Simon Fuller’s a rich guy, that we all know. And even as he separates from 19 Entertainment, a company he founded, and starts his own gig, he maintains the streak. In an SEC filing Friday (surprised no one else on their primary beat picked this up by now) by 19′s parent company CKX Inc — Fuller sold 19 to CKX five years ago for reported $200 million — the details of Fuller’s new consulting contract have come out, and boy, are they rich…
– Fuller has a new consulting gig with 19 for its “American Idol,” “So You Think You Can Dance” and “If I Can Dream” programs.
– As part of separation, 19 Entertainment is required pay Fuller a one time compensation payment of £480K (about $784K) and a one time payment of £500K (about $817K) as consideration for his ongoing confidentiality and certain other obligations.
– Accelerated vesting of 290K options to purchase shares CKX common stock held by Fuller; worth about $1.5 million at current CKX share price. In addition, Fuller holds 200K shares of restricted stock and 60K options that had already vested prior to this.
– His new company is called XIX Entertainment Limited, and 19 has an option to buy stake in it.
– For consulting to 19, Fuller will receive a £250K (about $480K) signing fee; 19 Entertainment will pay Fuller 10 percent of the net profits of all the above programs for the life of the programs as long as Fuller continues to provide consulting services.
– Fuller will receive $5 million as an advance against the 10 percent fee for 2010. For each year after 2010, Fuller will continue to receive, as an annual advance against the 10 percent fee, $3 million if