Document:

EX-10.1

Exhibit 10.1

CKX Inc.

650 Madison Avenue

New York, New York 10011

Ryan Seacrest Enterprises, Inc.

c/o Hansen, Jacobson, Teller, Hoberman, Newman, Warren & Richman, LLP

450 North Roxbury Drive

Beverly Hills, CA 90210

Ryan Seacrest

c/o Hansen, Jacobson, Teller, Hoberman, Newman, Warren & Richman, LLP

450 North Roxbury Drive

Beverly Hills, CA 90210

Re: America Idol (“AI”)

The following sets forth the terms of the agreement between CKX, Inc. or one of its affiliates
(“CKX”), on one hand, and Ryan Seacrest Enterprises, Inc., on the other (“RSE”) for the services of
Ryan Seacrest (“Ryan”):

	 	1.	 	CKX is guaranteeing and paying to RSE the sum of $30M (the “Guarantee”), as more fully
discussed in paragraphs 6 and 7 below.

	 	2.	 	The Guarantee represents payment for the right to the services and Network Exclusivity
(as defined below) for Ryan’s services on AI 9, 10 and 11 (collectively, the “AI Seasons”)
and for the calendar years 2010, 2011, 2012 and the remainder of 2009 (the AI Seasons and
calendar years are collectively referred to as the “Term”). [redacted]

	 	3.	 	RSE hereby commits that Ryan shall render his hosting services for the AI Seasons,
consistent with his prior services as a host of AI. As set forth in paragraph 9 below,
there is no existing obligation of any nature which would prevent RSE from entering into
this Agreement or from it or Ryan performing any of the services set forth herein and that
neither it nor Ryan shall, during the Term, enter into any agreement which could reasonably
be interpreted as restricting or frustrating RSE’s or Ryan’s ability to fully perform its
or his obligations as set forth herein. Furthermore, RSE hereby represents and warrants
that it has the exclusive rights to utilize or loan-out the services of Ryan necessary to
effectuate the terms hereof.

	 	4.	 	[redacted]

	 	5.	 	If AI is not picked up for one or more of the AI Seasons, or Ryan and CKX mutually
agree for Ryan not to host AI, as discussed above, Ryan is still due the entire Guarantee
and CKX is entitled to Ryan’s network exclusivity for that broadcast and/or calendar year
and any remaining years of the Term.  In such case, CKX and Ryan will endeavor in good
faith to find a network primetime show to produce together (CKX and Ryan will mutually
approve the production company; CKX and Ryan Seacrest Productions are hereby pre-approved),
as well as for Ryan to host (the “New Show”) although the parties understand that failure
to identify and/or agree upon a New Show will have no consequence to either party. For the
sake of clarity, the parties hereby agree and confirm that CKX cannot compel Ryan to appear
in any show (including a New Show) other than AI and, subject to the permitted exceptions
set forth in paragraph 16, below, Ryan, during the Term, will not appear on any
network primetime show other than AI, absent the prior approval and agreement of CKX.

	 	6.	 	The Guarantee will be inclusive of any sums agreed to be paid Ryan, RSE or any
affiliate of Ryan or RSE by Fremantle, FBC or any third party with respect to AI.
References to the amount of remuneration or compensation paid by a third party for
Ryan’s or RSE’s services shall refer to the gross amount before any withholding or
deductions there from for taxes or otherwise. To the extent that Ryan or RSE receives any
compensation (other than guild mandated residuals), in any form, from any third party with
respect to Ryan’s services on AI during the Term, Ryan or RSE, as the case may be, shall
immediately remit such funds to CKX. The Guarantee is the minimum amount that RSE shall be
paid for Ryan’s services/network exclusivity as set forth herein. CKX shall negotiate in
good faith with FBC and/or Fremantle for the largest possible service fee in connection
with AI and shall remit to RSE any remuneration received for providing Ryan’s services in
excess of 150% of the Guarantee. To the extent that, in any calendar year during the Term,
Ryan, with the consent of CKX, appears in any New Show in addition to AI for which CKX
receives remuneration in respect of Ryan’s services on such show (the actual amount of any
such remuneration shall be separately negotiated between CKX and RSE in good faith), CKX,
or the production company for the New Show, shall remit 100% of such amount to RSE. If Ryan
shall appear in any New Show for which CKX receives remuneration in respect of Ryan’s
services on such show, but in that broadcast year Ryan does not appear on AI, any amount
received by CKX for Ryan’s services shall be retained by CKX and applied against the
guarantee until such amount exceeds 150% of the Guarantee, in which event CKX shall remit
to RSE any amount received in excess of 150% of the Guarantee.

	 	7.	 	The Guarantee will be paid as follows: $7.5M upon the signing of this agreement, and
the balance, namely, $22.5M in equal monthly payments over the Term. Any Overages will be
paid to RSE within 15 days of receipt by CKX.

	 	8.	 	Subject to CKX concluding its current negotiations with FBC with respect to upcoming AI
seasons, CKX will negotiate in good faith with RSE regarding payment to RSE of a
participation in AI ancillaries

	 	9.	 	[redacted]

	 	10.	 	Subject to the terms hereof including without limitation paragraph 15, CKX shall
immediately have the right to “loan out” Ryan’s services in connection with AI or the
network exclusivity described above provided that, pursuant to the terms of paragraph 5
above, RSE has approval rights over any “loan out” other than with respect to AI.

	 	11.	 	Any amounts payable hereunder shall be made free and clear of, and without deduction
for withholding for, any taxes. In the event that it is determined by any taxing authority
that a payment was properly subject to withholding, which amount was not withheld and paid
over to the applicable taxing authority, or that any other tax was imposed with respect to
any amounts payable hereunder, RSE shall indemnify CKX for and hold CKX harmless from all
claims by any taxing authority for any underpayment of tax as well as all interest and
penalties associated therewith. To the extent that any taxing authority determines that
CKX is required to withhold taxes on any amounts payable hereunder, CKX shall then be free
to make such payments after withholding such amounts. To the extent that CKX shall be
required to pay, on RSE or Ryan’s behalf, any pension, health and/or welfare contributions
required to be made under applicable collective bargaining agreements with respect to
Ryan’s services as set forth herein, CKX shall be entitled to deduct such amounts from any
payments due hereunder. CKX shall use good faith efforts to ensure that the production
company continues to pay pension, health and/or welfare contributions directly to the
applicable guild(s) on Ryan’s behalf so that no such sums are deducted from the Guarantee.
Notwithstanding any of the foregoing, If CKX assigns these rights to a non-United States
subsidiary and by virtue of that assignment, withholding obligations arise, CKX shall gross
up any payments due to RSE so that the net effect to RSE is that it receives the full
amount of the Guarantee and the indemnity provisions of this paragraph shall no longer
apply with respect to such withholding.

	 	12.	 	[RESERVED]

	 	13.	 	CKX shall or shall cause Fremantle/FBC to pay or reimburse RSE for all travel related
costs and expenses reasonably incurred by RSE in connection with the rendition of Ryan’s
services for the AI Seasons in an amount not to exceed $300,000 per AI Season.  RSE hereby
represents that pursuant to the current agreements, Ryan is reimbursed approximately
$100,000 per year for his travel expenses.

	 	14.	 	RSE hereby agrees that CKX shall be entitled to seek key man insurance on Ryan’s life
and permanent disability insurance on Ryan’s ability to provide services as a on-air talent
(the “Insurance”), at their sole cost and that RSE shall ensure that Ryan shall reasonably
cooperate with CKX in obtaining the Insurance, including attending necessary physically
examinations. The parties hereto agree that this agreement may be rescinded by CKX if Ryan
shall die or become permanently incapacitated prior to CKX obtaining the Insurance. CKX
shall act in an expeditious manner in obtaining the Insurance and expects to be able to
obtain the Insurance within 30 days of Ryan completing necessary medical examinations as
typically required by insurance underwriters. The parties agree that CKX shall be treated
as a first priority creditor of RSE and Ryan in the event that this agreement shall be
rescinded and that the Consideration shall be treated as an advance until such time as the
Insurance is obtained by CKX.

	 	15.	 	The parties hereto acknowledge that pursuant to the terms hereof, CKX will become, in
part, Ryan’s sub-loan-out company to Fremantle/FBC. The parties acknowledge that, except
with respect to Network Exclusivity, which is described below, CKX shall have the benefit
of all of the terms of Ryan’s prior agreements to provide on-air hosting services for AI
(the “Prior Agreements”) and that CKX may not alter the terms of the Prior Agreements when
negotiating for the loan-out of Ryan’s services for any of the AI Seasons, absent RSE’s
prior written approval. In addition, CKX use its reasonable best efforts to cause
FBC/Fremantle to be bound by the obligations contained in the Prior Agreements. To the
extent that any of the provisions of the Prior Agreements conflict or are inconsistent with
the terms hereof, the terms of this agreement shall control and supersede. The parties
also agree to negotiate in good faith changes to the terms and conditions of the Prior
Agreements consistent with industry standards for artists of Ryan’s stature. The parties
agree that all of these terms will have to be negotiated in good faith for any New Show.

	 	16.	 	Notwithstanding the terms set forth in the Prior Agreements, the following shall set
forth the definition of Network Exclusivity:

	 	a.	 	During the Term, RSE shall ensure that Ryan shall be exclusive to CKX
as a host/co-host and as a judge in all forms of music related and/or talent search
related television programs. In addition, RSE shall ensure that Ryan shall not
render any talent services for any network prime-time (ABC, CBS, NBC, Fox and WB)
television show and must provide CKX with “time slot protection” with respect to
AI. Notwithstanding the foregoing, with the consent of CKX, not to be unreasonably
withheld, Ryan may be allowed up to three (3) television guest appearances during
each year of the Term; provided however, that: (i) no such guest appearance
(including any appearance by Ryan in any medium including theatrical motion
pictures) shall portray a parody of AI or his role on AI or shall disparage AI or
be in a recurring or continuing role (except as may be permitted hereunder); (ii)
no such guest appearance shall may be made on any program scheduled for broadcast
during the broadcast time of AI or during the “premier” or “finale” week of any AI
Season; (iii) no such guest appearance is on any talent show of any nature and in
any capacity or is any show that is related to music or talent; and (iv) RSE shall
ensure that Ryan puts any prospective guest appearance employer on notice of the
restrictions herein and to incorporate such restrictions into Ryan’s contract with
respect to such guest appearance. Ryan shall not be liable if a third party, duly
informed by Ryan, shall breach the terms of any contract entered into by Ryan
provided that CKX shall be entitled to enforce any such provisions as a third party
beneficiary thereof. Notwithstanding the foregoing, CKX shall consent to and
shall negotiate in good faith with the applicable network to permit Ryan to host
annual “award” type shows to be broadcast no more frequently than annually on a
network and in prime-time.

	 	b.	 	RSE shall ensure that Ryan shall not endorse, directly or indirectly,
any product, commodity, service or good which is competitive with those being
advertised by any major sponsor of AI. RSE hereby agrees to supply CKX with a list
of Ryan’s existing commercial commitments and update that list as and when it
changes. For the purposes hereof, a “major sponsor” shall include any sponsor that
has product integration with the show or which acquires a minimum of six (6)
minutes of advertising during any broadcast week of AI. RSE and/or Ryan’s existing
commitments to The Coca-Cola Company, Proctor & Gamble and Microsoft Corporation
are specifically excluded from this restriction, consistent with past practice.

	 	c.	 	Ryan shall be permitted to render unlimited services in
non-identifiable voice over commercials and foreign commercials (not to to be
broadcast in the United States).

	 	d.	 	The services required to be performed hereunder shall be subject to
Ryan’s existing radio commitments or future radio commitments provided that they
are consistent with his existing radio commitments. Ryan’s radio obligations shall
be in a first position under this agreement, consistent with past practice.

	 	e.	 	CKX shall consent to, and shall, in good faith, seek FBC and
Fremantle’s permission, to permit Ryan to continue to host “New Year’s Rockin’
Eve.”

	 	17.	 	The parties hereto agree that RSE cannot assign any of its obligations hereunder
without the prior written consent of CKX which may be withheld for any reason or no reason.
RSE may assign its rights to an affiliate for tax planning purposes only. Furthermore,
the parties hereto agree that CKX shall be entitled to assign is rights and obligations
hereunder to an affiliated entity provided that such assignment does not create any adverse
tax consequences for RSE and provided further that CKX remains liable for any amounts due
hereunder.

	 	18.	 	RSE hereby agrees that if Ryan is unable to complete his services on any of the AI
Seasons, Ryan shall return to CKX a pro-rata portion of the Guarantee as allocated to that
AI Season.

	 	19.	 	The parties hereby agree to keep the terms of this agreement confidential and not make
any public disclosure without the prior consent of the other party. Notwithstanding the
foregoing, RSE hereby agrees and acknowledges that CKX may have certain reporting
requirements as governed by: (i) the United States Securities and Exchange Commission and
the rules and regulations promulgated thereunder and (ii) any securities trading body which
lists shares of CKX for sale to the public. In the event that CKX’s counsel advises CKX
that it has a reporting requirement under either or both of the above, CKX shall provide
RSE with copies of any proposed filings and an opportunity to comment thereon with the
understanding that CKX will have ultimate decision making authority with regard to these
filings, if any.

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	 	20.	 	This agreement represents the entire understanding between the parties and may not be
amended except by a writing signed by all parties, hereto. This agreement may be executed
in counterpart and by facsimile or PDF, any of which shall be deemed to be an original and
together shall constitute one instrument. This agreement shall be governed by and construed
pursuant to the laws of California and jurisdiction shall reside in Los Angeles,
California.

Please sign below to indicate your acceptance of the forgoing.

CKX Inc.

By:      /s/ Robert F.X. Sillerman      

Its:      Chairman and Chief Executive Officer      

Ryan Seacrest Enterprises, Inc.

By:      /s/ Ryan Seacrest      

Its:      

I hereby acknowledge and agree that I am a third party beneficiary of the terms hereof with
significant financial and other interests in the terms hereof and to be bound by and accept all of
the foregoing terms. If for any reason, CKX or it successor or assigns cannot compel performance
of this agreement as against RSE, I hereby acknowledge and agree that they can enforce the terms
hereof directly against me and compel performance hereof directly against me.

Ryan Seacrest (individually)

/s/ Ryan Seacrest      

2EX-10.2

Exhibit 10.2

CKX Inc.

650 Madison Avenue

New York, New York 10021

Ryan Seacrest, Trustee of

The Ryan Seacrest Revocable Trust UDT dated June 13, 2003

c/o Hansen, Jacobson, Teller, Hoberman, Newman, Warren & Richman, LLP

450 North Roxbury Drive

Beverly Hills, CA 90210

Re: Sale and Purchase of Good Will

The following sets forth the terms of the agreement between CKX, Inc. or one of its affiliates
(“CKX”), on one hand, and Ryan Seacrest, trustee of The Ryan Seacrest Revocable Trust UDT dated
June 13, 2003 (“Trust”), on the other:

	 	1.	 	Simultaneously with the execution hereof, CKX shall acquire and the Trust shall sell
certain assets (the “Assets”) owned, used or held for use by the Trust (as
described in paragraph 2 below) free and clear of any and all liens and encumbrances for
total consideration of $15M (the “Consideration”) as more fully discussed in paragraph 6
below.

	 	2.	 	The Assets shall be defined as:

	 	a.	 	The exclusive and perpetual right to use the personal goodwill of Ryan
Seacrest (“Ryan”), as it relates to the television show “American Idol,” including
any manner, media, format, configuration or technology in which American Idol may
appear (collectively, “AI”).” 

	 	b.	 	The exclusive and perpetual merchandising rights relating to Ryan
solely in connection with AI and the exclusive and perpetual right to use
(i) Ryan’s name, voice, signature, likeness, photograph, image, appearance,
catchphrases, etc. (“Seacrest NIL Rights”) solely in connection with AI and
(ii) trademarks, if any, that have previously been used in connection with the
exploitation of AI and which are owned by the Trust or Ryan or Ryan Seacrest
Productions, Inc. (“Seacrest Marks”), solely in connection with AI. 

	 	c.	 	The exclusive and perpetual right to use the Seacrest NIL Rights and
Seacrest Marks as they relate to AI.

	 	d.	 	The exclusive and perpetual right to utilize Ryan’s statutory and
common law rights of publicity and promotion as they relate to AI and the Seacrest
Marks as they relate to AI.

	 	3.	 	Subject to paragraph 6 below, the Trust and CKX agree to report the Consideration on a
consistent basis for income tax filing purposes.

	 	4.	 	The Trust hereby represents and warrants to CKX that (i) Ryan is the sole beneficiary
of the Trust; (ii) Ryan is the sole trustee of the Trust (iii) the Trust and/or Ryan
Seacrest Productions, Inc. have full and complete ownership of the Assets, unencumbered by
any liens of any nature and (iv) the Trust and Ryan have the full authority and power to
enter into this transaction.

	 	5.	 	The Consideration shall be paid upon the execution and delivery of this agreement.

	 	6.	 	Any amounts payable hereunder shall be made free and clear of, and without deduction
for withholding for, any taxes. In the event that it is determined by any taxing authority
that a payment was properly subject to withholding, which amount was not withheld and paid
over to the applicable taxing authority, or that any other tax was imposed with respect to
any amounts payable hereunder, the Trust shall indemnify CKX for and hold CKX harmless from
all claims by any taxing authority for any underpayment of tax as well as all interest and
penalties associated therewith. To the extent that any taxing authority determines that
CKX is required to withhold taxes on any amounts payable hereunder, CKX shall then be free
to make such payments after withholding such amounts. Notwithstanding any of the
foregoing, If CKX assigns these rights to a non-United States subsidiary and by virtue of
that assignment, withholding obligations arise, CKX shall gross up any payments due to the
Trust so that the net effect to the Trust is that it receives the full amount of the
Consideration and the indemnity provisions of this paragraph shall no longer apply with
respect to such withholding.

	 	7.	 	CKX’s right to utilize the Assets shall be exclusive and unencumbered provided that CKX
shall not, and shall not authorize any third party to utilize the Assets in any manner
which would reasonably be determined to be derogatory to Ryan or to damage Ryan’s
“celebrity.” Notwithstanding the foregoing, Ryan shall have customary “reasonable”
approval rights over the likeness and photograph(s) to be used by CKX in connection with
the exploitation of these rights and, further, all promotional and publicity services shall
be subject to Ryan’s availability and reasonable prior approval.

	 	8.	 	The Trust hereby agrees that CKX shall be entitled to seek key man insurance on the
life of Ryan Seacrest (“Ryan”) and permanent disability insurance on Ryan’s ability to
provide services as a on-air talent (the “Insurance”), at CKX’s sole cost and that the
Trust shall ensure that Ryan shall reasonably cooperate with CKX in obtaining the
Insurance, including attending necessary physically examinations. The parties hereto agree
that this agreement may be rescinded by CKX if Ryan shall die or become permanently
incapacitated prior to CKX obtaining the Insurance. CKX shall act in an expeditious manner
in obtaining the Insurance and expects to be able to obtain the Insurance within 30 days of
Ryan completing necessary medical examinations as typically required by insurance
underwriters. The parties agree that CKX shall be treated as a first priority creditor of
the Trust in the event that this agreement shall be rescinded and that the Consideration
shall be treated as an advance until such time as the Insurance is obtained by CKX.

	 	9.	 	The parties hereby agree to keep the terms of this agreement confidential and not make
any public disclosure without the prior consent of the other party. Notwithstanding the
foregoing, the Trust hereby agrees and acknowledges that CKX may have certain reporting
requirements as governed by: (i) the United States Securities and Exchange Commission and
the rules and regulations promulgated thereunder and (ii) any securities trading body which
lists shares of CKX for sale to the public. In the event that CKX’s counsel advises CKX
that it has a reporting requirement under either or both of the above, CKX shall provide
the Trust with copies of any proposed filings and an opportunity to comment thereon with
the understanding that CKX will have ultimate decision making authority with regard to
these filings, if any.

[Continued on next page]

1

	 	10.	 	This agreement represents the entire understanding between the parties and may not be
amended except by a writing signed by all parties, hereto. This agreement may be executed
in counterpart and by facsimile or PDF, any of which shall be deemed to be an original and
together shall constitute one instrument. This agreement shall be governed by and
construed pursuant to the laws of California and jurisdiction shall reside in Los Angeles,
California.

Please sign below to indicate your acceptance of the forgoing.

CKX Inc.

By:      /s/ Robert F.X. Sillerman      

Its:      Chairman and Chief Executive Officer      

/s/ Ryan Seacrest     

Ryan Seacrest, as Trustee of the

Ryan Seacrest Revocable Trust UDT dated June 13, 2003

Ryan Seacrest (individually, with respect to Paragraph 8 above only)

/s/ Ryan Seacrest      

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