Friday March 18, 04:05 PM
Simon Fuller, the mastermind behind the Spice Girls, has sold his entertainment company in a deal worth more than £100 million, it has been announced.
Fuller has struck a deal with the entertainment company CKX, which has a controlling interest in Elvis Presley Enterprises.
The pop manager set up 19 Entertainment, which has stars like Rachel Stevens and Will Young on its books, 20 years ago, and has since created Pop Idol, the most successful TV format in entertainment history.
The company has managed the Spice Girls and recently took on the PR of David and Victoria Beckham.
CKX is paying £64.5 million in cash and a further £19.2 million in cash or shares at the end of the fiscal year.
The total deal, which also includes CKX shares, is expected to be worth more than £100 million.
Fuller's 19 Entertainment was named after its first chart hit in 1985, Paul Hardcastle's song 19, got to number one.
The former S Club 7 manager will control 19 Entertainment and the operations of its subsidiaries, and will be appointed a director of CKX.
The 44-year-old, who keeps a low profile despite the publicity afforded to his clients, is credited with transforming global pop and music culture with Pop Idol.
Fuller, whose personal fortune is said to exceed £220 million, said: "This is a hugely exciting new partnership for myself and 19 Entertainment.
Press Association
