Invest in 'American Idol'?

Tonight kicks off the sixth season and of course the ratings will be through the roof. So why not buy stock in CKX Entertainment, which owns 19 Entertainment, the company that produces "American Idol"? Writing in Blogging Stocks, Peter Cohan says the stock is overvauled - and with a P/E of 107, I would tend to agree with him. Cohan also notes a recent bout of insider selling (42 insider sales totaling 1.38 million shares in the last six months, compared with one 2,000 share insider buy). That's not a great sign, and besides, CKX is a strange mish-mash of a company (besides 19 Entertainment, it has the rights to the names and images of Muhammad Ali and Elvis Presley and operates Graceland). Yet 19 Entertainment keeps popping up - specifically Simon Fuller, who founded the company and is the mastermind behind not only "Idol" but the Spice Girls. Fuller is said to have brokered the deal to get David Beckham (whose wife is an ex-Spice Girl). Steven Mallas over at Motley Fool is more bullish about CKX than Cohan, but the stock isn't going anywhere - down about 1 percent today. Advises Cohan: "Enjoy 'Idol,' skip the stock."