Robert F.X. Sillerman Announces New Media/Entertainment Venture.

NEW YORK -- In His First Major Move, Sillerman Announces Pending Acquisition of 85% Stake in Elvis Presley Enterprises and Related Assets

Robert F.X. Sillerman today announced that he has taken steps to form a new media and entertainment company which will be named CKX, Inc. CKX will partner with some of the most important and influential artists and creators of content in the entertainment world while seeking out new opportunities arising from the increasing personalization of consumer choices in media and entertainment. In what Mr. Sillerman defines as an "artist-centric focus," CKX will work with its partners to guarantee that they receive their fair share of the new economic paradigm created by the development and proliferation of digital technology.

In what is anticipated to be the first in a series of strategic acquisitions, Mr. Sillerman has entered into a definitive agreement to acquire an 85 percent interest in substantially all of the assets comprising the estate of Elvis Presley, including the right to the name and likeness of Elvis, the operation of Graceland and the surrounding properties, as well as revenue derived from Elvis' music, films and television specials.

Simultaneously with the closing on the Presley assets, Mr. Sillerman, through an affiliated entity, expects to acquire approximately 94 percent of the common equity of Sports Entertainment Enterprises, Inc. (OTC BB:SPEA.OB), an inactive publicly traded company, through which the business of CKX will be conducted. The transaction is subject to certain closing conditions and there can be no assurance that the transaction will be consummated or, if consummated that SPEA will necessarily be the investment vehicle. Following completion of the transaction, Mr. Sillerman plans to seek shareholder approval to change the name of SPEA to CKX, Inc. and also plans to make application to trade the public stock of SPEA on a national securities exchange, though any such listing would remain subject to the approval of the exchange. Additionally, Mr. Sillerman has agreed that, subject to certain minor conditions and exceptions, he and certain of his affiliates will conduct all of their active media and entertainment-related activities through CKX.

Commenting on the transaction, Mr. Sillerman said, "I am extremely excited about our new venture, which we believe will bring unique concepts to different aspects of the utilization of entertainment content while challenging the current models of distribution and consumption of content. I am fully committed to the success of CKX and there is no better way to launch our new company than by assuming the opportunity and responsibility - together with the Presley family and the current management of Elvis Presley Enterprises - of continuing and expanding the heritage of Elvis Presley. I believe Elvis to be the single most significant icon in American pop culture."

Mr. Sillerman added, "The arrival of the digital age coupled with the ever increasing development and deployment of broadband and compression technology, have given consumers new and unique opportunities to access entertainment on their own terms. Therefore, established and desirable entertainment offerings will become more important and valuable. CKX will attempt to partner with the most influential and important artists and owners and creators of content in the world to take advantage of these changes."

Additionally, Mr. Sillerman said, "Artists and entertainers will realize tremendous benefits and opportunities through CKX. We intend to establish a new and different standard in the entertainment industry, whereby -- for the first time ever -- creators and artists will fairly share in the upside of their work."

Upon the consummation of the transaction, it is expected that Mr. Sillerman will be joined at CKX by members of the senior management team of SFX Entertainment and SFX Broadcasting including Michael G. Ferrel, Mitchell J. Slater, Howard J. Tytel, D. Geoffrey Armstrong and Thomas P. Benson, although it is contemplated that at least half of CKX's directors will be unaffiliated and meet the standards for "independence" as such term is defined by the major stock exchanges.

Mr. Sillerman was the founder, a major shareholder and served as Executive Chairman of SFX Entertainment from its inception in 1997 until its sale to Clear Channel Communications in August 2000. SFX Entertainment was the largest presenter, promoter and producer of live entertainment in the world. Prior to that, Mr. Sillerman was a founder, major shareholder and served as Executive Chairman of SFX Broadcasting, a major owner and operator of radio stations, from its inception in 1992 through its sale in 1998 to an affiliate of buyout firm Hicks, Muse, Tate & Furst.