CKX SC 13E3/A Going private transaction (amended) | CKXE 29 May 08

CKX, Inc.MAY 24, 2007 Presentation to the Special Committee of the Board of DirectorsHoulihan Lokey Investment Banking Services1930 Century Park West Los Angeles, California 90067 310-553-8871 www.hlhz.com Los Angeles New York Chicago San Francisco Washington, D.C. Minneapolis Dallas Atlanta London Paris Frankfurt Hong Kong

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

CKX Preliminary Valuation Indications

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

Houlihan LokeySummary PRELIMINARY VALUATION INDICATION$20.00$18.00 $16.49$16.00offer Share price (1):$14.00$14.00Price per Share $12.58 $11.97$12.14 $12.00 $12.28Curcurent Share Price (2): $10.85$11.35$11.14 $10.00 $9.98 $8.00Market Multiple Approach Selected Transaction Discounted Cash Flow Public Price Approach Approach Approach1 Based on current going-private tender offer price of $14 per share. 2CKX, Inc. stock price as of May 22, 2007.2

Houlihan LokeySummary PRELIMINARY VALUATION INDICATIONS(figures in millions, except price per share)Market Multiple Selected Discounted Cash Flow Public Price Approach Transaction Approach Approach &nb sp; Approach Low High Low High Low High Low &n bsp; High Enterprise Value $1,100.0 $1,220.0 $1,080.0 $1,160.0 $1,190.0 $1,600.0 $970.0 $1,180.0 Add: Cash (1) 30.1 30.1 30.1 30.1 30.1 30.1 30.1 30.1 Less: Pro Forma Debt (1) 3.3 3.3 3.3 3.3 3.3 3.3 3.3 3.3 Less: Minority Interest (2) - — - — - — 3.7 3.7 Less: Preferred Stock (1) 22.8 22.8 22.8 22.8 22.8 22.8 22.8 22.8Equity Value (Pro Forma) $1,104.0 $1,224.0 $1,084.0 $1,164.0 $1,194.0 $1,604.0 $970.4 $1,180.4 Price per Share (Pro Forma) $11.35 $12.58 $11.14 $11.97 $12.28 $16.49 $9.98 $12.141 As per the Company’s latest 2007 quarterly report on form 10-Q. 2 Minority interest has been captured in other approaches through adjustments to rep levels.3

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

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

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

Houlihan Lokey

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

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

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

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

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

Debt-Free Earnings $23.4 $34.1 $42.9 $51.9 $59.1 $74.2 Less: Capital Expenditures (3) (0.4) (0.4) (0.4) (0.5) (0.5) (0.5) Less: Working Capital Requirements (4) — - — - — -Terminal Value Assumptions Add: Depreciation and Amortization (3) 14.6 13.5 11.9 11.5 11.3 2.7 2013 Cash Flow (3.0% Growth Rate)$78.7 Total Net Investment $14.2 $13.1 $11.5 $11.1 $10.8 $2.2 Gordon Growth Rate 3.0%Net Debt-Free Cash Flows $37.6 $47.2 $54.4 $62.9 $69.9 $76.4 Terminal Value $787.2 Discount Period 0.50 1.50 2.50 3.50 4.50 5.50 Discount Period 5.50 Discount Factor @ 13.0% 0.94 0.83 0.74 0.65 0.58 0.51 Discount Factor @ 13.0%0.51Present Value of Net Debt-Free Cash Flows$35.4 $39.3 $40.1 $41.0 $40.3 $39.0 PV of Terminal Value $401.9Sensitivity Analysis: Enterprise Value Distribution of Value 0.0 Period Cash Flow36.9% 0.5%Gordon Growth RateTerminal Cash Flow 63.1% $637.0542.0%2.5% 3.0% 3.5% 4.0%Total 100.0%12.0%$659.6 $683.7 $710.6 $740.6 $774.312.5%$626.8 $648.2 $671.9 $698.2 $727.6Implied Analyses 13.0%$597.0 $616.1 $637.1 $660.3 $686.0 LTM EBITDA Multiple 19.5xDiscount Rate 13.5%$569.8 $586.9 $605.6 $626.2 $648.9 NFY EBITDA Multiple 12.0x14.0%$544.9 $560.3 $577.0 $595.4 $615.6 Implied Terminal Multiple 6.2xIndicated Enterprise Value (Rounded) $590.0 — $700.0Footnotes:(1) Excludes corporate overhead. (2) Corporate overhead was allocated to the 19E core segment based on itsrevenue as a percentage of total core revenue. (3) Based on managementprojections. (4) Based on discussions with management, the Company receives prepaid royalties on itslicensing contracts, maintaining a positive working capital balance. Therefore, the Company does not have any projected working capital requirements.

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

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

17.0%$257.5 $265.3 $273.8 $282.9 $293.0Implied Analyses 19.0%$215.7 $221.1 $226.9 $233.1 $239.8 LTM EBITDA Multiple NADiscount Rate 21.0%$184.2 $188.0 $192.2 $196.6 $201.3 NFY EBITDA Multiple 123.4x23.0%$159.6 $162.5 $165.5 $168.8 $172.2 Implied Terminal Multiple 4.5xIndicated Enterprise Value (Rounded) $190.0 — $280.0Footnotes:(1) Excludes corporate overhead. (2)Based on management projections. (3) Based on discussions with management, the Company receives prepaid royalties on itslicensing contracts, maintaining a positive working capital balance. Therefore, the Company does not have any projected working capital requirem12

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

Houlihan LokeyDiscounted Cash Flow Approach OTHER CKX DIVISIONS — CORE OPERATIONS(figures in millions)Projected FYE December 31, 2007 2008 2009 2010 2011 2012 DCF Assumptions Revenue $72.6 $72.6 $77.0 $73.6 $78.0 $82.7 Discount Rate 13.0%Revenue Growth % NA 0.1% 6.0% -4.4% 6.0% 6.1%Tax Rate 40.0% Less: Cost of Goods Sold 47.5 44.3 44.1 36.0 35.3 36.2 Less: Selling, General & Administrative (1) 10.0 9.6 10.0 5.6 4.7 4.7 Less: Minority Interest in EPE and MAE 1.7 1.7 1.5 2.0 6.7 9.5 Less: Corporate Expense (2) 4.5 4.4 4.5 4.3 4.4 4.5 Add: Adjustments — - — - — -Adjusted EBIT $8.9 $12.6 $16.9 $25.7 $26.8 $27.9EBIT Margin % 12.3% 17.4% 22.0% 35.0% 34.4% 33.7% Add: Option Expense 4.5 4.4 4.5 4.3 4.4 4.5 Adjusted EBITO 13.4 17.0 21.5 30.0 31.2 32.4 Less: Taxes 5.4 6.8 8.6 12.0 12.5 12.9Debt-Free Earnings $8.0 $10.2 $12.9 $18.0 $18.7 $19.4 Less: Capital Expenditures (3) (1.4) (1.2) (1.2) (1.3) (1.4) (1.4) Less: Working Capital Requirements (4) — - — - — -Terminal Value Assumptions Add: Depreciation and Amortization (3) 7.8 7.0 6.0 5.5 4.8 4.7 2013 Cash Flow (3.0% Growth Rate)$23.4 Total Net Investment $6.4 $5.8 $4.7 $4.2 $3.4 $3.3 Gordon Growth Rate 3.0%Net Debt-Free Cash Flows $14.4 $16.0 $17.6 $22.2 $22.1 $22.7 Terminal Value $234.0 Discount Period 0.50 1.50 2.50 3.50 4.50 5.50 Discount Period 5.50 Discount Factor @ 13.0% 0.94 0.83 0.74 0.65 0.58 0.51 Discount Factor @ 13.0%0.51Present Value of Net Debt-Free Cash Flows$13.5 $13.3 $13.0 $14.5 $12.8 $11.6 PV of Terminal Value $119.5Sensitivity Analysis: Enterprise Value Distribution of Value 0.0 Period Cash Flow39.7% 0.5%Gordon Growth RateTerminal Cash Flow 60.3% $198.1692.0%2.5% 3.0% 3.5% 4.0%Total 100.0%12.0%$205.0 $212.2 $220.2 $229.1 $239.112.5%$195.2 $201.6 $208.6 $216.4 $225.2Implied Analyses 13.0%$186.3 $191.9 $198.2 $205.1 $212.7 LTM EBITDA Multiple 17.7xDiscount Rate 13.5%$178.1 $183.2 $188.7 $194.9 $201.6 NFY EBITDA Multiple 12.0x14.0%$170.6 $175.2 $180.2 $185.6 $191.6 Implied Terminal Multiple 7.2xIndicated Enterprise Value (Rounded) $180.0 — $220.0Footnotes: (1) Excludes corporate overhead. (2) Corporate overhead was allocated to the Other CKx Divisions core segment based on its revenue as a percentage of total core revenue. (3) Based on managementprojections. (4) Based on discussions with management, the Company receives prepaid royalties on its licensing contracts, maintaining a positive working capital balance. Therefore, the Company does not have any projected working capital requirements.

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

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

17.0%$352.9 $368.1 $384.4 $402.2 $421.6Implied Analyses 19.0%$277.8 $288.2 $299.4 $311.5 $324.4 LTM EBITDA Multiple NADiscount Rate 21.0%$222.1 $229.6 $237.6 $246.1 $255.2 NFY EBITDA Multiple NA23.0%$179.6 $185.2 $191.1 $197.3 $203.9 Implied Terminal Multiple 5.0xIndicated Enterprise Value (Rounded) $230.0 — $400.0Footnotes: (1) Excludes corporate overhead. (2)Based on management projections. (3) Based on discussions with management, the Company receives prepaid royalties on its licensing contracts, maintaining a positive working capital balance. Therefore, the Company does not have any projected working capital requirem16

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

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

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

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

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

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

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

IMPLIED PUBLIC MARKET PRICING APPROACH(figures in millions, except price per share)LowHighClosing Stock Price as of 5/22/2007 $10.85 5-Day Range $10.00—$11.05 30-Day Range 10.00—11.65 90-Day Range 10.00—14.25Price per Share Range (Rounded) 10.00 — 12.30 Market Value of Equity (1) $972.7—$1,196.4 Add: Net Debt (26.9)—(26.9) Add: Minority Interest 3.7—3.7 Add: Preferred Stock 22.8—22.8Enterprise Value (Rounded) $970.0 — $1,200.01 Based on 97.3 million shares outstanding per the Company’s latest 2007 quarterly report on form 10-Q.24

Houlihan LokeyPublic Price Approach IMPLIED PUBLIC VALUATION(figures in millions, except per share data)Public Market Enterprise Value52-week High $14.48 52-week Low $8.77 Fully Diluted Shares Outstanding (1) 97.3 Stock Price (2) $10.85Market Value of Equity $1,055.4 Add: Total Debt (1) 3.3 Add: Preferred Stock (1) 22.8 Add: Minority Interest (1) 3.7 Less: Cash (1) 30.1Public Market Enterprise Value (rounded) $1,060.01 As per the Company’s latest 2007 quarterly report on form 10-Q. 2Pricing Data as of 5/22/2007.25

Preliminary Valuation Indication of the Minimum Guarantee

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

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

27 Houlihan LokeyPreliminary Valuation Indication of the Minimum Guarantee DISCOUNTED CASH FLOW VALUATION — MINIMUM GUARANTEESfigures in millions)Projected FYE December 31, 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 Revenue $0.0 $10.0 $10.0 $10.0 $20.0 $20.0 $20.0 $25.0 $25.0 $25.0Revenue Growth % 13.2% -95.8% 0.0% 0.0% 100.0% 0.0% 0.0% 25.0% 0.0% 0.0% Add: Adjustments — - — - — - — - — -Adjusted EBIT $0.0 $10.0 $10.0 $10.0 $20.0 $20.0 $20.0 $25.0 $25.0 $25.0EBIT Margin % NA 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% Less: Taxes — 4.0 4.0 4.0 8.0 8.0 8.0 10.0 10.0 10.0Debt-Free Earnings $0.0 $6.0 $6.0 $6.0 $12.0 $12.0 $12.0 $15.0 $15.0 $15.0 Less: Capital Expenditures — - — - — - — - — -Less: Working Capital Requirements — - — - — - - — - -Add: Depreciation and Amortization — - — - — - — - — -Total Net Investment — - — - — - - — -Net Debt-Free Cash Flows $0.0 $6.0 $6.0 $6.0 $12.0 $12.0 $12.0 $15.0 $15.0 $15.0 Discount Period 0.50 1.50 2.50 3.50 4.50 5.50 6.50 7.50 8.50 9.50 Discount Factor @ 13.0% 0.94 0.83 0.74 0.65 0.58 0.51 0.45 0.40 0.35 0.31Present Value of Net Debt-Free Cash Flows $0.0 $5.0 $4.4 $3.9 $6.9 $6.1 $5.4 $6.0 $5.3 $4.7Sensitivity Analysis: Enterprise Value 0.5% 0.5%Gordon Growth Rate$83.936-1.0% -0.5% 0.0% 0.5% 1.0% 12.0%$89.2 $90.9 $92.8 $94.9 $97.212.5%$84.9 $86.5 $88.2 $90.0 $92.013.0%$81.0 $82.4 $83.9 $85.6 $87.3Discount Rate 13.5% $77.4 $78.7 $80.0 $81.5 $83.014.0%$74.0 $75.2 $76.4 $77.7 $79.1Indicated Enterprise Value $80.0 — $90.028

CKX (CKXE) Inactive SC 13E3/AGoing private transaction (amended)