##### Table of Contents



UNITED STATES SECURITIES AND
    EXCHANGE COMMISSION
 Washington, D.C.
    20549
  Form 10-K
  þ

ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934For the fiscal year ended December 31, 2009ORo

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934For the transition period from           to    Commission File
    No. 000-17436
   CKX,
    INC.
 (Exact name of Registrant as
    specified in its charter)
   Delaware

27-0118168(State or other jurisdiction
    of
    incorporation or organization)

(I.R.S. Employer
    Identification Number)   650
    Madison Avenue
    New York, New York 10022 (Address
    of Principal Executive Offices and Zip Code)
  Registrants Telephone Number, Including Area Code:
    (212) 838-3100
  Securities Registered Pursuant
    to Section 12(b) of the Act: None
  Securities Registered Pursuant
    to Section 12(g) of the Act:
  Common Stock, Par Value $0.01
    Per Share
   o þ
  o þ
  þ o
  Regulation S-T o o
  Regulation S-K Form 10-K Form 10-K. þ
  12b-2
  Large accelerated filer  o

Accelerated filer  þ

Non-accelerated filer  o

Smaller reporting company o(Do not check if a smaller reporting company)   Rule 12b-2 o þ




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##### 



CKX,
    Inc.
    Annual Report on
    Form 10-K
    December 31, 2009
  PagePART IItem 1.


Business


2Item 1A.


Risk Factors


14Item 1B.


Unresolved Staff Comments


20Item 2.


Properties


21Item 3.


Legal Proceedings


21Item 4.


Submission of Matters to a Vote of Security
    Holders


21PART IIItem 5.


Market for Registrants Common Equity,
    Related Stockholder Matters and Issuer Purchase of Equity
    Securities


23Item 6.


Selected Financial Data


24Item 7.


Managements Discussion and Analysis of
    Financial Condition and Results of Operations


26Item 7A.


Quantitative and Qualitative Disclosures About
    Market Risk


50Item 8.


Financial Statements and Supplementary Data


51Item 9.


Changes in and Disagreements with Accountants on
    Accounting and Financial Disclosure


82Item 9A.


Controls and Procedures


82Item 9B.


Other Information


82PART IIIItem 10.


Directors, Executive Officers and Corporate
    Governance


83Item 11.


Executive Compensation


83Item 12.


Security Ownership of Certain Beneficial Owners
    and Management and Related Stockholder Matters


83Item 13.


Certain Relationships, Related Transactions, and
    Director Independence


83Item 14.


Principal Accounting Fees and Services


83PART IVItem 15.


Exhibits, Financial Statements and Schedule


84EX-21.1EX-23.1EX-31.1EX-31.2EX-32.1EX-32.2




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##### Table of Contents



PART I  ITEM 1.
    BUSINESS  Form 10-K
  Overview
    
    19 Entertainment Limited (19 Entertainment), which
    owns, among other properties, proprietary rights to the IDOLSand So You Think You Can Dancetelevision brands,
    both of which air in the United States, and, together with local
    adaptations of the formats, around the world;
    An 85% ownership interest in Elvis Presley Enterprises (the
    Presley Business or EPE), which owns the
    rights to the name, image and likeness of Elvis Presley, and
    certain music and other intellectual property created by or
    related to Elvis and the operations of Graceland; and has
    partnered with Cirque du Soleil for the creation of Elvis
    Presley-themed shows and projects around the world, including
    the recently opened Viva ELVIS in Las Vegas, Nevada; and
    An 80% ownership interest in Muhammad Ali Enterprises (the
    Ali Business), which owns the rights to the name,
    image and likeness of, as well as certain trademarks and other
    intellectual property related to, Muhammad Ali.    19
    Entertainment
  Overview
  IDOLS American
    Idol So You Think You Can Dance
  American Idol So You Think You Can Dance If I Can Dream IDOLS So You Think You Can Dance If I Can Dream
  IDOLS
    Brand
  IDOLS Pop Idol American Idol
 2




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##### Table of Contents



American Idol IDOLS IDOLS American Idol and/or
  IDOLS
  IDOLS
  
    owns two-thirds of the IDOLSbrand and co-produces the
    show in the United States with FremantleMedia, which owns the
    other one-third of the IDOLSbrand;
    receives certain fees and revenues relating to the sublicensing
    of the brand and production and marketing of the shows based on
    the IDOLSbrand around the world, including licensing and
    producer fees;
    shares a percentage of the revenues FremantleMedia derives from
    on-air and off-air sponsorships and sales of IDOLSbranded merchandise;
    has the exclusive right to sign recording contracts with the
    finalists from the American Idolseries in the United
    States;
    has the exclusive right to manage the finalists;
    has the exclusive right to produce IDOLStours; and
    has the exclusive licensing and merchandising rights for the
    IDOLStours in the United States.  Television
  IDOLS and/or
  19
    Entertainment/FremantleMedia Agreement
  IDOLS IDOLS American Idol American Idol
  IDOLS IDOLS IDOLS IDOLS
  
    a percentage of the Format Fee, which is a
    percentage of the gross fees received by a local production
    company from a local broadcaster for production and transmission
    of the IDOLSseries;
    a percentage of revenue derived from distribution of IDOLSseries and programs after a deduction of a percentage of
    gross revenue and other deductions;
    a percentage of the net revenue derived from program sponsorship
    and program merchandising; and 3




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
    a percentage of the net revenue derived from local merchandising
    and management deals (outside the United States). 19
    Entertainment and its affiliates retain 100% of artist
    management and artist merchandising income from the United
    States.  American
    Idol  Fox Agreement
  American Idol American Idol American Idol American Idol American Idol American Idol 8
  American Idol
  American Idol 18-49
  Ryan
    Seacrest Agreement
  American Idol American Idol American Idol American Idol
  So
    You Think You Can Dance
  So You Think You Can Dance So You Think You Can Dance
  So You Think You Can Dance So You Think You Can Dance.
  Recorded
    Music
  IDOLS IDOLS
 4




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##### Table of Contents



IDOLS
  Artist

Idol SeasonKelly Clarkson

American Idol 1 - WinnerRuben Studdard

American Idol 2 - WinnerClay Aiken

American Idol 2 -
    Runner-UpFantasia Barrino

American Idol 3 - WinnerCarrie Underwood

American Idol 4 - WinnerChris Daughtry

American Idol 5 - FinalistKellie Pickler

American Idol 5 - FinalistJordin Sparks

American Idol 6 - WinnerBlake Lewis

American Idol 6 -
    Runner-UpDavid Cook

American Idol 7 - WinnerDavid Archuleta

American Idol 7 -
    Runner-UpKristy Lee Cook

American Idol 7 - FinalistKris Allen

American Idol 8 - WinnerAdam Lambert

American Idol 8 -
    Runner-UpAllison Ihareta

American Idol 8 - FinalistDanny Gokey

American Idol 8 - FinalistWill Young

Pop Idol 1 - Winner   American Idol Pop Idol
  IDOLS American Idol American Idol American Idol 4
  American Idol American Idol 4 American Idol 9
  and/or and/or
  American Idol American Idol
  American Idol iTunes
    Store iTunes
 5




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##### Table of Contents



Internet
    and Telephony
  American Idol American Idol 10
  American Idol 10
  Sponsorship/Merchandising/Marketing
  IDOLS American Idol IDOLS
  American Idol American Idol
  Touring
  IDOLS American Idol American
    Idol American Idol
  So You Think You Can
    Dance
  Disney
    Attraction and Agreements
  American Idol American Idol
  American Idol
  If I
    Can Dream
  If I Can Dream If I Can Dream
  Transaction
    with Simon Fuller
   6




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##### Table of Contents



American
    Idol So You Think You Can Dance If I Can
    Dream American Idol So You Think You Can Dance
    Artist
    Management
  IDOLS American Idol
  No. 3-ranked No. 5-ranked
  ® ® ® ® Arthur, Good
    Morning Vietnam, The Vanishing, The Greatest Game Ever Played,
    Match Point Vicky Cristina Barcelona
  Beckham
    Relationship
    Seasonality
  American Idol So You Think You Can Dance American Idol So You Think You
    Can Dance
  Presley
    Business
  and/or and/or
 7




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##### Table of Contents



® ®
    Licensing
    and Intellectual Property
  Music
    Rights
      Elvis Presley
    Christmas Duets
  Name,
    Image and Likeness
    Television/Video
  two-hour four-hour two-hour
  Motion
    Pictures
   8




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Licensing
    Graceland
    Operations
  Graceland
    90-year
      270-unit
  Elvis
    Presleys Heartbreak Hotel
    Graceland
    Expansion
  and/or
  Elvis.com
   9




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##### Table of Contents



e-cards,
  Seasonality
    Relationship
    with Cirque du Soleil
  Global
    Projects
    
    Touring shows that will be produced by Cirque du Soleil and
    incorporate the name, image, likeness and music of Elvis Presley;
    Permanent shows at fixed locations that will be produced by
    Cirque du Soleil and incorporate the name, image, likeness and
    music of Elvis Presley; and
    Multimedia interactive entertainment Elvis
    Experiences that incorporate the music, memorabilia,
    audiovisual works, and the life and times of Elvis Presley.    Las
    Vegas Show
             10




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Ali
    Business
        Terminated
    License Agreements with FXRE
      and/or
  International
    Operations
    Segment
    Information
   11




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##### Table of Contents



Regulation
    Intellectual
    Property
    American Idol So You Think You Can Dance
    American Idol
   12




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##### Table of Contents



Employees
    Company
    Organization
  (212) 838-3100.
  Available
    Information
  1-800-SEC-0330 http://www.sec.gov.
  Form 10-K, Form 10-Q, Form 8-K
 13




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ITEM 1A.
    RISK
    FACTORS    Risks
    Related to Our Business
  Current
    economic conditions and the global financial crisis may have an
    impact on our business and financial condition in ways that we
    currently cannot predict.
        The
    continued success of our product offerings, including the
    popularity of our entertainment properties, are dependent on a
    variety of factors.
  IDOLS So You Think You Can Dance American Idol American Idol X-Factor IDOLS So You Think You Can Dance
     14




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Our
    success depends, to a significant degree, on our relationships
    with third parties, including our co-producers, television
    broadcasters, and record companies.
  American Idol IDOLS IDOLS
  If we
    are unable to complete or integrate future acquisitions, our
    business strategy and stock price may be negatively
    affected.
      
    incurrence of unanticipated liabilities or contingencies from
    such acquisitions;
    incurrence of potential operating losses from such acquisitions;
    engagement in competition with a larger universe of companies;
    incurrence of costs relating to possible additional regulatory
    requirements and compliance costs;
    issuance of more capital stock, which may dilute our
    stockholders percentage ownership in our company;
    incurrence of additional amounts of debt; and/or
    amortization of additional intangible assets.    
    the diversion of managements time and attention away from
    operating our business to acquisition and integration challenges;
    our entry into markets and geographic areas where we have
    limited or no experience;
    the potential loss of key employees, artists or customers of the
    acquired businesses;
    the potential need to implement or remediate controls,
    procedures and policies appropriate for a public company at
    businesses that prior to the acquisition lacked these controls,
    procedures and policies;
    the integration of culturally diverse employees; and
    the need to integrate each business accounting,
    information management, human resources, contract and
    intellectual property management and other administrative
    systems to permit effective management.    We may
    not be able to manage our expected growth, which could adversely
    affect our operating results.
   15




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Certain
    affiliates, noncontrolling interests and third parties have the
    right to exploit our intellectual property for commercial
    purposes and may exercise those rights in a manner that
    negatively affects our business.
    Our
    intellectual property rights may be inadequate to protect our
    business.
           16




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The
    departure or a failure to recruit key personnel could have a
    detrimental effect on us.
    We may
    not be able to obtain additional debt or equity financing on
    favorable terms, or at all.
        
    the markets perception of our then-current performance and
    growth potential;
    our then-current debt levels;
    our then-current and expected future earnings;
    our cash flow; and
    the market price per share of our common stock.    To the
    extent we maintain international operations and generate revenue
    in foreign currencies, and currency exchange rates become
    unfavorable, our results of operations may be adversely
    affected.
  IDOLS
  
    Hedging programs are inherently risky and we could lose money as
    a result of poor trades; and
    We may be unable to hedge currency risk for some transactions
    because of a high level of uncertainty or the inability to
    reasonably estimate our foreign exchange exposures. 17




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We
    depend upon distributions from our operating subsidiaries to
    fund our operations and may be subordinate to the rights of
    their existing and future creditors.
    The
    concentration of ownership of our capital stock with our
    executive officers and non-independent directors and their
    affiliates will limit your ability to influence corporate
    matters.
    We are
    subject to extensive governmental regulation, and our failure to
    comply with regulations could adversely affect our results of
    operations, financial condition and business.
        
    defamation;
    invasion of privacy;
    copyright infringement;
    actions for royalties and accountings;
    trademark misappropriation;
    trade secret misappropriation;
    breach of contract;
    negligence; and/or
    other claims based on the nature and content of the materials
    distributed. 18




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Risks
    Related to Our Common Stock
  We do
    not anticipate paying cash dividends on our common stock in the
    foreseeable future, and the lack of cash dividends may have a
    negative effect on our stock price.
    Certain
    provisions of Delaware law and our charter documents could
    discourage a takeover that stockholders may consider
    favorable.
    
    Our board of directors has the right to elect directors to fill
    a vacancy created by the expansion of the board of directors or
    the resignation, death or removal of a director, subject to the
    right of the stockholders to elect a successor at the next
    annual or special meeting of stockholders, which limits the
    ability of stockholders to fill vacancies on our board of
    directors.
    Our stockholders may not call a special meeting of stockholders,
    which would limit their ability to call a meeting for the
    purpose of, among other things, voting on acquisition proposals.
    Our by-laws may be amended by our board of directors without
    stockholder approval, provided that stockholders may repeal or
    amend any such amended by-law at a special or annual meeting of
    stockholders.
    Our by-laws also provide that any action required or permitted
    to be taken by our stockholders at an annual meeting or special
    meeting of stockholders may not be taken by written action in
    lieu of a meeting.
    Our certificate of incorporation does not provide for cumulative
    voting in the election of directors, which could limit the
    ability of noncontrolling stockholders to elect director
    candidates.
    Stockholders must provide advance notice to nominate individuals
    for election to the board of directors or to propose matters
    that can be acted upon at a stockholders meeting. These
    provisions may discourage or deter a potential acquirer from
    conducting a solicitation of proxies to elect the
    acquirers own slate of directors or otherwise attempting
    to obtain control of our company.
    Our board of directors may authorize and issue, without
    stockholder approval, shares of preferred stock with voting or
    other rights or preferences that could impede the success of any
    attempt to acquire our company.    
    Prior to the date of the transaction, the board of directors of
    the corporation approved either the business combination or the
    transaction which resulted in the stockholder becoming an
    interested stockholder;
    Upon completion of the transaction that resulted in the
    stockholder becoming an interested stockholder, the interested
    stockholder owned at least 85% of the voting stock of the
    corporation outstanding at the time such transaction commenced,
    excluding, for purposes of determining the number of shares
    outstanding, (1) shares owned by persons who are directors
    and also officers of the corporation and (2) shares owned
    by employee stock plans in which employee participants do not
    have the right to determine confidentially whether shares held
    subject to the plan will be tendered in a tender or exchange
    offer; or
    On or subsequent to the date of the transaction, the business
    combination is approved by the board of directors of the
    corporation and authorized at an annual or special meeting of
    stockholders by the affirmative vote of at least
    662/3%
    of the outstanding voting stock which is not owned by the
    interested stockholder. 19




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The
    conversion rights of our Series B Convertible Preferred
    Stock may be detrimental to holders of our common
    stock.
  thirty-day thirty-day
    ITEM 1B.
    UNRESOLVED
    STAFF COMMENTS   20




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##### Table of Contents



ITEM 2.
    PROPERTIES    Location

Name of Property

Type/Use of Property

Approximate Size

Owned or LeasedMemphis, TN

Graceland

Museum/Home

13.53 acres

Lease expires in 2095Memphis, TN

Presley Business Headquarters/Retail/ Parking/Ancillary Use

Parking Lot/ Airplane Museum/Retail/EPE Corporate
    Office/Ancillary Use

38.60 acres

OwnedMemphis, TN

Heartbreak Hotel

Hotel

2.66 acres

OwnedMemphis, TN

Meadow Oaks Apartments

Apartment Complex

10.70 acres

OwnedMemphis, TN

Memphis-Graceland RV Park & Campground

RV Park

18.9 acres

OwnedMemphis, TN

Commercial Property

Land and Building

3.23 acres

OwnedMemphis, TN

Commercial Property

Land and Building

0.80 acres

OwnedMemphis, TN

Residential Property

Land

9.50 acres

OwnedMemphis, TN

Craft Manor

Land/former Apartment Complex

16.1 acres

OwnedMemphis, TN

Commercial Property

Land

5.17 acres

OwnedMemphis, TN

Boulevard Souvenirs

Land/leased retail space

0.34 acres

OwnedMemphis, TN

Memphis Restaurant Property (1)

Restaurant/Nightclub

0.83 acres

Lease expires in 2017Memphis, TN

Presley Business Office and Warehouses

Office and Warehouses

70,762 square feet

Leases expire in 2012Memphis, TN

Presley Business Offices

Offices

3,500 square feet

Lease expires in 2023New York, NY

Corporate Headquarters

Offices

24,546 square feet

Lease expires in 2013New York, NY

19 Entertainment Administrative Offices

Offices

3,000 square feet

Lease expires in 2012London, England

19 Entertainment Headquarters

Offices

22,768 square feet

Lease expires in 2010Los Angeles, CA

19 Entertainment Administrative Offices

Offices

21,852 square feet

Lease expires in 2014Paris, France

19 Entertainment Administrative Offices

Offices

900 square feet

Lease expires in 2010Nashville, TN

19 Entertainment Administrative Offices

Offices

5,693 square feet

Lease expires in 2014Los Angeles, CA

MBST Executive and Administrative Offices

Offices

11,910 square feet

Lease expires in 2010     (1)
    
    We closed the restaurant effective September 2003 and in 2006
    negotiated a sublease of the entire space through 2017. In 2008,
    there was an early termination of the sublease and in 2009 we
    negotiated a new sublease of the entire space through mid-2011.  ITEM 3.
    LEGAL
    PROCEEDINGS    ITEM 4.
    SUBMISSION
    OF MATTERS TO A VOTE OF SECURITY HOLDERS     21




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Proposal 1 
    Election of Directors
  Number of


Number ofShares Voted for


Shares WithheldRobert F.X. Sillerman


70,831,852



15,378,615Simon Fuller (1)


71,699,199



14,511,268Howard J. Tytel


68,658,780



17,551,687Edwin M. Banks


60,410,483



25,799,984Edward Bleier


66,143,938



20,066,529Bryan Bloom


80,249,918



5,960,549Jerry L. Cohen


72,039,051



14,171,416Carl D. Harnick


72,039,051



14,171,416Jack Langer


58,552,677



27,657,790     (1)
    
    Mr. Fuller resigned from the Board of Directors effective
    January 13, 2010.  Proposal 2 
    Ratification of the Appointment of Deloitte & Touche
    LLP to serve as the Companys Independent Registered Public
    Accounting Firm for its fiscal year ending December 31,
    2009
  For86,127,982
    Against77,890
    Abstain4,595   22




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##### Table of Contents



PART II  ITEM 5.
    MARKET
    FOR REGISTRANTS COMMON EQUITY, RELATED STOCKHOLDER MATTERS
    AND ISSUER PURCHASES OF EQUITY SECURITIES  Market
    Information
  ® ®
  2009High


LowThe NASDAQ Global
    Market®Quarters EndedDecember 31, 2009

$
7.32


$
5.26September 30, 2009

$
7.41


$
5.87June 30, 2009

$
8.05


$
4.10March 31, 2009

$
4.82


$
3.12   2008High


LowQuarters EndedDecember 31, 2008

$
5.95


$
2.49September 30, 2008

$
8.64


$
5.72June 30, 2008

$
10.57


$
8.30March 31, 2008

$
11.32


$
8.21     Dividend
    Policy
      Securities
    Authorized for Issuance Under Equity Compensation
    Plans
  Form 10-K
   23




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##### Table of Contents



ITEM 6.
    SELECTED
    FINANCIAL DATA        Predecessor CompanyCKX, Inc.

January 1-(Amounts in thousands,

Year Ended December 31,

February 7,except per share and share information)

2009

2008

2007

2006

2005

2005Statement of Operations Data:Revenue

$
328,353


$
288,128


$
266,777


$
210,153


$
120,605


$
3,442Operating expenses (excluding depreciation and amortization) (1)


264,935



230,027



201,468



169,717



108,547



2,854Impairment charges


2,526



35,661















Depreciation and amortization


19,241



21,161



22,551



20,541



14,910



126Operating income (loss)


44,177



36,940



42,758



19,895



(2,852
)


462Interest income (expense), net


(3,027
)


(3,823
)


(3,946
)


240



(2,820
)


(115
)Other income (expense)










2,181



(3,323
)


2,970



Income (loss) before income taxes and equity in earnings of
    affiliates


41,150



33,117



40,993



16,812



(4,596
)


347Income tax expense


15,358



14,430



19,432



6,178



855



152Equity in earnings of affiliates


576



2,521



1,566



686



843



Income (loss) from continuing operations


26,368



21,208



23,127



11,320



(4,608
)


195Loss from discontinued operations










(8,430
)










Net income (loss)


26,368



21,208



14,697



11,320



(4,608
)


195Dividends on preferred stock


(1,824
)


(1,824
)


(1,824
)


(1,824
)


(1,632
)


Accretion of beneficial conversion feature


















(17,762
)


Net income (loss) available to CKX, Inc.


24,544



19,384



12,873



9,496



(24,002
)


195Less: Net income attributable to noncontrolling interests


(1,782
)


(2,257
)


(2,553
)


(2,127
)


(1,296
)


Net income (loss) attributable to CKX, Inc.

$
22,762


$
17,127


$
10,320


$
7,369


$
(25,298
)

$
195Basic income (loss) per common share

$
0.24


$
0.18


$
0.11


$
0.08


$
(0.35
)Diluted income (loss) per common share

$
0.24


$
0.18


$
0.11


$
0.08


$
(0.35
)Average number of basic common shares outstanding


93,298,778



96,674,706



96,901,172



92,529,152



71,429,858Average number of diluted common shares outstanding


93,337,683



96,684,377



96,991,441



93,555,201



71,429,858     (1)
    
    Operating expenses in 2009, 2008 and 2007 include
    $0.7 million, $(5.8) million and $5.3 million,
    respectively, of merger and distribution-related costs
    (recoveries), net. Operating expenses include $4.1 million,
    $(15.9) million, $0.3 million and $2.7 million of
    foreign exchange (gains) and losses resulting from the strength
    of the U.S. dollar compared to the U.K. pound for the years
    ending December 31, 2009, 2008, 2007 and 2006, respectively. 24




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CKX, Inc,As of December 31,(Amounts in thousands)

2009

2008

2007

2006

2005Balance Sheet Data:Cash and cash equivalents

$
66,587


$
101,895


$
50,947


$
36,610


$
36,979Marketable securities


















42,625Other current assets


88,482



52,407



58,127



36,088



26,495Total assets


499,682



476,061



525,455



489,117



444,600Current liabilities (excluding current portion of debt)


77,718



78,292



59,845



39,432



33,937Debt


101,129



101,918



103,070



3,701



3,500Total liabilities


207,360



210,319



207,992



91,153



94,365Redeemable restricted common stock


7,347



23,002



23,002



23,002



23,002Total CKX, Inc. stockholders equity


278,734



237,461



289,704



371,009



323,432   FORWARD
    LOOKING STATEMENTS
  Form 10-K
 25




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##### Table of Contents



ITEM 7.
    MANAGEMENTS
    DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF
    OPERATIONS  The following managements discussion and analysis of
    financial condition and results of operations of the Company
    should be read in conjunction with the Companys historical
    consolidated financial statements and notes thereto included
    elsewhere in this Annual Report. Our future results of
    operations may change materially from the historical results of
    operations reflected in our historical financial statements.
  Overview
    
    19 Entertainment Limited, which owns, among other properties,
    proprietary rights to the IDOLSand So You Think You
    Can Dancetelevision brands, both of which air in the United
    States, and, together with local adaptations of the format,
    around the world;
    An 85% ownership interest in Elvis Presley Enterprises, which
    owns the rights to the name, image and likeness of Elvis
    Presley, certain music and other intellectual property created
    by or related to Elvis Presley and the operations of Graceland
    and has partnered with Cirque du Soleil for the creation of
    Elvis Presley-themed shows and projects around the world,
    including the recently opened Viva ELVIS in Las Vegas,
    Nevada; and
    An 80% ownership interest in Muhammad Ali Enterprises, which
    owns the rights to the name, image and likeness of, as well as
    certain trademarks and other intellectual property related to
    Muhammad Ali.      Exercise
    of Amended Call Option
          Terminated
    Merger Agreement
   26




---



##### Table of Contents



Transactions
    Involving FX Real Estate and Entertainment Inc.
  About
    FXRE
    FXRE
    Distribution
    Terminated
    License Agreements
      and/or
   27




---



##### Table of Contents



Shared
    Services Agreement
        19
    Entertainment
    IDOLS IDOLS IDOLS IDOLS IDOLS IDOLS
  IDOLS American Idol 1 American Idol 4 American Idol 4 IDOLS
  American Idol IDOLS
  American Idol American Idol American Idol American Idol American Idol
  American Idol American Idol American Idol
 28




---



##### Table of Contents



American Idol American Idol Television Production Costs
  American Idol So You Think You Can
    Dance If I Can Dream American Idol So You Think You
    Can Dance
        IDOLS So You Think You Can
    Dance If I Can
    Dream
  American Idol So You Think You Can Dance So You Think You Can
    Dance Superstars of Dance So You Think You Can Dance
   29




---



##### Table of Contents



Presley
    Business
  and/or and/or
          and/or
  Ali
    Business
        Use of
    OIBDAN
   30




---



##### Table of Contents



Consolidated
    Operating Results Year Ended December 31, 2009
    Compared to Year Ended December 31, 2008
  Year Ended


Year EndedDecember 31,


December 31,2009


2008


Variance(Amounts in thousands)Revenue

$
328,353


$
288,128


$
40,225Operating expenses


284,176



251,188



32,988Other operating income (expense)


(4,079
)


15,910



(19,989
)Operating income


44,177



36,940



7,237Income tax expense


15,358



14,430



928Net income attributable to CKX, Inc.


22,762



17,127



5,635Operating income

$
44,177


$
36,940


$
7,237Impairment charges


2,526



35,661



(33,135
)Depreciation and amortization


19,241



21,161



(1,920
)Non-cash compensation


1,563



2,954



(1,391
)OIBDAN

$
67,507


$
96,716


$
(29,209
)   So You Think You Can Dance So You Think You Can Dance So You Think You Can Dance
  19
    Entertainment
   31




---



##### Table of Contents



Year Ended December 31, 2009

Revenue


Cost of Sales(Amounts in thousands)American Idol(including television production, foreign
    syndication, sponsorship, merchandise and touring)

$
79,185


$
(18,548
)

$
60,637Other IDOLStelevision programs (including license fees
    and sponsorship)


13,461



(445
)


13,016So You Think You Can Danceand other television
    productions


124,167



(104,847
)


19,320Recorded music, management clients and other


46,710



(27,998
)


18,712$
263,523


$
(151,838
)

$
111,685Selling, general and administrative expenses, excluding non-cash
    compensation










(44,318
)Other operating expense










(4,079
)OIBDAN









$
63,288OIBDAN









$
63,288Impairment charge on Storm










(2,526
)Depreciation and amortization










(13,792
)Non-cash compensation










(514
)Operating income









$
46,456   Year Ended December 31, 2008

Revenue


Cost of Sales(Amounts in thousands)American Idol(including television production, foreign
    syndication, sponsorship, merchandise and touring)

$
96,028


$
(22,455
)

$
73,573Other IDOLStelevision programs (including license fees
    and sponsorship)


15,349



(482
)


14,867So You Think You Can Danceand other television
    productions


63,690



(55,403
)


8,287Recorded music, management clients and other


54,134



(29,610
)


24,524$
229,201


$
(107,950
)

$
121,251Selling, general and administrative expenses, excluding non-cash
    compensation










(44,362
)Other operating income










15,910OIBDAN









$
92,799OIBDAN









$
92,799Impairment charge on MBST










(7,922
)Depreciation and amortization










(16,165
)Non-cash compensation










(2,044
)Operating income









$
66,668   American Idol 8 American Idol 7 American Idol American
    Idol American Idol
  IDOLS
  So You Think You Can Dance So You
    Think You Can Dance Superstars of Dan Superstars of Dance So You Think You Can
    Dance
 32




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##### Table of Contents



Presley
    Business  Royalties and Licensing
    Year Ended


Year EndedDecember 31,


December 31,2009


2008


Variance(Amounts in thousands)Revenue

$
24,473


$
18,186


$
6,287Cost of sales


(764
)


(2,364
)


1,600Selling, general and administrative expense, excluding non-cash
    compensation


(4,314
)


(5,330
)


1,016OIBDAN

$
19,395


$
10,492


$
8,903OIBDAN

$
19,395


$
10,492


$
8,903Depreciation and amortization


(2,582
)


(2,582
)


Non-cash compensation


(42
)


(39
)


(3
)Operating income

$
16,771


$
7,871


$
8,900    33




---



##### Table of Contents



Presley
    Business  Graceland Operations
    Year Ended


Year EndedDecember 31,


December 31,2009


2008


Variance(Amounts in thousands)Revenue

$
36,124


$
36,713


$
(589
)Cost of sales


(5,267
)


(5,674
)


407Selling, general and administrative expense, excluding non-cash
    compensation


(23,495
)


(24,835
)


1,340OIBDAN

$
7,362


$
6,204


$
1,158OIBDAN

$
7,362


$
6,204


$
1,158Depreciation and amortization


(2,369
)


(2,251
)


(118
)Non-cash compensation


(97
)


(79
)


(18
)Operating income

$
4,896


$
3,874


$
1,022   e-commerce
    and/or
  Ali
    Business
   34




---



##### Table of Contents



Corporate
    and Other
  Corporate
    Expenses and Other Costs
      break-up
  Impairment
    Charges
      Interest
    Income/Expense, net
    Income
    Taxes
     35




---



##### Table of Contents



Business Combinations
          Equity
    in Earnings of Affiliates
    Noncontrolling
    Interests
   36




---



##### Table of Contents



Consolidated
    Operating Results Year Ended December 31, 2008
 Compared to Year Ended December 31, 2007
 Year Ended


Year EndedDecember 31,


December 31,2008


2007


Variance(Amounts in thousands)Revenue

$
288,128


$
266,777


$
21,351Operating expenses


251,188



224,019



27,169Other operating income (expense)


15,910



(308
)


16,218Operating income


36,940



42,758



(5,818
)Income tax expense


14,430



19,432



(5,002
)Net income attributable to CKX, Inc.


17,127



10,320



6,807Operating income

$
36,940


$
42,758


$
(5,818
)Impairment charges


35,661







35,661Depreciation and amortization


21,161



22,551



(1,390
)Non-cash compensation


2,954



1,325



1,629OIBDAN

$
96,716


$
66,634


$
30,082   American Idol, So You Think You Can
    Dance So You Think
    You Can Dance
  19
    Entertainment
      Year Ended December 31, 2008

Revenue


Cost of Sales(Amounts in thousands)American Idol(including television production, foreign
    syndication, sponsorship, merchandise and touring)

$
96,028


$
(22,455
)

$
73,573Other IDOLStelevision programs (including license fees
    and sponsorship)


15,349



(482
)


14,867So You Think You Can Danceand other television
    productions


63,690



(55,403
)


8,287Recorded music, management clients and other


54,134



(29,610
)


24,524$
229,201


$
(107,950
)

$
121,251Selling, general and administrative expenses, excluding non-cash
    compensation










(44,362
)Other operating income










15,910OIBDAN









$
92,799OIBDAN









$
92,799Impairment charge on MBST










(7,922
)Depreciation and amortization










(16,165
)Non-cash compensation










(2,044
)Operating income









$
66,668   37




---



##### Table of Contents



Year Ended December 31, 2007

Revenue


Cost of Sales(Amounts in thousands)American Idol(including television production, foreign
    syndication, sponsorship, merchandise and touring)

$
83,859


$
(20,647
)

$
63,212Other IDOLStelevision programs (including license fees
    and sponsorship)


15,837



(385
)


15,452So You Think You Can Danceand other television
    productions


54,154



(45,352
)


8,802Recorded music, management clients and other


44,014



(12,372
)


31,642$
197,864


$
(78,756
)

$
119,108Selling, general and administrative expenses, excluding non-cash
    compensation










(51,610
)Other operating expense










(308
)OIBDAN









$
67,190OIBDAN









$
67,190Depreciation and amortization










(17,727
)Non-cash compensation










(289
)Operating income









$
49,174   American Idol 7 American Idol 6 American
    Idol IDOLS IDOLS
  Little Britain USA
  So You Think You Can Dance Little Britain USA
  American Idol American Idol
  So You Think You Can Dance Little Britain USA iTunes
   38




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##### Table of Contents



Presley
    Business  Royalties and Licensing
    Year Ended


Year EndedDecember 31,


December 31,2008


2007


Variance(Amounts in thousands)Revenue

$
18,186


$
21,883


$
(3,697
)Cost of sales


(2,364
)


(2,211
)


(153
)Selling, general and administrative expense, excluding non-cash
    compensation


(5,330
)


(7,691
)


2,361OIBDAN

$
10,492


$
11,981


$
(1,489
)OIBDAN

$
10,492


$
11,981


$
(1,489
)Depreciation and amortization


(2,582
)


(2,582
)


Non-cash compensation


(39
)


(35
)


(4
)Operating income

$
7,871


$
9,364


$
(1,493
)     Presley
    Business  Graceland Operations
    Year Ended


Year EndedDecember 31,


December 31,2008


2007


Variance(Amounts in thousands)Revenue

$
36,713


$
40,879


$
(4,166
)Cost of sales


(5,674
)


(7,487
)


1,813Selling, general and administrative expense, excluding non-cash
    compensation


(24,835
)


(26,220
)


1,385OIBDAN

$
6,204


$
7,172


$
(968
)OIBDAN

$
6,204


$
7,172


$
(968
)Depreciation and amortization


(2,251
)


(2,089
)


(162
)Non-cash compensation


(79
)


(64
)


(15
)Operating income

$
3,874


$
5,019


$
(1,145
)    39




---



##### Table of Contents



Ali
    Business
    Corporate
    Expenses and Other Costs
    distribution-related merger-related distribution-related
    Impairment
    Charges
    Interest
    Income/Expense, net
   40




---



##### Table of Contents



Other
    Income
    Income
    Taxes
          Business
    Combinations
    740-10, Accounting for Uncertainty in
    Income Taxes
     41




---



##### Table of Contents



Equity
    in Earnings of Affiliates
    Noncontrolling
    Interests
    Liquidity
    and Capital Resources
  50-125 basis 150-225 basis
     42




---



##### Table of Contents



Cash Flow
    for the Years Ended December 31, 2009, 2008 and
    2007
  American Idol So You Think You Can Dance Superstars of Dance
      Investing
    Activities
          Financing
    Activities
     43




---



##### Table of Contents



Uses of
    Capital
      Capital
    Expenditures
      Dividends
      Commitments
    and Contingencies
       44




---



##### Table of Contents



2010


2011


2012


2013


2014


Thereafter


Total(In thousands)Debt principal

$
482


$
100,515


$
132


$



$



$



$
101,129Interest on debt


1,858



751



7















2,616Non-cancelable operating leases


4,172



3,512



3,378



2,355



1,633



2,004



17,054Employment contracts and consulting agreements


4,088



1,462



560



560



560



47



7,277Guaranteed minimum distributions (a)


1,700



1,700



1,700



1,700



1,700







8,50019 Entertainment put right






7,039
(b)


















7,039Series B convertible preferred stock dividend (c)


1,826



1,826



1,826



1,826



1,826







9,130EPE Put Right (d)


























MAE contingent consideration (e)


























Uncertain tax positions (f)


2,380























2,380Ryan Seacrest agreement


7,500



7,500



3,750















18,750Total

$
24,006


$
124,305


$
11,353


$
6,441


$
5,719


$
2,051


$
173,875     (a)
    
    We are required to make guaranteed minimum distributions to the
    noncontrolling interest shareholder of at least
    $1.2 million annually for as long as the noncontrolling
    interest shareholder continues to own 15% of the Presley
    Business. We are also required to make guaranteed minimum
    distributions to the noncontrolling interest shareholder of at
    least $0.5 million annually for as long as the
    noncontrolling interest shareholder continues to own 20% of the
    Ali Business.(b)
    
    We have granted to the former holders of capital stock of 19
    Entertainment the right, during a period of 20 business days
    beginning March 17, 2011, to cause us to purchase up to
    0.5 million shares of common stock from them at a price of
    $13.18 per share, which is reflected in the table above. These
    shares represent the remaining shares subsequent to the
    Companys exercise of its call option under the amended Put
    and Call Option Agreement described elsewhere herein.(c)
    
    We are required to pay an annual dividend of $1.8 million
    per year in quarterly installments on our outstanding
    Series B Convertible Preferred Stock issued in the
    acquisition of the Presley Business.(d)
    
    The Promenade Trust has the right to require us to purchase up
    to all of its remaining ownership interest in the Presley
    Business at a price based on the fair market value of the
    business.(e)
    
    The Ali Trust has the right to receive an additional 5%
    membership interest in the Ali Business effective as of the end
    of the calendar year in which the total compound internal rate
    of return to the Company on its initial $50 million
    investment equals or exceeds (i) 30% on a cumulative basis
    during the period ending April 10, 2011 or (ii) 25% on
    a cumulative basis for any period commencing on the acquisition
    date and ending at any time after April 10, 2011. The Ali
    Trust also has the right to require the Company to purchase all
    of its remaining ownership interest in the Ali Business
    beginning on April 10, 2011 at a price based on the then
    current fair market value.(f)
    
    By definition, the uncertain tax positions may or may not be
    paid. Due to such uncertainty, the Company is unable to estimate
    the timing of such potential payments. The amount includes
    interest and penalties of $564,000.    Elvis
    Cirque du Soleil Show
   45




---



##### Table of Contents



Ryan
    Seacrest Agreement
  American Idol American Idol American Idol American Idol
  Simon
    Fuller Transaction
  American Idol So You Think You Can
    Dance If I Can Dream American Idol So You Think You Can Dance
      IDOLS So You Think You Can
    Dance If I Can
    Dream
 46




---



##### Table of Contents



Future
    Acquisitions
    Inflation
    Application
    of Critical Accounting Policies
        Television
    Production Costs
      Artist
    Advances and Recoupable Recording Costs
  artist-by-artist
 47




---



##### Table of Contents



Goodwill
    and Other Intangible Assets
              Income
    Taxes
     48




---



##### Table of Contents



Share-Based
    Payments
    Impact of
    Recently Issued Accounting Standards
  The FASB
    Accounting Standards Codification and the Hierarchy of Generally
    Accepted Accounting Principles, a replacement of FASB Statement
    No. 162 105-10,
  Business Combinations 810-10-65 Noncontrolling Interests in
    Consolidated Financial Statements an amendment of ARB
    No. 51
  Subsequent Events 855-10,
  Accounting for Transfers of Financial Assets  an
    amendment of FASB No. 140, Accounting for Transfers and
    Servicing of Financial Assets and Extinguishments of
    Liabilities
  Amendments to FASB Interpretation No. 46(R)
  2009-13 2009-13
 49




---



##### Table of Contents



Off
    Balance Sheet Arrangements
  Regulation S-K.
  ITEM 7A.
    QUANTITATIVE
    AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK    Interest
    Rate Risk
      Foreign
    Exchange Risk
        19
    Entertainment Put Option
   50




---



##### 



ITEM 8.
    FINANCIAL
    STATEMENTS AND SUPPLEMENTARY DATA  Table of
    Contents to Consolidated Financial Statements
   
 PageCKX, Inc.Reports of Independent Registered Public
    Accounting Firm

52Consolidated Balance Sheets at December 31,
    2009 and 2008

54Consolidated Statements of Operations for the
    years ended December 31, 2009, 2008, and 2007

55Consolidated Statements of Cash Flows for the
    years ended December 31, 2009, 2008, and 2007

56Consolidated Statement of Stockholders
    Equity for the years ended December 31, 2009, 2008 and
    2007

58Notes to Consolidated Financial Statements

59   51




---



##### Table of Contents



REPORT OF
    INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM             Internal Control  Integrated Framework
  Deloitte &
    Touche LLP
     52




---



##### Table of Contents



REPORT OF
    INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
       Internal Control  Integrated Framework
        Internal Control  Integrated Framework
    Deloitte &
    Touche LLP
     53




---



##### Table of Contents



CKX,
    INC.
  CONSOLIDATED BALANCE SHEETS
 (amounts
    in thousands, except share data)
  December 31,


December 31,2009


2008ASSETSCurrent assets:Cash and cash equivalents

$
66,587


$
101,895Receivables, net of allowance for doubtful accounts of $742 at
    December 31, 2009 and $803 at December 31, 2008


52,252



37,085Due from related party






274Inventories, net of allowance for obsolescence of $661 at
    December 31, 2009 and $649 at December 31, 2008


1,977



1,988Prepaid expenses and other current assets


26,092



8,119Prepaid income taxes


4,610



Deferred tax assets


3,551



4,941Total current assets


155,069



154,302Property and equipment  net


49,590



47,818Receivables


2,693



3,267Loans to related parties


2,221



1,765Other assets


49,453



26,797Goodwill


116,873



108,771Other intangible assets  net


119,809



127,403Deferred tax assets


3,974



5,938TOTAL ASSETS

$
499,682


$
476,061LIABILITIES AND STOCKHOLDERS EQUITYCurrent liabilities:Accounts payable

$
39,144


$
19,648Accrued expenses


25,689



22,373Current portion of long-term debt


482



489Income taxes payable






5,526Deferred revenue


12,885



30,745Total current liabilities


78,200



78,781Long-term liabilities:Long-term debt


100,647



101,429Deferred revenue


2,850



3,515Other long-term liabilities


2,828



2,850Deferred tax liabilities


22,835



23,744Total liabilities


207,360



210,319Redeemable restricted common stock 
    534,082 shares outstanding at December 31, 2009 and
    1,672,170 shares outstanding at December 31, 2008


7,347



23,002CKX, Inc. stockholders equity:Preferred stock, $.01 par value, authorized
    75,000,000 shares:Series B - 1,491,817 shares outstanding at
    December 31, 2009 and 2008


22,825



22,825Series C - 1 share outstanding at
    December 31, 2009 and 2008






Common stock, $0.01 par value: authorized
    200,000,000 shares, 96,831,149 shares issued at
    December 31, 2009 and 95,634,685 issued at
    December 31, 2008


968



956Additional
    paid-in-capital


394,839



377,617Accumulated deficit


(83,857
)


(106,619
)Common stock in treasury  4,477,438 at
    December 31, 2009 and 3,339,350 shares at
    December 31, 2008


(22,647
)


(7,647
)Accumulated other comprehensive income (loss)


(33,394
)


(49,671
)Total CKX, Inc. stockholders equity


278,734



237,461Noncontrolling interests


6,241



5,279Total equity


284,975



242,740TOTAL LIABILITIES AND STOCKHOLDERS EQUITY

$
499,682


$
476,061    54




---



##### Table of Contents



CKX,
    INC.
  CONSOLIDATED STATEMENTS OF OPERATIONS
 (amounts
    in thousands, except share and per share
    information)
  Year Ended


Year Ended


Year EndedDecember 31,


December 31,


December 31,2009


2008


2007Revenue

$
328,353


$
288,128


$
266,777Operating expenses:Cost of sales


158,569



117,358



90,073Selling, general and administrative expenses


75,235



78,354



87,672Corporate expenses


21,214



18,065



18,156Impairment charges


2,526



35,661



Depreciation and amortization


19,241



21,161



22,551Merger and distribution-related costs (recoveries), net


675



(5,768
)


5,259Acquisition-related costs


2,637



2,267



Other expense (income)


4,079



(15,910
)


308Total operating expenses


284,176



251,188



224,019Operating income


44,177



36,940



42,758Interest income


308



1,778



1,644Interest expense


(3,335
)


(5,601
)


(5,590
)Other income










2,181Income before income taxes and equity in earnings of affiliates


41,150



33,117



40,993Income tax expense


15,358



14,430



19,432Income before equity in earnings of affiliates


25,792



18,687



21,561Equity in earnings of affiliates


576



2,521



1,566Income from continuing operations


26,368



21,208



23,127Loss from discontinued operations










(8,430
)Net income


26,368



21,208



14,697Dividends on preferred stock


(1,824
)


(1,824
)


(1,824
)Net income available to CKX, Inc.


24,544



19,384



12,873Less: Net income attributable to noncontrolling interests


(1,782
)


(2,257
)


(2,553
)Net income attributable to CKX, Inc.

$
22,762


$
17,127


$
10,320Basic income per share:Income from continuing operations

$
0.26


$
0.20


$
0.21Discontinued operations










(0.08
)Dividends on preferred stock


(0.02
)


(0.02
)


(0.02
)Basic income per share

$
0.24


$
0.18


$
0.11Diluted income per share:Income from continuing operations

$
0.26


$
0.20


$
0.21Discontinued operations










(0.08
)Dividends on preferred stock


(0.02
)


(0.02
)


(0.02
)Diluted income per share

$
0.24


$
0.18


$
0.11Average number of common shares outstanding:Basic


93,298,778



96,674,706



96,901,172Diluted


93,337,683



96,684,377



96,991,441    55




---



##### Table of Contents



CKX,
    INC.CONSOLIDATED STATEMENTS OF CASH FLOWS
    (amounts in thousands)
  Year Ended


Year Ended


Year EndedDecember 31,


December 31,


December 31,2009


2008


2007Cash flows from operating activities:Net income

$
26,368


$
21,208


$
14,697Adjustments to reconcile net income to net cash provided by
    operating activities:Depreciation and amortization


19,241



21,161



22,551Write-off of deferred costs


874







Impairment charges


2,526



35,661



Impact on cash of discontinued operations










8,430Unrealized foreign currency gains and losses


3,114



(11,833
)


308Share-based payments


1,563



2,954



1,325Equity in earnings of affiliates, net of cash received


(576
)


264



482Merger termination recoveries, net of cash received






(7,647
)


Gain on distribution










(2,225
)Deferred income taxes


3,670



(15,923
)


(1,802
)Non-cash interest expense


686



666



654Provision for accounts receivable allowance


259



814



588Provision for inventory allowance


101



114



32Changes in operating assets and liabilities:Receivables


(12,112
)


83



(21,005
)Inventory


(90
)


(10
)


68Prepaid expenses and other current assets


(21,663
)


(9,926
)


(2,215
)Prepaid income taxes


(4,610
)






7,014Accounts payable and accrued expenses


18,734



5,215



7,456Deferred revenue


(18,362
)


19,473



(271
)Income taxes payable


(5,526
)


(700
)


4,736Other


252



(1,347
)


(143
)Net cash provided by operating activities


14,449



60,227



40,680Cash flows from investing activities:Investment in Cirque du Soleil partnership


(18,357
)






Additions to property and equipment


(7,062
)


(7,838
)


(11,354
)Purchase of 51% interest in business, net of cash acquired of
    $936


(4,314
)






Loan repayment from FXRE






6,345



Loan to noncontrolling interests


(455
)


(500
)


Repayment of loan from noncontrolling interests






500



Investment in and loan to FXRE










(109,691
)Loan to related party










(1,750
)Net cash used in investing activities


(30,188
)


(1,493
)


(122,795
)Cash flows from financing activities:Purchase of redeemable restricted common stock


(15,000
)






Distributions to noncontrolling interests


(2,600
)


(1,700
)


(1,750
)Principal payments on debt


(774
)


(1,152
)


(631
)Borrowing under revolving credit facility










100,000Proceeds from exercise of warrants










244Debt issuance costs










(94
)Dividends paid on preferred stock


(1,824
)


(1,824
)


(1,824
)Net cash (used in) provided by financing activities


(20,198
)


(4,676
)


95,945Effect of exchange rate changes on cash


629



(3,110
)


507Net (decrease) increase in cash and equivalents


(35,308
)


50,948



14,337Cash and cash equivalents, beginning of period


101,895



50,947



36,610Cash and cash equivalents, end of period

$
66,587


$
101,895


$
50,947    56




---



##### Table of Contents



Year Ended


Year Ended


Year EndedDecember 31,


December 31,


December 31,2009


2008


2007Supplemental cash flow data (in thousands):Cash paid during the period for:Interest

$
2,560


$
5,266


$
4,535Income taxes


21,869



30,106



11,033   Supplemental
    Cash Flow Information:
    Accrued but unpaid Series B Convertible Preferred Stock
    Dividends

$
456     Shares received in merger termination

$
7,647Distribution of final 2% ownership interest in FXRE


6,175Accrued but unpaid Series B Convertible Preferred Stock
    Dividends


456     Dividend of CKXs interests in FXRE to the Distribution
    Trusts (as defined)

$
91,259Accrued dividend of CKXs interests in FXRE to the
    Distribution Trusts (as defined)


6,175Accrued but unpaid Series B Convertible Preferred Stock
    Dividends


456     57




---



##### Table of Contents



CKX,
    INC.
  CONSOLIDATED STATEMENT OF STOCKHOLDERS
    EQUITY
 (IN
    THOUSANDS, EXCEPT SHARE INFORMATION)
  AccumulatedOtherPreferred Stock








Additional





Common Stock


ComprehensiveSeries B


Series C


Common Stock


Paid-In


Accumulated


in Treasury


IncomeShares


Amount


Shares


Amount


Shares


Amount


Capital


Deficit


Shares


Amount


(Loss)


TotalBalance at January 1, 2007


1,491,817


$
22,825



1


$




94,237,075


$
942


$
373,115


$
(36,562
)





$



$
10,689


$
371,009Fin 48 adjustment






























(70
)














(70
)Warrant exercises


















1,081,889



11



233



















244Shares issued to independent directors


















28,293







656



















656Restricted shares issued to employees


















55,500



1



189



















190Stock option expense


























472



















472Series B preferred dividends






























(1,824
)














(1,824
)Distribution of FXRE






























(97,434
)














(97,434
)Net income






























12,144















12,144Other comprehensive income










































4,317



4,317Balance at December 31, 2007


1,491,817


$
22,825



1


$




95,402,757


$
954


$
374,665


$
(123,746
)





$



$
15,006


$
289,704Shares issued to independent directors


















38,628







475



















475Restricted shares issued to employees


















200,000



2



1,904



















1,906Restricted shares forfeited by employees


















(6,700
)


























Shares received upon merger termination


















(3,339,350
)














3,339,350



(7,647
)






(7,647
)Stock option expense


























573



















573Series B preferred dividends






























(1,824
)














(1,824
)Net income






























18,951















18,951Other comprehensive loss










































(64,677
)


(64,677
)Balance at December 31, 2008


1,491,817


$
22,825



1


$




92,295,335


$
956


$
377,617


$
(106,619
)


3,339,350


$
(7,647
)

$
(49,671
)

$
237,461Shares received upon exercise of call option






















11



15,580







1,138,088



(15,000
)






591Shares issued to independent directors


















59,076



1



422



















423Restricted shares issued to employees


























152



















152Restricted shares forfeited by employees


















(2,200
)


























Stock option exercised


















1,500







6



















6Stock option expense


























1,062



















1,062Series B preferred dividends






























(1,824
)














(1,824
)Net income






























24,586















24,586Other comprehensive income










































16,277



16,277Balance at December 31, 2009


1,491,817


$
22,825



1


$




92,353,711


$
968


$
394,839


$
(83,857
)


4,477,438


$
(22,647
)

$
(33,394
)

$
278,734    58




---



##### Table of Contents



CKX,
    INC.NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
  1.
    Overview    
    19 Entertainment Limited (19 Entertainment), which
    owns, among other properties, proprietary rights to the IDOLSand So You Think You Can Dancetelevision brands,
    both of which air in the United States, and, together with local
    adaptations of the formats, around the world;
    An 85% ownership interest in Elvis Presley Enterprises (the
    Presley Business or EPE), which owns the
    rights to the name, image and likeness of Elvis Presley, certain
    music and other intellectual property created by or related to
    Elvis and, the operations of Graceland; and has partnered with
    Cirque du Soleil for the creation of Elvis Presley-themed shows
    and projects around the world, including the recently opened
    Viva ELVIS in Las Vegas, Nevada; and
    An 80% ownership interest in Muhammad Ali Enterprises (the
    Ali Business), which owns the rights to the name,
    image and likeness of, as well as certain trademarks and other
    intellectual property related to Muhammad Ali.    2.
    Exercise
    of Amended Call Option          3.
    Summary
    of Significant Accounting Policies and Basis of
    Presentation  Principles
    of Consolidation
     59




---



##### Table of Contents



Use of
    Estimates
    Investment
    in FXRE
    Cash
    and Cash Equivalents
      Inventory
  first-in,
  Property
    and Equipment
      December 31,December 31, 2009


2008


Useful Lives(In thousands)


(In thousands)Land

$
29,543


$
27,681



n/aBuildings and improvements


21,244



21,082



5-20Equipment, furniture and fixtures


10,200



7,859



3-7Airplane


2,632







563,619



56,622Less: accumulated depreciation and amortization


(14,029
)


(8,804
)$
49,590


$
47,818  60




---



##### Table of Contents



Revenue
    Recognition
  Merchandising/Name,
    Image and Likeness Licensing Revenue:
    Royalty
    Income:
      Television
    Revenue:
    Sponsorship
    Revenue:
    Management
    and Production Services Revenue:
    Other
    Revenue:
   61




---



##### Table of Contents



Television
    Production Costs
      Artist
    Advances and Recoupable Recording Costs
    Advertising
    Expense
    Income
    Taxes
    Foreign
    Currency
      Goodwill
    and Other Intangible Assets
   62




---



##### Table of Contents



Equity
    Investments
        Share-Based
    Payments
    Impact
    of Recently Issued Accounting Standards
  The FASB
    Accounting Standards Codification and the Hierarchy of Generally
    Accepted Accounting Principles, a replacement of FASB Statement
    No. 162 105-10,
  Business Combinations 810-10-65 Noncontrolling Interests in
    Consolidated Financial Statements an amendment of ARB
    No. 51
 63




---



##### Table of Contents



Subsequent Events 855-10,
  Accounting for Transfers of Financial Assets  an
    amendment of FASB No. 140, Accounting for Transfers and
    Servicing of Financial Assets and Extinguishments of
    Liabilities
  Amendments to FASB Interpretation No. 46(R)
  2009-13 2009-13
  4.
    Terminated
    Merger Agreement      5.
    Transactions
    Involving FX Real Estate and Entertainment Inc.  About
    FXRE
    FXRE
    Distribution
   64




---



##### Table of Contents



Terminated
    License Agreements
      and/or
    and/or
  Discontinued
    Operations
    Revenue

$
1,346Total costs and expenses, net of noncontrolling interest share


(6,802
)Equity in losses of unconsolidated subsidiaries


(2,974
)Income taxes


Loss from discontinued operations, net of income taxes

$
(8,430
)  65




---



##### Table of Contents



Shared
    Services Agreement
        6.
    Capital
    Structure  Redeemable
    Restricted Common Stock
    Series B
    Convertible Preferred Stock
         66




---



##### Table of Contents



Series C
    Convertible Preferred Stock
  pari passu
  Common
    Stock
    7.
    Comprehensive
    Income (Loss)    Year Ended


Year Ended


Year EndedDecember 31,


December 31,


December 31,2009


2008


2007Net income

$
26,368


$
21,208


$
14,697Foreign currency translation adjustments


16,277



(64,677
)


4,31742,645



(43,469
)


19,014Net income attributable to noncontrolling interests


(1,782
)


(2,257
)


(2,553
)Comprehensive income (loss)

$
40,863


$
(45,726
)

$
16,461     8.
    Earnings
    Per Share/Common Shares Outstanding   67




---



##### Table of Contents



Year Ended December 31,2009


2008


2007Weighted average basic common shares outstanding (including
    redeemable restricted common stock)


93,298,778



96,674,706



96,901,172Incremental shares for assumed exercise of Series C
    preferred stock, restricted stock, warrants and stock options


38,905



9,671



90,269Weighted average diluted common shares outstanding (including
    redeemable restricted common stock)


93,337,683



96,684,377



96,991,441   9.
    Intangible
    Assets and Goodwill            Presley and Ali trademarks, publicity rights and other
    intellectual property

$
66,365     WeightedAverage


Gross





NetRemaining


Carrying


Accumulated


CarryingUseful Life


Amount


Amortization


AmountPresley record, music publishing, film and video rights


10.1 years


$
28,900


$
(9,298
)

$
19,602Other Presley intangible assets


12.2 years



13,622



(6,538
)


7,08419 Entertainment IDOLS television programming, merchandising and
    sponsorship relationships


2.3 years



64,517



(43,423
)


21,09419 Entertainment other artist management, recording,
    merchandising, sponsorship and model relationships


2.4 years



18,087



(13,387
)


4,700MBST artist contracts, profit participation rights and other
    intangible assets


1.9 years



4,270



(3,306
)


964$
129,396


$
(75,952
)

$
53,444    68




---



##### Table of Contents



Gross





NetCarrying


Accumulated


CarryingAmount


Amortization


AmountPresley record, music publishing, film and video rights

$
28,900


$
(7,353
)

$
21,547Other Presley intangible assets


13,622



(5,265
)


8,35719 Entertainment IDOLS television programming, merchandising and
    sponsorship relationships


58,644



(30,948
)


27,69619 Entertainment other artist management, recording,
    merchandising, and sponsorship relationships


12,252



(10,538
)


1,714MBST artist contracts, profit participation rights and other
    intangible assets


4,270



(2,546
)


1,724$
117,688


$
(56,650
)

$
61,038     Years Ending December 31,2010

$
14,9002011


13,6002012


5,7002013


3,1002014


3,000     Balance at





Balance atDecember 31,





December 31,2008


Adjustments


2009Presley royalties and licensing

$
14,413


$



$
14,413Presley Graceland operations


10,166







10,16619 Entertainment


80,907



8,102



89,009MBST


2,175







2,175Ali Business


1,110







1,110Total

$
108,771


$
8,102


$
116,873     10.
    Debt       69




---



##### Table of Contents



$
    Years Ending December 31,

(In thousands)2010

$
4822011


100,5152012


1322013


2014


Thereafter


$
101,129   11.
    Stockholders
    Equity    NoncontrollingCKX, Inc.


Interests


TotalBalance at January 1, 2009

$
237,461


$
5,279


$
242,740Net income


24,586



1,782



26,368Distributions/distributions payable to noncontrolling interest
    shareholders






(2,600
)


(2,600
)Series B preferred dividends


(1,824
)






(1,824
)Other comprehensive income


16,277







16,277Purchase of 51% interest in business






1,813



1,813Other


2,234



(33
)


2,201Balance at December 31, 2009

$
278,734


$
6,241


$
284,975   70




---



##### Table of Contents



NoncontrollingCKX, Inc.


Interests


TotalBalance at January 1, 2008

$
289,704


$
4,757


$
294,461Net income


18,951



2,257



21,208Distributions to noncontrolling interest shareholders






(1,700
)


(1,700
)Series B preferred dividends


(1,824
)






(1,824
)Other comprehensive income


(64,677
)






(64,677
)Other


(4,693
)


(35
)


(4,728
)Balance at December 31, 2008

$
237,461


$
5,279


$
242,740       12.
    Share-Based
    Payments    Restricted
    Stock Grants
    Stock
    Option Grants
        2009


2008


2007Risk-free average interest rate


2.4
%


3.1
%


4.5
%Volatility


44.8
%


37.0
%


39.0
%Expected life (years)


6.5



6.5



6.5Dividend yield


0.0
%


0.0
%


0.0
%Weighted average grant date fair value

$
1.99


$
3.54


$
5.71    71




---



##### Table of Contents



2009


2008


2007Weighted





Weighted





WeightedAverage





Average





AverageOptions


Exercise Price


Options


Exercise Price


Options


Exercise PriceBalance outstanding at beginning of year


712,100


$
11.42



515,000


$
12.75



440,000


$
12.97Granted


1,412,000


$
4.19



223,500


$
8.28



124,500


$
12.02Exercised


(1,500
)

$
4.19















Forfeited


(50,350
)

$
10.59



(26,400
)

$
10.92



(49,500
)

$
12.85Balance outstanding at end of year


2,072,250


$
6.52



712,100


$
11.42



515,000


$
12.75Balance exercisable at end of year


257,665


$
11.89Balance expected to vest in future years


1,522,785


$
5.60       13.
    Income
    Taxes    Year Ended


Year Ended


Year EndedDecember 31,


December 31,


December 31,(in thousands)

2009


2008


2007Domestic operations

$
(7,039
)

$
(4,785
)

$
(394
)Foreign operations


48,189



37,902



41,387Income before income taxes and equity in earnings of affiliates

$
41,150


$
33,117


$
40,993     Year Ended


Year Ended


Year EndedDecember 31,


December 31,


December 31,(in thousands)

2009


2008


2007Current provision (benefit)Federal

$
423


$
9,369


$
3,448Foreign


9,636



17,509



15,134State


1,276



3,475



2,65211,335



30,353



21,234Deferred provision (benefit)Federal


6,584



(10,226
)


2,474Foreign


(3,376
)


(3,951
)


(4,253
)State


815



(1,746
)


(23
)4,023



(15,923
)


(1,802
)Total income tax expense

$
15,358


$
14,430


$
19,432  72




---



##### Table of Contents



Year Ended


Year Ended


Year EndedDecember 31,


December 31,


December 31,(in thousands)

2009


2008


2007Income tax expense at statutory federal rate

$
14,402


$
11,591


$
14,346Effect of state and local income taxes


1,360



1,124



1,350Foreign earnings


(1,336
)


(1,226
)


932Income taxed directly to noncontrolling interests


(414
)


(314
)


(558
)Transaction related costs


(794
)


(792
)


1,586MBST impairment charge






2,773



Storm impairment charge


884







Other permanently non-deductible related items


1,256



1,274



1,776Income tax expense

$
15,358


$
14,430


$
19,432       December 31,


December 31,(in thousands)

2009


2008Deferred income tax assets:CurrentInventory

$
338


$
340Accounts receivable


903



779Deferred revenue






3,822Property and equipment


495



Other


1,815



Current deferred income tax assets


3,551



4,941Non-currentForeign tax credits


23,827



19,707Unremitted earnings






(32
)Deferred revenue


275



723Other


441



1,349Less: valuation allowance


(20,569
)


(15,809
)Non-current deferred income tax assets


3,974



5,938Total deferred income tax assets, net


7,525



10,879Deferred tax liabilities:Intangible asset basis difference


(22,727
)


(23,735
)Unremitted earnings


(108
)


Property and equipment






(46
)Other






37Total deferred income tax liabilities


(22,835
)


(23,744
)Total deferred income tax assets (liabilities), net

$
(15,310
)

$
(12,865
)      73




---



##### Table of Contents



(in thousands)

2009


2008


2007Balance at January 1

$
193


$
193


$
Increases/(decreases) related to prior period positions


1,624







120Increases/(decreases) related to current period positions










73Decreases due to settlements with taxing authorities










Decreases due to lapse of statute of limitations










Balance at December 31

$
1,817


$
193


$
193         14.
    Segment
    Information       74




---



##### Table of Contents



Presley Business








CorporateRoyalties and


Graceland


19


Ali


andSegment Information

Licensing


Operations


Entertainment (1)(2)


Business (2)


Other (1)


Total(Amounts in thousands)Year ended December 31, 2009:Revenue

$
24,473


$
36,124


$
263,523


$
4,233


$



$
328,353Operating income (loss)

$
16,771


$
4,896


$
46,456


$
1,031


$
(24,977
)

$
44,177Depreciation and amortization

$
2,582


$
2,369


$
13,792


$
47


$
451


$
19,241OIBDAN

$
19,395


$
7,362


$
63,288


$
1,083


$
(23,621
)

$
67,507Year ended December 31, 2008:Revenue

$
18,186


$
36,713


$
229,201


$
4,028


$



$
288,128Operating income (loss)

$
7,870


$
3,875


$
66,668


$
(26,805
)

$
(14,668
)

$
36,940Depreciation and amortization

$
2,582


$
2,251


$
16,165


$
59


$
104


$
21,161OIBDAN

$
10,491


$
6,205


$
92,799


$
1,008


$
(13,787
)

$
96,716Year ended December 31, 2007:Revenue

$
21,883


$
40,879


$
197,864


$
6,151


$



$
266,777Operating income (loss)

$
9,364


$
5,019


$
49,174


$
2,718


$
(23,517
)

$
42,758Depreciation and amortization

$
2,582


$
2,089


$
17,727


$
51


$
102


$
22,551OIBDAN

$
11,981


$
7,172


$
67,190


$
2,784


$
(22,493
)

$
66,634     (1)
    
    The operating losses in 2009, 2008 and 2007 include $0.7,
    $(5.8) million and $5.3 million, respectively, of
    merger and distribution-related costs (recoveries), net. The
    operating losses in 2009 and 2008 include $2.6 and
    $2.3 million of acquisition-related costs. The operating
    losses in 2009, 2008 and 2007 include $4.1 million,
    $(15.9) million and $0.3 million of foreign exchange
    (gains) and losses resulting from the strength of the U.S.
    dollar compared to the U.K. pound sterling.(2)
    
    The 2009 operating income for the 19 Entertainment segment
    includes $2.5 million of goodwill and other asset
    impairment charges. The 2008 operating income (losses) for the
    Ali Business and 19 Entertainment segments include
    $27.8 million and $7.9 million, respectively, of
    goodwill and intangible asset impairment charges.  Presley Business








CorporateRoyalties and


Graceland


19


Ali


andLicensing


Operations


Entertainment


Business


Other


Total(Amounts in thousands)Asset Information:Segment assets at December 31, 2009

$
98,662


$
73,379


$
211,911


$
31,262


$
84,468


$
499,682Segment assets at December 31, 2008

$
84,437


$
74,359


$
153,083


$
31,362


$
132,820


$
476,061Investment in affiliates at December 31, 2009

$
21,470


$



$
1,699


$



$



$
23,169Investment in affiliates at December 31, 2008

$
3,113


$



$
1,047


$



$



$
4,160Purchase of property and equipment for year ended
    December 31, 2009

$
1,915


$



$
2,430


$



$
2,717


$
7,062Purchase of property and equipment for year ended
    December 31, 2008

$



$
4,562


$
3,223


$
4


$
49


$
7,838Purchase of property and equipment for year ended
    December 31, 2007

$



$
9,776


$
1,537


$
5


$
36


$
11,354  75




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##### Table of Contents



Year Ended


Year Ended


Year EndedDecember 31,


December 31,


December 31,(Amounts in thousands)

2009


2008


2007OIBDAN

$
67,507


$
96,716


$
66,634Impairment charges


(2,526
)


(35,661
)


Depreciation and amortization


(19,241
)


(21,161
)


(22,551
)Non-cash compensation


(1,563
)


(2,954
)


(1,325
)Interest income


308



1,778



1,644Interest expense


(3,335
)


(5,601
)


(5,590
)Equity in earnings of affiliates


576



2,521



1,566Other income (expense)










2,181Income tax expense


(15,358
)


(14,430
)


(19,432
)Loss from discontinued operations










(8,430
)Net income

$
26,368


$
21,208


$
14,697       15.
    Commitments
    and Contingencies  Commitments
    (In thousands)Year Ending December 31,2010

$
4,1722011


3,5122012


3,3782013


2,3552014


1,633Thereafter


2,004$
17,054    76




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##### Table of Contents



(In thousands)Year Ending December 31,2010

$
4,0882011


1,4622012


5602013


5602014


560Thereafter


47$
7,277   Elvis
    Cirque du Soleil Show
    Redeemable
    Restricted Common Stock
    Ryan
    Seacrest Agreement
  American Idol American Idol American Idol American Idol
 77




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##### Table of Contents



MBST
    Contingencies
            16.
    Related
    Party Transactions               78




---



##### Table of Contents



17.
    Retirement
    Plan    18.
    Unaudited
    Quarterly Financial Information    So You Think You Can Dance
  79




---



##### Table of Contents



For The Year Ended

First


Second


Third


FourthDecember 31, 2009

Quarter


Quarter


Quarter


Quarter


TotalRevenue

$
81,506


$
79,533


$
87,395


$
79,919


$
328,353Depreciation and amortization


4,438



4,560



5,033



5,210



19,241Impairment charges














2,526



2,526Other operating (income) expense


128



5,712



(1,697
)


(64
)


4,079Operating income (loss)


23,576



11,192



11,006



(1,597
)


44,177Income tax expense (benefit)


9,294



5,035



(1,781
)


2,810



15,358Equity in earnings of affiliates


62



(321
)


97



738



576Net income (loss)


13,397



5,030



12,240



(4,299
)


26,368Dividends on preferred stock


(456
)


(456
)


(456
)


(456
)


(1,824
)Net income (loss) available to CKX, Inc.


12,941



4,574



11,784



(4,755
)


24,544Less: Net income attributable to noncontrolling interests


(878
)


(566
)


(591
)


253



(1,782
)Net income attributable to CKX, Inc.


12,063



4,008



11,193



(4,502
)


22,762Basic income (loss) per common share

$
0.13


$
0.05


$
0.12


$
(0.05
)

$
0.24Diluted income (loss) per common share

$
0.13


$
0.05


$
0.12


$
(0.05
)

$
0.24Weighted average basic common shares outstanding


93,798,843



93,702,530



97,054,680



92,860,927



93,298,778Weighted average diluted common shares outstanding


93,954,400



93,702,531



97,060,937



92,926,738



93,337,683   For The Year Ended

First

Second

Third

FourthDecember 31, 2008

Quarter

Quarter

Quarter

Quarter

TotalRevenue

$
65,237


$
88,510


$
96,977


$
37,404


$
288,128Depreciation and amortization


5,632



5,457



5,322



4,750



21,161Impairment charges














35,661



35,661Other operating (income) expense


(217
)


58



(5,631
)


(10,120
)


(15,910
)Operating income (loss)


20,059



25,233



22,708



(31,060
)


36,940Income tax expense (benefit)


8,365



11,515



12,152



(17,602
)


14,430Equity in earnings of affiliates


1,212



445



299



565



2,521Net income (loss)


12,067



13,066



9,832



(13,757
)


21,208Dividends on preferred stock


(456
)


(456
)


(456
)


(456
)


(1,824
)Net income (loss) available to CKX, Inc.


11,611



12,610



9,376



(14,213
)


19,384Less: Net income attributable to noncontrolling interests


(397
)


(678
)


(688
)


(494
)


(2,257
)Net income attributable to CKX, Inc.


11,214



11,932



8,688



(14,707
)


17,127Basic income (loss) per common share

$
0.12


$
0.12


$
0.09


$
(0.15
)

$
0.18Diluted income (loss) per common share

$
0.12


$
0.12


$
0.09


$
(0.15
)

$
0.18Weighted average basic common shares outstanding


97,080,778



97,045,279



97,054,680



95,579,940



96,674,706Weighted average diluted common shares outstanding


97,083,350



97,090,538



97,060,937



95,579,940



96,684,377   19.
    Subsequent
    Events    Transaction
    with Simon Fuller
  American Idol So You Think You Can
    Dance If I Can Dream
 80




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##### Table of Contents



American Idol So You Think You Can Dance
        IDOLS So You Think You Can
    Dance If I Can
    Dream
  Change in
    Functional Currency
  Foreign Currency Matters
    Amendment
    to Credit Facility
     81




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##### Table of Contents



ITEM 9.
    CHANGES
    IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND
    FINANCIAL DISCLOSURE    ITEM 9A.
    CONTROLS
    AND PROCEDURES  Disclosure
    Controls
    Rules 13a-15(e)
  Managements
    Annual Report on Internal Controls Over Financial
    Reporting
  Rules 13a-15(f)
        Rules 13a-15(f) 15d-15(f)
  Form 10-K.
  ITEM 9B.
    OTHER
    INFORMATION   82




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##### Table of Contents



PART III  ITEM 10.
    DIRECTORS,
    EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE  Form 10-K
    ITEM 11.
    EXECUTIVE
    COMPENSATION  Form 10-K
  ITEM 12.
    SECURITY
    OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND
    RELATED STOCKHOLDER MATTERS  Form 10-K
  ITEM 13.
    CERTAIN
    RELATIONSHIPS, RELATED TRANSACTIONS, AND DIRECTOR
    INDEPENDENCE  Form 10-K
  ITEM 14.
    PRINCIPAL
    ACCOUNTING FEES AND SERVICES  Form 10-K
 83




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##### Table of Contents



PART IV  ITEM 15.
    EXHIBITS,
    FINANCIAL STATEMENTS AND SCHEDULE  Financial
    Statements
    Financial
    Statement Schedule
   84




---



##### Table of Contents



Financial
    Statement Schedule
 SCHEDULE II



CKX,
    Inc.



VALUATION
    AND QUALIFYING ACCOUNTS
    YEARS ENDED DECEMBER 31, 2009, 2008 AND 2007
    (DOLLARS IN THOUSANDS)  Balance at

Additions Charged

Additions ChargedBeginning of

(Credited) to Costs

(Credited) to



Balance atDescription

Period

and Expenses

Other Accounts

Deductions

End of Period2009Accounts receivableAllowance for doubtful accounts

$
803


$
259


$



$
(320
)

$
742Inventory allowance for obsolescence


649



101







(89
)


661Deferred taxes valuation allowance


15,809



2,251



2,509







20,5692008Accounts receivableAllowance for doubtful accounts

$
832


$
814


$



$
(843
)

$
803Inventory allowance for obsolescence


627



114







(92
)


649Deferred taxes valuation allowance


23,116







(7,307
)






15,8092007Accounts receivableAllowance for doubtful accounts

$
457


$
588


$



$
(213
)

$
832Inventory allowance for obsolescence


636



32







(41
)


627Deferred taxes valuation allowance


28,583



(479
)


(4,988
)






23,116  85




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##### Table of Contents



Exhibits
    Exhibit No.

Description2
.1

Agreement and Plan of Merger, dated as of June 1, 2007, by
    and among 19X, Inc., 19 Acquisition Corp. and CKX, Inc.
    (Previously filed as Exhibit 2.1 to the
    Form 8-K
    filed June 1, 2007, and incorporated herein by reference)
    (Pursuant to Item 601(b)(2) of
    Regulation S-K,
    the Company agrees to furnish, supplementally, a copy of any
    exhibit or schedule omitted from the Merger Agreement to the SEC
    upon request.)2
.2

Amendment No. 1, dated as of August 1, 2007, to the
    Agreement and Plan of Merger, dated as of June 1, 2007, by
    and among 19X, Inc., 19X Acquisition Corp. and CKX, Inc.
    (Previously filed as Exhibit 2.1 to the
    Form 8-K
    filed August 1, 2007, and incorporated herein by reference.)2
.3

Amendment No. 2, dated as of September 27, 2007, to
    the Agreement and Plan of Merger, dated as of June 1, 2007
    and amended as of August 1, 2007, by and among 19X, Inc.,
    19 Acquisition Corp. and CKX, Inc. (Previously filed as
    Exhibit 2.1 to the
    Form 8-K
    filed September 28, 2007, and incorporated herein by
    reference.)2
.4

Amendment No. 3, dated as of January 23, 2008, to the
    Agreement and Plan of Merger, dated as of June 1, 2007 and
    amended as of September 27, 2007 and August 1, 2007,
    by and among 19X, Inc., 19 Acquisition Corp. and CKX, Inc.
    (Previously filed as Exhibit 2.1 to the
    Form 8-K
    filed January 24, 2008, and incorporated herein by
    reference.)2
.5

Amendment No. 4, dated as of May 27, 2008, to the
    Agreement and Plan of Merger, dated as of June 1, 2007 and
    amended as of January 23, 2008, September 27, 2007 and
    August 1, 2007, by and among 19X, Inc., 19 Acquisition
    Corp. and CKX, Inc. (Previously filed as Exhibit 2.1 to the
    Form 8-K
    filed May 29, 2008, and incorporated herein by reference.)2
.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 (Previously filed as Exhibit 2.2 to
    the
    Form 8-K
    filed June 1, 2007, and incorporated herein by reference.)2
.7

Amendment, dated July 18, 2007, to the Management
    Cooperation Agreement, dated June 1, 2007, by and among
    CKX, Inc. and each of the stockholders set forth on
    Schedule I to the Management Cooperation Agreement
    (Previously filed as Exhibit 2.3 to the
    Form 10-Q
    for the quarterly period ended June 30, 2007, and
    incorporated herein by reference.)2
.8

Amendment No. 2, dated as of September 27, 2007, to
    the Management Cooperation Agreement dated as of June 1,
    2007 and amended as of July 18, 2007 (Previously filed as
    Exhibit 2.2 to the
    form 8-K
    filed September 28, 2007, and incorporated herein by
    reference.)2
.9

Amendment No. 3, dated as of May 27, 2008, to the
    Management Cooperation Agreement dated as of June 1, 2007
    and amended as of July 18, 2007 and September 27, 2007
    (Previously filed as Exhibit 2.2 to the
    Form 8-K
    filed May 29, 2007, and incorporated herein by reference.)3
.1

Certificate of Incorporation (Previously filed as
    Exhibit 3.1 to the
    Form 10-KSB
    filed March 31, 2005, and incorporated herein by reference).3
.2

Amended and Restated Bylaws (Previously filed as
    Exhibit 3.2 to the
    Form 10-Q
    for the quarterly period ended June 30, 2009, and
    incorporated herein by reference).4
.1

Registration Rights Agreement, dated February 7, 2005
    between the Company and The Huff Alternative Fund, L.P. and the
    Huff Alternative Parallel Fund, L.P. (Previously filed as
    Exhibit 4.4 to the
    Form 8-K/A
    filed February 11, 2005, and incorporated herein by
    reference).4
.2

Registration Rights Agreement, dated February 7, 2005
    between the Company and The Promenade Trust (Previously filed as
    Exhibit 4.5 to the
    Form 8-K/A
    filed February 11, 2005, and incorporated herein by
    reference).4
.3

Registration Rights Agreement, dated March 17, 2005, by and
    among the Company, Simon Robert Fuller and Fuller Nominees
    Limited (Previously filed as Exhibit 4.2 to the
    Form 10-QSB
    for the quarterly period ended March 31, 2005, and
    incorporated herein by reference).4
.4

Form of Promissory Term Note made on December 15, 2008,
    payable to Priscilla Presley (Previously filed as
    Exhibit 4.5 to the
    Form 10-K
    filed March 10, 2009, and incorporated herein by
    reference). 86




---



##### Table of Contents



Exhibit No.

Description4
.5

Letter Agreement, dated June 6, 2005 among the Company, The
    Huff Alternative Fund, L.P. and The Huff Alternative Parallel
    Fund, L.P. (Previously filed as Exhibit 4.9 to Amendment
    No. 3 to
    Form S-1/A
    (Registration Statement
    No. 333-123995)
    filed June 21, 2005, and incorporated herein by reference).4
.6

Form of Promissory Term Note made on July 13, 2009, payable
    to Priscilla Presley (Previously filed as Exhibit 4.1 to
    the
    Form 10-Q
    for the quarterly period ended September 30, 2009, and
    incorporated herein by reference).10
.1

Lease Agreement, dated as of February 7, 2005, by and
    between The Promenade Trust and the Company with respect to the
    Graceland property (Previously filed as Exhibit 10.9 to the
    Form 8-K/A
    filed February 11, 2005, and incorporated herein by
    reference).10
.2

Elvis Presley Enterprises, Inc. Shareholders Agreement, dated as
    of February 7, 2005 (Previously filed as Exhibit 10.10
    to the
    Form 8-K/A
    filed February 11, 2005, and incorporated herein by
    reference).10
.3

Amended and Restated Operating Agreement of Elvis Presley
    Enterprises, LLC, dated as of February 7, 2005 (Previously
    filed as Exhibit 10.11 to the
    Form 8-K/A
    filed February 11, 2005, and incorporated herein by
    reference).10
.4

Agreement for the sale and purchase of the entire issued share
    capital of 19 Entertainment Limited, dated March 17, 2005
    among Simon Robert Fuller, Fuller Nominees LTD, Ingenious
    Ventures LTD, the Company and CKX UK Holdings Limited
    (Previously filed as Exhibit 10.21 to the
    Form 10-QSB
    for the quarterly period ended March 31, 2005, and
    incorporated herein by reference).10
.5

Agreement (the Fox Letter Agreement) between 19 TV
    Limited, FremantleMedia North America, Inc. and Fox Broadcasting
    Company, dated as of April 22, 2002 (Previously filed as
    Exhibit 10.15 to Amendment No. 3 to
    Form S-1/A
    (Registration Statement
    No. 333-123995)
    filed June 21, 2005, and incorporated herein by reference).10
.6

Letter Agreement, between Pearson Television Operations BV,
    (predecessor in interest to FremantleMedia North America, Inc.)
    and 19 TV Limited, dated July 6, 2001 (Previously filed as
    Exhibit 10.16 to Amendment No. 3 to
    Form S-1/A
    (Registration Statement
    No. 333-123995)
    filed June 21, 2005, and incorporated herein by reference).10
.7

Agreement (the SonyBMG Agreement), between 19
    Recordings Limited and Ronagold Limited, dated February 8,
    2002, as amended (Previously filed as Exhibit 10.17 to
    Amendment No. 3 to
    Form S-1/A
    (Registration Statement
    No. 333-123995)
    filed June 21, 2005, and incorporated herein by reference).10
.8

Agreement, between 19 TV Limited, FremantleMedia North America,
    Inc. and Fox Broadcasting Company, amending the Fox Letter
    Agreement, dated as of May 15, 2003 (Previously filed as
    Exhibit 10.23 to Amendment No. 3 to
    Form S-1/A
    (Registration Statement
    No. 333-123995)
    filed June 21, 2005, and incorporated herein by reference).10
.9

Letter Agreement between 19 Recordings Limited and Ronagold
    Limited, amending the SonyBMG Agreement, dated October 14,
    2004 (Previously filed as Exhibit 10.24 to Amendment
    No. 3 to
    Form S-1/A
    (Registration Statement
    No. 333-123995)
    filed June 21, 2005, and incorporated herein by reference).10
.10

Amended and Restated Employment Agreement between the Company
    and Robert F.X. Sillerman (Previously filed as Exhibit 10.1
    to the
    Form 8-K
    filed January 7, 2009, and incorporated herein by
    reference).10
.11

Amended and Restated Employment Agreement between the Company
    and Mitchell J. Slater (Previously filed as Exhibit 10.2 to
    the
    Form 8-K
    filed January 7, 2009, and incorporated herein by
    reference).10
.12

Amended and Restated Employment Agreement between the Company
    and Howard J. Tytel (Previously filed as Exhibit 10.3 to
    the
    Form 8-K
    filed January 7, 2009, and incorporated herein by
    reference).10
.13

Amended and Restated Employment Agreement between the Company
    and Thomas P. Benson (Previously filed as Exhibit 10;4 to
    the
    Form 8-K
    filed January 7, 2009, and incorporated herein by
    reference).10
.14

Employment Agreement between the Company and Michael G. Ferrel
    (Previously filed as Exhibit 10.27 to Amendment No. 1
    to
    Form S-1/A
    (Registration Statement
    No. 333-123995)
    filed May 19, 2005, and incorporated herein by reference).10
.15

Directors Service Agreement, dated March 17, 2005
    between 19 Entertainment Limited and Simon Robert Fuller
    (Previously filed as Exhibit 10.19 to the
    Form 10-QSB
    for the quarterly period ended March 31, 2005, and
    incorporated herein by reference). 87




---



##### Table of Contents



Exhibit No.

Description10
.16

Confidentiality, Non-Competition, Non-Solicitation, and
    Non-Recruitment Agreement, dated as of March 17, 2005 by
    and between Simon Robert Fuller, the Company and CKX UK Holdings
    Limited (Previously filed as Exhibit 10.20 to the
    Form 10-QSB
    for the quarterly period ended March 31, 2005, and
    incorporated herein by reference).10
.17

Shareholders Agreement dated June 22, 2004 between 19
    Merchandising Limited, David Beckham, Victoria Beckham and
    Beckham Brand Limited (Previously filed as Exhibit 10.28 to
    Amendment No. 1 to
    Form S-1/A
    (Registration Statement
    No. 333-123995)
    filed May 19, 2005, and incorporated herein by reference).10
.18

Revolving Credit Facility Commitment Letter, dated June 2,
    2005, among the Company, Bear, Stearns & Co. Inc.,
    Bear Stearns Corporate Lending Inc., Credit Suisse, Lehman
    Commercial Paper Inc. and The Bank of New York (Previously filed
    as Exhibit 10.29 to Amendment No. 2 to
    Form S-1/A
    (Registration Statement
    No. 333-123995)
    filed June 6, 2005, and incorporated herein by reference.10
.19

Agreement among 19 Recordings Limited, 19 TV Limited, Simco
    Limited, CKX UK Holdings Limited, 19 Entertainment Limited and
    Sony BMG Music Entertainment (UK) Limited, dated
    November 28, 2005 (Previously filed as Exhibit 10.31
    to the
    Form 10-K
    filed March 14, 2006, and incorporated herein by reference).10
.20

Agreement between 19 Recordings Limited and Ronagold Limited,
    dated November 28, 2005, amending the terms of the SonyBMG
    Agreement (Previously filed as Exhibit 10.32 to the
    Form 10-K
    filed March 14, 2006, and incorporated herein by reference).10
.21

Binding Heads of Terms among Fox Broadcasting Company,
    FremantleMedia North America Inc. and 19 TV Limited regarding
    the American Idoltelevision series (Previously filed as
    Exhibit 10.33 to the
    Form 10-K
    filed March 14, 2006, and incorporated herein by reference).10
.22

Revolving Credit Agreement, dated as of May 24, 2006, among
    the Company, the several banks and other financial institutions
    or entities from time to time parties thereto, Bear,
    Stearns & Co. Inc., as exclusive advisor, sole lead
    arranger and sole bookrunner, UBS Securities LLC and The Bank of
    New York, as co-syndication agents, Lehman Commercial Paper,
    Inc. and Credit Suisse, as codocumentation agents and Bear
    Stearns Corporate Lending Inc., as administrative agent
    (Previously filed as Exhibit 10.1 to the
    Form 10-Q
    for the quarterly period ended June 30, 2006, and
    incorporated herein by reference).10
.23

First Amendment and Waiver dated as of February 20, 2007 to
    the Credit Agreement, dated as of May 24, 2006 (Previously
    filed as Exhibit 10.3 to the
    form 10-Q
    for the quarterly period ended September 30, 2007 and
    incorporated herein by reference.).10
.24

Second Amendment dated as of June 1, 2007 to the Credit
    Agreement, dated as of May 24, 2006 as amended
    February 20, 2007 (Previously filed as Exhibit 10.2 to
    the
    Form 10-Q
    for the quarterly period September 30, 2007 and
    incorporated herein by reference.)10
.25

Third Amendment dated as of September 27, 2007 to the
    Credit Agreement, dated as of May 24, 2006 as amended
    February 20, 2007 and June 1, 2007. (Previously filed
    as Exhibit 10.1 to the
    Form 10-Q
    for the quarterly period ended September 30, 2007 and
    incorporated herein by reference.)10
.26

Letter Agreement, dated April 10, 2006, among the Company,
    CKX G.O.A.T. Holding Corp. (formerly GOAT Acquisition, Inc.)
    Muhammad Ali Enterprises LLC (formerly G.O.A.T. LLC), G.O.A.T.,
    Inc. and Muhammad Ali and Yolanda E. Ali, each individually and
    as trustees of the Muhammad Ali Family Trust, and Yolanda E. Ali
    as trustee of the Yolanda E. Ali Family Trust, dated
    October 22, 2002 (Previously filed at Exhibit 10.2 to
    the
    Form 10-Q
    for the quarterly period ended June 30, 2006, and
    incorporated herein by reference).10
.27

License Agreement between Elvis Presley Enterprises, Inc. and FX
    Luxury Realty, LLC, dated as of June 1, 2007 (Previously
    filed as Exhibit 10.1 to the
    Form 10-Q
    for the quarterly period ended June 30, 2007, and
    incorporated herein by reference).10
.28

Amendment No. 1, dated November 16, 2007, to the
    License Agreement between Elvis Presley Enterprises, Inc. and FX
    Luxury Realty, LLC, dated as of June 1, 2007 (Previously
    filed as Exhibit 10.29 to the
    Form 10-K
    filed March 4, 2008, and incorporated herein by reference.)10
.29

License Agreement between Muhammad Ali Enterprises LLC and FX
    Luxury Realty, LLC, dated as of June 1, 2007 (Previously
    filed as Exhibit 10.2 to the
    Form 10-Q
    for the quarterly period ended June 30, 2007, and
    incorporated herein by reference).10
.30

Amendment No. 1, dated November 16, 2007, to the
    License Agreement between Muhammad Ali Enterprises LLC and FX
    Luxury Realty, LLC, dated as of June 1, 2007 (Previously
    filed as Exhibit 10.31 to the
    Form 10-K
    filed March 4, 2008, and incorporated herein by reference.) 88




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##### Table of Contents



Exhibit No.

Description10
.31

Termination, Settlement and Release Agreement, dated
    March 9, 2009, by and among FX Luxury, LLC, FX Real Estate
    and Entertainment Inc., Elvis Presley Enterprises, Inc. and
    Muhammad Ali Enterprises LLC (Previously filed as
    Exhibit 10.32 to the
    Form 10-K
    filed March 10, 2009, and incorporated herein by reference).10
.32

Letter Agreement, dated July 7, 2009, by and between
    CKX,Inc. and Ryan Seacrest Enterprises, Inc. (Previously filed
    as Exhibit 10.1 to the
    Form 8-K
    filed July 13, 2009, and incorporated herein by reference).10
.33

Letter Agreement, dated July 7, 2009, by and between CKX,
    Inc. and The Ryan Seacrest Revocable Trust UDT dated
    June 13, 2003 (Previously filed as Exhibit 10.1 to the
    Form 8-K
    filed July 13, 2009, and incorporated herein by reference).10
.34

Consultancy Deed, dated January 13, 2010, by and between 19
    Entertainment Limited and Simon R. Fuller (Previously filed as
    Exhibit 10.1 to the
    Form 8-K
    filed January 15, 2010, and incorporated herein by
    reference).10
.35

Option Agreement, dated January 13, 2010, by and between
    CKX, Inc., Simon R. Fuller, and XIX Entertainment Limited
    (Previously filed as Exhibit 10.2 to the
    Form 8-K
    filed January 15, 2010, and incorporated herein by
    reference).10
.36

Compromise Agreement, dated January 13, 2010, by and
    between CKX, Inc., 19 Entertainment Limited, and Simon R. Fuller
    (Previously filed as Exhibit 10.3 to the
    Form 8-K
    filed January 15, 2010, and incorporated herein by
    reference).10
.37

Service Agreement, dated as of August 31, 2006, between 19
    Entertainment Limited and Robert Dodds (Previously filed as
    Exhibit 10.1 to the
    Form 8-K
    filed February 2, 2010, and incorporated herein by
    reference).10
.38

Amendment to Service Agreement, dated as of January 29,
    2010, between 19 Entertainment Limited and Robert Dodds
    (Previously filed as Exhibit 10.2 to the
    Form 8-K
    filed February 2, 2010, and incorporated herein by
    reference).10
.39

Fourth Amendment dated as of March 12, 2010 to the Credit
    Agreement, dated as of May 24, 2006 as amended
    February 20, 2007, June 1, 2007 and September 27,
    2007.14
.1

Code of Ethics (Previously filed as Exhibit 14.1 to the
    Form 8-K/A
    filed February 11, 2005, and incorporated herein by
    reference).21
.1

List of Subsidiaries (Filed herewith).23
.1

Consent of Deloitte & Touche LLP (Filed herewith).31
.1

Certification of Principal Executive Officer (Filed herewith).31
.2

Certification of Principal Financial Officer (Filed herewith).32
.1

Section 1350 Certification of Principal Executive Officer
    (Filed herewith).32
.2

Section 1350 Certification of Principal Financial Officer
    (Filed herewith).  89




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##### Table of Contents



SIGNATURES
    CKX,
    Inc.
  By:

/s/  ROBERT
    F.X. SILLERMANRobert
    F.X. Sillerman
    Chief Executive Officer and Chairman of the Board

March 15, 2010By:

/s/  THOMAS
    P. BENSONThomas
    P. Benson
    Chief Financial Officer, Executive Vice President and
    Treasurer

March 15, 2010     By:

/s/  ROBERT
    F.X. SILLERMANRobert
    F.X. Sillerman, Chairman of the Board

March 15, 2010By:

/s/  HOWARD
    J. TYTELHoward
    J. Tytel, Director

March 15, 2010By:

/s/  EDWIN
    M. BANKSEdwin
    M. Banks, Director

March 15, 2010By:

/s/  EDWARD
    BLEIEREdward
    Bleier, Director

March 15, 2010By:

/s/  BRYAN
    BLOOMBryan
    Bloom, Director

March 15, 2010By:

/s/  JERRY
    L. COHENJerry
    L. Cohen, Director

March 15, 2010By:

/s/  CARL
    D. HARNICKCarl
    D. Harnick, Director

March 15, 2010By:

/s/  JACK
    LANGERJack
    Langer, Director

March 15, 2010By:

/s/  PRISCILLA
    PRESLEYPriscilla
    Presley, Director

March 15, 2010  90




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##### Table of Contents



INDEX TO
    EXHIBITS
  Exhibit No.

Description21
.1

List of Subsidiaries23
.1

Consent of Deloitte & Touche LLP31
.1

Certification of Principal Executive Officer31
.2

Certification of Principal Financial Officer32
.1

Section 1350 Certification of Principal Executive Officer32
.2

Section 1350 Certification of Principal Financial Officer  91