement” and, together with the Presley License Agreement, the “License Agreements”);

i. Robert F.X. Sillerman Disclosure Letter (undated); and

j. Option Agreement between Riv Acquisition Holdings, Inc. on the one hand, and Triple Five Investco LLC and Dominion Financial LLC on the other hand, dated March 21, 2007;

4. reviewed precedent licensing agreements for Elvis Presley properties owned by Elvis Presley Enterprises, Inc.;

5. reviewed an appraisal of the 17.72 acre site, consisting of nine contiguous parcels, located at the Southeast corner of Las Vegas Boulevard and Harmon Avenue, with an address of 3725-3767 S. Las Vegas Boulevard, Las Vegas, Nevada, prepared by KTR Valuation & Consulting Services, LLC, dated as of March 20, 2007 (the “KTR Appraisal”);

6. reviewed the pro forma financial model for Park Central Casino Resort provided by Economics Research Associates for the years 2011 to 2016, dated as of May 17, 2007 (the “ERA Model”);

7. reviewed existing leases that encumber phase II and III of the Park Central Casino development as of April 10, 2007;

8. reviewed the following agreements and documents in connection with FX Luxury:

a. Barclays Capital Real Estate Inc. loan agreements for $300 million and $10 million as of July 15, 2005;

b. Credit Suisse First Lien Credit Agreement for $250 million and Credit Suisse Second Lien Credit Agreement for $120 million as of May 11, 2007;

c. RIV Acquisition Holdings Agreement as of April 24, 2007; and

d. Operating Agreement of BP Parent, LLC dated as of June 22, 2005;

9. reviewed financial forecasts and projections prepared by the management of the Company with respect to the Company for the fiscal years ending December 31, 2007 through 2012;

10. reviewed the historical market prices and trading volume for the Company’s publicly traded securities for the past three years and those of certain publicly traded companies which we deemed relevant;

11. reviewed certain other publicly available financial data for certain companies that we deemed relevant and publicly available transaction prices and premiums paid in other change of control transactions that we deemed relevant for companies in industries related to the Company; and

12. conducted such other financial studies, analyses and inquiries as we have deemed appropriate.

We have relied upon and assumed, without independent verification, the accuracy and completeness of all data, material and other information furnished, or otherwise made available, to us, discussed with or reviewed by us, or publicly available, and do not assume any responsibility with respect to such data, material and other information. In addition, management of the Company has advised us, and we have assumed, that the financial forecasts and projections have been reasonably prepared in good faith on bases reflecting the best currently available estimates and judgments of such management as to the future financial results and condition of the Company, and we express no opinion with respect to such forecasts and projections or the assumptions on which they are based. We have relied upon and assumed, without independent verification, that there has been no material change in the assets, liabilities, financial condition, results of operations, business or prospects of the Company since the date of the most recent financial statements provided to us, and that there are no information or facts that would make any of the information reviewed by us incomplete or misleading. We have not considered any aspect or implication of any transaction to which the Company is a party, other than the Transaction and the Flag Transaction (as defined below). We have relied upon and assumed, without independent verification, that the Company will be able to retain key employees. We also have relied upon, without independent verification, the assessment of the management of the Company of: (i) the Company’s subsidiaries’ intellectual property; and (ii) the validity of, and risks associated with, the Company’s subsidiary’s existing and future intellectual property. We note that an affiliate of FX Luxury has

made a tender offer to purchase all of the issued and outstanding shares of common stock of Riviera Holdings Corporation for $34.00 per share and the stock price for common stock of Riviera Holdings Corporation as of market close on May 31, 2007 was $35.88 per share.

We have relied upon and assumed, without independent verification, that (a) the representations and warranties of all parties as set forth in the agreements identified in item 3 above and all other related documents and instruments that are referred to therein are true and correct, except where the failure of such representations to be true and correct would not constitute a breach of said agreements, (b) each party to all such agreements will fully and timely perform all of the covenants and agreements required to be performed by such party, except where such non-performance would not constitute a breach of said covenants and agreements, (c) all conditions to the consummation of the Transaction will be satisfied without waiver thereof and (d) the Transaction will be consummated in a timely manner in accordance with the terms described in the agreements provided to us, without any material amendments or modifications thereto or without any downward adjustment to the aggregate consideration (through offset, reduction, indemnity claims, post-closing purchase price adjustments or otherwise). We also have relied upon and assumed, without independent verification, that (i) the Transaction will be consummated in a manner that complies in all respects with all applicable federal and state statutes, rules and regulations, and (ii) all governmental, regulatory, and other consents and approvals necessary for the consummation of the Transaction will be obtained and that no delay, limitations, restrictions or conditions will be imposed or amendments, modifications or waivers made that would result in the disposition of any material portion of the assets of the Company, or otherwise have an adverse effect on the Company or any expected benefits of the Transaction.

Furthermore, in connection with this Opinion, we have not been requested to make, and have not made, any physical inspection or independent appraisal or evaluation of any of the assets, properties or liabilities (fixed, contingent or otherwise) of the Company or any other party. We express no opinion regarding the liquidation value of any entity. Furthermore, we have undertaken no independent analysis of any potential or actual litigation, regulatory action, possible unasserted claims or other contingent liabilities, to which the Company is or may be a party or is or may be subject, or of any governmental investigation of any possible unasserted claims or other contingent liabilities to which the Company is or may be a party or is or may be subject and, at your direction and with your consent, our opinion makes no assumption concerning, and therefore does not consider, the possible assertion of claims, outcomes or damages arising out of any such matters.

We have not been requested to, and did not, (a) initiate any discussions with, or solicit any indications of interest from, third parties with respect to the Transaction or any alternatives to the Transaction, (b) negotiate the terms of the Transaction, or (c) advise the Special Committee of the Board of Directors or any other party with respect to alternatives to the Transaction. Notwithstanding the foregoing, we note that Houlihan Lokey Howard & Zukin Capital, Inc. (“HLHZ”), an affiliate of Houlihan Lokey, has agreed to provide assistance with the solicitation of Company Acquisition Proposals (in accordance with, and as defined in, the Merger Agreement). This Opinion is necessarily based on financial, economic, market and other conditions as in effect on, and the information made available to us as of, the date hereof. We have not undertaken, and are under no obligation, to update, revise, reaffirm or withdraw this Opinion, or otherwise comment on or consider events occurring after the date hereof.

This Opinion is furnished for the use and benefit of the Board of Directors and the Special Committee of the Board of Directors in connection with its consideration of the Transaction and is not intended to, and does not, confer any rights or remedies upon any other person, and is not intended to be used, and may not be used, for any other purpose, without our express, prior written consent. This Opinion should not be construed as creating any fiduciary duty on Houlihan Lokey’s part to any party. This Opinion is not intended to be, and does not constitute, a recommendation to any security holder or any other person as to how such person should act or vote their shares with respect to the Transaction.

In the ordinary course of business, certain of our affiliates, as well as investment funds in which they may have financial interests, may acquire, hold or sell, long or short positions, or trade or otherwise effect transactions, in debt, equity, and other securities and financial instruments (including bank loans and other obligations) of, or investments in, the Company, any other party that may be involved in the Transaction and their respective affiliates.

We understand that the Company is entering into a transaction pursuant to which (i) the Company will purchase 50% of the membership interests in FX Luxury, the Company will pay to FX Luxury $100 million in cash and FX Luxury will enter into the Repurchase Agreement, pursuant to which under certain circumstances FX Luxury shall have the right to repurchase shares of FX Luxury from the Flag Parties (as defined therein) and,

additionally, following completion of the Transaction, the Company, for $0.01 per share (collectively, the “Flag Investment”), (ii) the Company will cause (a) its majority owned subsidiary, Elvis Presley Enterprises, Inc., to enter into the Presley License Agreement with FX Luxury and (b) its majority owned subsidiary, Muhammad Ali Enterprises LLC, to enter into the Ali License Agreement with FX Luxury, (iii) the membership interests in FX Luxury will be exchanged for common stock in a newly-formed Delaware corporation (the “FX Luxury Reorganization”) and (iv) the Company will distribute to holders of Company Common Stock, 25% of the equity of FX Luxury (together with the Flag Investment and the License Agreements, the “Flag Transaction”).

HLHZ has acted as financial advisor to the Company with respect to the Transaction (including assistance with the solicitation of Company Acquisition Proposals (in accordance with, and as defined in, the Merger Agreement)) and the Flag Transaction and will receive a fee for such services, a portion of which (triggered by the receipt by the Company of certain Company Acquisition Proposals in connection with the Transaction) is contingent upon the successful completion of the Transaction and certain other conditions. In addition, we will receive a non-contingent fee for rendering this Opinion. We have also been engaged by the Special Committee of the Board of Directors and the Company to render an opinion with respect to the Flag Transaction, and we will receive a non-contingent fee for rendering such opinion. The Company has agreed to indemnify Houlihan Lokey and its affiliates for certain liabilities that may arise in connection with our engagement.

We have not been requested to opine as to, and this Opinion does not address: (i) the underlying business decision of the Company, its security holders or any other party to proceed with or effect the Transaction, (ii) the terms of any arrangements, understandings, agreements or documents related to, or the form or any other portion or aspect of, the Transaction or otherwise, except as expressly addressed in this Opinion, (iii) the fairness of any portion or aspect of the Transaction to the holders of any class of securities, creditors or other constituencies of the Company, or any other party other than those set forth in this Opinion, (iv) the relative merits of the Transaction as compared to any alternative business strategies that might exist for the Company or any other party or the effect of any other transaction in which the Company or any other party might engage, (v) the tax or legal consequences of the Transaction to either the Company, its security holders, or any other party, (vi) the fairness of any portion or aspect of the Transaction to any one class or group of the Company’s or any other party’s security holders vis-à-vis any other class or group of the Company’s or such other party’s security holders (including without limitation the allocation of any consideration amongst such classes or groups of security holders), (vii) whether or not the Company, its security holders or any other party is receiving or paying reasonably equivalent value in the Transaction, or (viii) the solvency, creditworthiness or fair value of the Company or any other participant in the Transaction under any applicable laws relating to bankruptcy, insolvency, fraudulent conveyance or similar matters. Furthermore, no opinion, counsel or interpretation is intended in matters that require legal, regulatory, accounting, insurance, tax or other similar professional advice. It is assumed that such opinions, counsel or interpretations have been or will be obtained from the appropriate professional sources. Furthermore, we have relied, with your consent, on the assessment by the Company and its advisers, as to all legal, regulatory, accounting, insurance and tax matters with respect to the Company and the Transaction.

Based upon and subject to the foregoing, and in reliance thereon, it is our opinion that, as of the date hereof, the Consideration to be received by the holders of Company Common Stock (other than the Excluded Persons) in the Transaction is fair to such holders from a financial point of view.

HOULIHAN LOKEY HOWARD & ZUKIN FINANCIAL ADVISORS, INC.

EX-99.C.8

Exhibit (c)(8)

HOULIHAN LOKEY HOWARD & ZUKIN

As of September 27, 2007

Board of Directors

Special Committee of the Board of Directors

CKX, Inc.

Dear Members of the Board of Directors and

the Special Committee of the Board of Directors:

We understand that 19X, Inc. (the “Acquiror”), 19X Acquisition Corp., a wholly-owned subsidiary of the Acquiror (“Sub”), and CKX, Inc. (the “Company”), propose to enter into Amendment No. 2 to the Original Agreement (defined below) pursuant to which, among other things, Sub will be merged with and into the Company (the “Transaction”) and that, in connection with the Transaction, each outstanding share of common stock, par value $0.01 per share (“Company Common Stock”), of the Company will be converted into the right to receive, subject to certain exceptions, $13.75 minus the Reduction Amount (as defined below), in cash (the “Consideration”). “Reduction Amount” means the product of 0.075 and the average of the last reported sales price of common stock, par value $0.01 per share (“FXRE Common Stock”), of FX Real Estate and Entertainment Inc. (“FXRE”) for each day of the Measurement Period (as defined below); provided that (i) in no event shall the Reduction Amount be greater than $2.00; (ii) the Reduction Amount shall be zero if such FXRE shares are not trading on a national securities exchange during the entire Measurement Period; and (iii) if, prior to the consummation of the Transaction, FXRE completes the rights offering contemplated by the Membership Interest Purchase Agreement (as defined below) at a price of at least $10.00 per share of FXRE common stock pursuant to which FXRE receives gross proceeds of at least $90 million, the Reduction Amount shall be no less than $0.75 (assuming that holders of the Company Common Stock receive two shares of FXRE common stock for every 10 shares of Company Common Stock owned). “Measurement Period” means the 20 consecutive trading days to be established by the Special Committee; provided that such period (i) may not begin during the first 20 trading days of FXRE common stock, and (ii) must terminate at least 30 trading days prior to the consummation of the Transaction.

In addition, in connection with the Transaction, (i) on June 18, 2007 the Company declared a dividend (the “First Dividend”) of 25% of the issued and outstanding shares of FXRE Common Stock (the “First Dividend Shares”) and transferred such equity into trusts for the benefit of its stockholders, (ii) on September 27, 2007, the Company declared a dividend (the “Second Dividend”) of 23.5% of the issued and outstanding shares of FXRE Common Stock (the “Second Dividend Shares”), payable to holders of the Company Common Stock at a later date and has transferred all of such stock to the Trustee (as defined below) pursuant to the Third Trust Agreement (as defined below) and (iii) the Company intends to distribute (the “Third Dividend” and, together with the First Dividend and Second Dividend, the “Dividends”) the remaining 2% of the issued and outstanding shares of FXRE Common Stock that it owns to its stockholders, together with the First Dividend Shares and the Second Dividend Shares, pursuant to the registered distribution (the “Registered Distribution”) contemplated by the registration statement referred to in item 3(1) below. Although the payment of the Dividends is not conditioned upon consummation of the Transaction, the consideration payable pursuant to the Original Agreement has been amended, in part, in consideration for the Second Dividend and the Third Dividend. Accordingly, our analyses described herein with respect to the value of the Consideration includes our analysis of the value of the Second Dividend and the Third Dividend. Our analyses includes the value of the Second Dividend and the Third Dividend even though the record date for the Dividends will occur prior to the date of consummation of the Transaction and, therefore, it is possible that a holder of Company Common Stock entitled to the Consideration may not have received additional shares of FXRE Common Stock pursuant to the Second Dividend or the Third Dividend.

We understand that the Acquiror is owned by a significant stockholder and Chief Executive Officer of the Company, Robert Sillerman; and Simon Fuller, who is the Chief Executive Officer of the Company’s subsidiary, 19 Entertainment Limited, and a director and member of the Office of the Chair (together with Acquiror and their respective affiliates, and any other stockholder of the Company acting in a group in connection with the Transaction, collectively “Excluded Persons”).

You have requested that Houlihan Lokey Howard & Zukin Financial Advisors, Inc. (“Houlihan Lokey”) provide an opinion (the “Opinion”) as to whether, as of the date hereof, the Consideration to be received by the holders of Company Common Stock (other than the Excluded Persons) in the Transaction is fair to such holders from a financial point of view.

In connection with this Opinion, we have made such reviews, analyses and inquiries as we have deemed necessary and appropriate under the circumstances. Among other things, we have:

1. reviewed the Company’s annual report to shareholders on Form 10-K for the fiscal year ended December 31, 2006, and quarterly reports on Form 10-Q for the quarters ended March 31, 2007 and June 30, 2007, which the Company’s management has identified as being the most current financial statements available;

2. spoken with certain members of the management of the Company regarding the operations, financial condition, future prospects and projected operations and performance of the Company and regarding the Transaction, and spoken with representatives of the Company’s independent legal counsel regarding the Company, the Transaction, and related matters;

3. reviewed the following agreements and documents:

a. Agreement and Plan of Merger, dated as of June 1, 2007, as amended as of August 1, 2007 (as so amended, the “Original Agreement”), and as further amended by Amendment No. 2 to the Agreement and Plan of Merger, dated as of September 27, 2007 (“Amendment No. 2”, and, together with the Original Agreement, the “Merger Agreement”), by and among the Company, the Acquiror and Sub;

b. Management Cooperation Agreement, dated as of June 1, 2007, as amended by Amendment No. 1 dated as of July 18, 2007, and Amendment No. 2, dated as of September 27, 2007, by and among the Company and certain stockholders of the Company;

c. Membership Interest Purchase Agreement, dated as of June 1, 2007, and as amended by Amendment No. 1, dated as of June 18, 2007, and Amendment No. 2, dated as of September 27, 2007, (as so amended, the “Membership Interest Purchase Agreement”), by and among FX Luxury Realty, LLC (“FX Luxury”) the Company, Flag Luxury Properties, LLC and FXRE;

d. Third Amended and Restated Limited Liability Company Operating Agreement of FX Luxury, dated as of September 26, 2007;

e. Repurchase Agreement, dated as of June 1, 2007, and as amended pursuant to Amendment dated June 18, 2007, by and among FX Luxury, the Company, Flag Luxury Properties, LLC, Robert F.X. Sillerman, Brett Torino, and Paul C. Kavanos (collectively, the “Repurchase Agreement Parties”), and as amended pursuant to Amendment No. 2 dated September 27, 2007 (as so amended, the “Repurchase Agreement”), by and among the Repurchase Agreement Parties and FXRE;

f. License Agreement, dated as of June 1, 2007 (the “Presley License Agreement”), between Elvis Presley Enterprises, Inc. and FX Luxury;

g. License Agreement, dated as of June 1, 2007 (the “Ali License Agreement” and, together with the Presley License Agreement, the “License Agreements”), between Muhammad Ali Enterprises, LLC and FX Luxury;

h. Robert F.X. Sillerman Disclosure Letter (undated);

i. Stock Purchase Agreement, dated as of September 26, 2007 (the “Stock Purchase Agreement”), by and among FXRE, the Company and Flag Luxury Properties, LLC;

j. CKX FXLR Stockholder Distribution Trust III Agreement dated as of September 27, 2007 (the “Third Trust Agreement”), by and between the Company and Richard G. Cushing, as trustee (the “Trustee”);

k. Contribution and Exchange Agreement, dated as of September 26, 2007, by and among FXRE, the Company, Flag Luxury Properties, LLC, the Trustee and FX Luxury, and

l. Registration Statement on Form S-1 for common stock, par value $.01 per share, of FXRE, as filed with the Securities and Exchange Commission on August 24, 2007;

4. reviewed precedent licensing agreements for Elvis Presley properties owned by Elvis Presley Enterprises, Inc.;

5. reviewed financial forecasts and projections prepared by the management of the Company with respect to the Company for the fiscal years ending December 31, 2007 through 2012;

6. reviewed the historical market prices and trading volume for the Company’s publicly traded securities for the past three years and those of certain publicly traded companies which we deemed relevant;

7. reviewed certain other publicly available financial data for certain companies that we deemed relevant and publicly available transaction prices and premiums paid in other change of control transactions that we deemed relevant for companies in industries related to the Company; and

8. conducted such other financial studies, analyses and inquiries as we have deemed appropriate.

We have relied upon and assumed, without independent verification, the accuracy and completeness of all data, material and other information furnished, or otherwise made available, to us, discussed with or reviewed by us, or publicly available, and do not assume any responsibility with respect to such data, material and other information. In addition, management of the Company has advised us, and we have assumed, that the financial forecasts and projections have been reasonably prepared in good faith on bases reflecting the best currently available estimates and judgments of such management as to the future financial results and condition of the Company, and we express no opinion with respect to such forecasts and projections or the assumptions on which they are based. We have relied upon and assumed, without independent verification, that there has been no material change in the assets, liabilities, financial condition, results of operations, business or prospects of the Company since the date of the most recent financial statements provided to us, and that there are no information or facts that would make any of the information reviewed by us incomplete or misleading. We have not considered any aspect or implication of any transaction to which the Company is a party, other than the Transaction and the Flag Transaction (as defined below). We have relied upon and assumed, without independent verification, that the Company will be able to retain key employees. We also have relied upon, without independent verification, the assessment of the management of the Company of: (i) the Company’s subsidiaries’ intellectual property; and (ii) the validity of, and risks associated with, the Company’s subsidiary’s existing and future intellectual property.

We have relied upon and assumed, without independent verification, that (a) the representations and warranties of all parties as set forth in the agreements identified in item 3 above and all other related documents and instruments that are referred to therein are true and correct, except where the failure of such representations to be true and correct would not constitute a breach of said agreements, (b) each party to all such agreements will fully and timely perform all of the covenants and agreements required to be performed by such party, except where such non-performance would not constitute a breach of said covenants and agreements, (c) all conditions to the consummation of the Transaction will be satisfied without waiver thereof and (d) the Transaction will be consummated in a timely manner in accordance with the terms described in the agreements provided to us, without any material amendments or modifications thereto or without any downward adjustment to the aggregate consideration (through offset, reduction, indemnity claims, post-closing purchase price adjustments or otherwise). We also have relied upon and assumed, without independent verification, that (i) the Transaction will be consummated in a manner that complies in all respects with all applicable federal and state statutes, rules and regulations, and (ii) all governmental, regulatory, and other consents and approvals necessary for the consummation of the Transaction will be obtained and that no delay, limitations, restrictions or conditions will be imposed or amendments, modifications or waivers made that would result in the disposition of any material portion of the assets of the Company, or otherwise have an adverse effect on the Company or any expected benefits of the Transaction.

Furthermore, in connection with this Opinion, we have not been requested to make, and have not made, any physical inspection or independent appraisal or evaluation of any of the assets, properties or liabilities (fixed, contingent or otherwise) of the Company or any other party. We express no opinion regarding the liquidation value of any entity. Furthermore, we have undertaken no independent analysis of any potential or actual litigation, regulatory action, possible unasserted claims or other contingent liabilities, to which the Company is or may be a party or is or may be subject, or of any governmental investigation of any possible unasserted claims or other contingent liabilities to which the Company is or may be a party or is or may be subject and, at your direction and

with your consent, our opinion makes no assumption concerning, and therefore does not consider, the possible assertion of claims, outcomes or damages arising out of any such matters.

We have not been requested to, and did not, (a) initiate any discussions with, or solicit any indications of interest from, third parties with respect to the Transaction or any alternatives to the Transaction, (b) negotiate the terms of the Transaction, or (c) advise the Special Committee of the Board of Directors or any other party with respect to alternatives to the Transaction. Notwithstanding the foregoing, we note that Houlihan Lokey Howard & Zukin Capital, Inc. (“HLHZ”), an affiliate of Houlihan Lokey, has agreed to provide assistance with the solicitation of Company Acquisition Proposals) (in accordance with, and as defined in, the Merger Agreement). This Opinion is necessarily based on financial, economic, market and other conditions as in effect on, and the information made available to us as of, the date hereof. We have not undertaken, and are under no obligation, to update, revise, reaffirm or withdraw this Opinion, or otherwise comment on or consider events occurring after the date hereof.

We are not expressing any opinion as to what the value of FXRE Common Stock actually will be when distributed to holders of Company Common Stock or the price or range of prices at which FXRE Common Stock may trade at any time; provided, however, we have assumed, based in part on the Membership Interest Purchase Agreement and the Backstop (as defined below) in the Repurchase Agreement, that the value of the shares of FXRE Common Stock included as the Dividend will in no event be less than $50 million. We have also assumed that the Third Dividend will be declared and distributed as contemplated herein and that FXRE Common Stock to be distributed to holders of Company Common Stock will be listed on The NASDAQ Global Market.

This Opinion is furnished for the use and benefit of the Board of Directors and the Special Committee of the Board of Directors in connection with its consideration of the Transaction and is not intended to, and does not, confer any rights or remedies upon any other person, and is not intended to be used, and may not be used, for any other purpose, without our express, prior written consent. This Opinion should not be construed as creating any fiduciary duty on Houlihan Lokey’s part to any party. This Opinion is not intended to be, and does not constitute, a recommendation to any security holder or any other person as to how such person should act or vote their shares with respect to the Transaction.

In the ordinary course of business, certain of our affiliates, as well as investment funds in which they may have financial interests, may acquire, hold or sell, long or short positions, or trade or otherwise effect transactions, in debt, equity, and other securities and financial instruments (including bank loans and other obligations) of, or investments in, the Company, any other party that may be involved in the Transaction and their respective affiliates.

We understand that the Company entered into a transaction pursuant to which (i) the Company purchased 50% of the membership interests in FX Luxury in consideration for $100 million in cash and FX Luxury entered into the Repurchase Agreement, pursuant to which, under certain circumstances, FXRE shall have the right to repurchase shares of FXRE Common Stock (the “Backstop”) from the Flag Parties (as defined therein), for $0.01 per share (collectively, the “Flag Investment”), (ii) the Company caused (a) its majority owned subsidiary, Elvis Presley Enterprises, Inc., to enter into the Presley License Agreement with FX Luxury and (b) its majority owned subsidiary, Muhammad Ali Enterprises LLC, to enter into the Ali License Agreement with FX Luxury, (iii) the membership interests in FX Luxury have been exchanged for shares of FXRE Common Stock (the “FX Luxury Reorganization”), (iv) the Company acquired an additional $1.5 million of the issued and outstanding shares of FXRE Common Stock pursuant to the Stock Purchase Agreement (together with the Flag Investment and the License Agreements, the “Flag Transaction”), and (v) the Company has distributed in trust for the benefit of the holders of Company Common Stock, 48.5% of the outstanding shares of FXRE Common Stock and intends to distribute the remaining 2% of the issued and outstanding shares of FXRE Common Stock, together with the First Dividend Shares and the Second Dividend Shares, pursuant to the Registered Distribution.

HLHZ has acted as financial advisor to the Company with respect to the Transaction (including assistance with the solicitation of Company Acquisition Proposals) and the Flag Transaction and will receive a fee for such services, a portion of which (triggered by the receipt by the Company of certain Company Acquisition Proposals in connection with the Transaction) is contingent upon the successful completion of the Transaction and certain other conditions. In addition, we will receive a non-contingent fee for rendering this Opinion. We have also been engaged by the Special Committee of the Board of Directors and the Company to render an opinion with respect to the Flag

Transaction, and we received a non-contingent fee for rendering such opinion. The Company has agreed to indemnify Houlihan Lokey and its affiliates for certain liabilities that may arise in connection with our engagement.

We have not been requested to opine as to, and this Opinion does not address: (i) the underlying business decision of the Company, its security holders or any other party to proceed with or effect the Transaction, (ii) the terms of any arrangements, understandings, agreements or documents related to, or the form or any other portion or aspect of, the Transaction or otherwise, except as expressly addressed in this Opinion, (iii) the fairness of any portion or aspect of the Transaction to the holders of any class of securities, creditors or other constituencies of the Company, or any other party other than those set forth in this Opinion, (iv) the relative merits of the Transaction as compared to any alternative business strategies that might exist for the Company or any other party or the effect of any other transaction in which the Company or any other party might engage, (v) the tax or legal consequences of the Transaction to either the Company, its security holders, or any other party, (vi) the fairness of any portion or aspect of the Transaction to any one class or group of the Company’s or any other party’s security holders vis-à-vis any other class or group of the Company’s or such other party’s security holders (including without limitation the allocation of any consideration amongst such classes or groups of security holders), (vii) whether or not the Company, its security holders or any other party is receiving or paying reasonably equivalent value in the Transaction, or (viii) the solvency, creditworthiness or fair value of the Company or any other participant in the Transaction under any applicable laws relating to bankruptcy, insolvency, fraudulent conveyance or similar matters. Furthermore, no opinion, counsel or interpretation is intended in matters that require legal, regulatory, accounting, insurance, tax or other similar professional advice. It is assumed that such opinions, counsel or interpretations have been or will be obtained from the appropriate professional sources. Furthermore, we have relied, with your consent, on the assessment by the Company and its advisers, as to all legal, regulatory, accounting, insurance and tax matters with respect to the Company and the Transaction.

Based upon and subject to the foregoing, and in reliance thereon, it is our opinion that, as of the date hereof, the Consideration to be received by the holders of Company Common Stock (other than the Excluded Persons) in the Transaction is fair to such holders from a financial point of view.

HOULIHAN LOKEY HOWARD & ZUKIN

FINANCIAL ADVISORS, INC.

EX-99.D.11

Exhibit (d)(ii)

Robert F.X. Sillerman
c/o CKX, Inc.
New York, NY 10022

CONFIDENTIAL

May 27, 2008

19X, Inc.
650 Madison Avenue
New York, NY 10022

Amendment to Mezzanine Commitment Letter

Ladies and Gentlemen:

     This Amendment to Mezzanine Commitment Letter (this “Amendment”) amends certain sections of that certain Mezzanine Commitment Letter (the “Mezzanine Commitment Letter”), dated November 7, 2007, by and between 19X, Inc. (“you” or the “Company”) and Robert F.X. Sillerman (“Sillerman” or “me”).

Section 1. Amendment to the Mezzanine Commitment Letter

     Section 10 (Acceptance and Termination) of the Mezzanine Commitment Letter is hereby amended by deleting “July 31, 2008” in the fourth sentence of such section and replacing it with “[September 30, 2008.]”

     The foregoing amendment is limited in effect and, except as specifically set forth in this Section 1, shall apply only as expressly set forth in this Amendment and shall not constitute a waiver, modification or amendment of any other provision of the Mezzanine Commitment Letter. The Mezzanine Commitment Letter is modified only by the express provisions of this Amendment, and shall as so modified remain in full force and effect and is hereby ratified and confirmed by the Company in all respects. This Amendment shall become effective upon execution and delivery hereof by the Company and me.

Section 2. Amendments; Governing Law, Etc.

     This Amendment shall not be assignable by you without my prior written consent (and any attempted assignment without such consent shall be null and void), is intended to be solely for the benefit of the parties hereto (and Indemnified Persons), and is not intended to confer any benefits upon, or create any rights in favor of, any person other than the parties hereto (and Indemnified Persons). I may assign my commitment and rights hereunder to one or more prospective Purchasers and, upon the funding by such Purchasers of such commitments, I shall be released from the portion of my commitment hereunder so assigned. This Amendment may not be amended or any provision hereof waived or modified except by an instrument in writing signed by you and me. This Amendment may be executed in any number of counterparts, each of which shall be an original and all of which, when taken together, shall constitute one agreement. Delivery of an executed counterpart of a signature page of this Amendment by facsimile transmission or electronic transmission (e.g. a “pdf” or “tif”) shall be effective as delivery of a manually

2

executed counterpart hereof. Section headings used herein are for convenience of reference only, are not part of this Amendment and are not to affect the construction of, or to be taken into consideration in interpreting, this Amendment. This Amendment supersedes all prior understandings, whether written or oral, between us with respect to the subject matter hereof. THIS AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.

[Remainder of this page intentionally left blank]

3

Very truly yours,
 

/s/Robert F. X. Sillerman  

Robert F. X. Sillerman 

Accepted and agreed
to as of the date
first above written:

19X, Inc.

By:	/s/ Robert F. X. Sillerman
	Name: Robert F. X. Sillerman Title: President