Apollo Global Management has acquired entertainment company CKX for around $509 million. The U.S. private equity firm will pay $5.50 a share for the business.

CKX’s chief stakeholders Robert Sillerman and the Promenade Trust have also given consent to the deal. Gleacher & Company and Wachtell, Lipton, Rosen & Katz served as financial and legal advisor to CKX, while AGM Partners was lead financial advisor for Apollo.

Click here for the release from CKX.