Love him or hate him (I'm ... ahem ... in the first camp), you have to admit his career's been impressive. Ryan Seacrest has parlayed his American Idol hosting gig into a lucrative $45 million, three-year deal. CKX, parent of Idol producer 19 Entertainment, is making Seacrest the richest-ever reality host. Recession, out!

This could be taken as a sign that the juggernaut known as American Idol is far from slowing down. The "talent" showcase, which airs for dozens and dozens of hours each spring on News Corp.'s (NYSE: NWS) FOX, has seen ratings slip slightly during its eight seasons but remains the top-rated show on television, by a long shot. Committing to Seacrest for an additional three years means we'll have at least three more dramatic seasons, three more top twelves, and hopefully at least three more contestants with the talent of Adam Lambert, Jennifer Hudson, or Kelly Clarkson.

In trying to be all things financial to all people, Citigroup Inc. (NYSE: C) lost track of what it was, a successful bank. Now, the word success is a term that can only be used in a mocking fashion as corporate leadership allowed the company to be marginalized, with the stock sinking 97% in a two year period (chart below).

The popular television show American Idol, is in its eighth season, but before they even narrow down the list of hopefuls to the 12 finalists Citigroup has already picked out its idol -- that would be Uncle Sam!

How can two of the most popular TV shows hurt investors? Easily.

"American Idol's" season 8 debut this week attracted more than 30 million viewers, making it the most watched TV show of the season, according to Nielsen Media Research. But as the Associated Press notes, that's not good news for Fox corporate parent News Corp. (NYSE: NWS) because it represents a viewership decline of 10 percent from the 2008 season.

Blame the Hollywood writers' strike and changing media habits. Couch potatoes across the U.S. got tired of watching rerun after rerun and decided to do other things such as play video games, watch movies and, heaven help us, read books. People got out of the television viewing habit that it took decades to develop. Getting people to come back to network TV is proving to be difficult.

It will be interesting to see if the audience returns to ABC's "Lost" when its newest season begins airing next week. The program's ratings began to decline last season as the plot lines got goofier. You can bet that the Walt Disney Co. (NYSE: DIS) has more than a passing interest in whether Jack convinces the other survivors to return to the island.

When I tune into "American Idol" tonight, I will expect more of the same.

There will be the usual varieties of contestants annoyingly naive (David Archuletta), wannabe rockers (Bo Bice), pretty but talentless (Antonella Barbra), the vacuous (Kellie Pickler), weirdos (Sanjaya Malakar) and the wastes of space (Kevin Covais).

Viewers will hear Simon Cowell be biting, Paula Abdul be spacy and Randy Jackson be cool. The wildcard is new judge Kara DioGuardi who recently told Rolling Stone that the male contestants were the strongest. How seriously, though, can you take someone whose company was responsible for such odious tunes as Nick Lachay's "Best of Me?"

But will the viewers come? Of course the show is still the No. 1 program on TV, but there are signs that the program is fading. Viewership fell during the last season though 32 million people tuned into the anti-climatic season finale that featured an unfunny cameo by Mike Myers as "The Love Guru."

It's just weeks away -- a potentially big change for the television show that transfixes America. But how many people would watch it if the show's superstar decided to take a hike? That's not just a troubling question for viewers of the show but for investors in the stock of the company that licenses it around the world. What show am I talking about? American Idol. Which star is thinking of leaving? Wait for it -- Simon Cowell. And what stock could take a beating if he leaves? CKX Inc (NASDAQ: CKXE).

Simon Cowell is thinking of leaving American Idol. According to MSNBC, Simon said "I'll make a decision about (whether to stay with the show) next year." Why would Simon leave? He claims it's not personality conflicts but the workload and his belief that the show could keep those demands going "for another 10 years." But if Simon leaves, would the show be as popular? Could the producers find someone else to be the harsh voice of reality?

That's an important question for investors in CKX. Way back in June 2007, CKX accepted a bid to go private in a $1.3 billion LBO led by its founder Robert Sillerman. But on November 4. 2008, that deal fell apart due to tightening credit conditions. This put Sillerman's 19X, which was leading the buyout, on the hook for a $37.5 million termination fee, which it said it would pay for with about 3.3 million shares of CKX common stock then valued at $11.08 per share and $500,000 in cash. The company said it will pay the fee in full within 30 days of the deal's termination date.

Like it or not, "American Idol" season seven champion David Cook is off to an impressive start with 11 songs entering Billboard's Hot 100 chart this week, and 14 songs enter the magazine's Hot Digital Songs, both records. Billboard notes that the Hot 100 placing is the most any artist has enjoyed on that chart since The Beatles scored 14 hits in 1964. Cook's record is the first in Billboard's Nielson Soundscan "era" (i.e. since 1991) and shatters Miley Cyrus's 6-song debut in November 2006. Cook's digital debut is also a record and beats out Cyrus again. According to Billboard, Apple Inc. 's (NASDAQ: AAPL) iTunes Store withheld reporting digital sales until the show had ended.

Cook is also ready to enter the studio, according to E! Online. The winner signed to RCA Records, a Sony BMG label, and 19 Recordings for a new album in the fall. E! erroneously calls the new album Cook's "debut", when he released an independent album in 2006, but that album and its songs were pulled from Amazon.com (NASDAQ: AMZN) as he worked his way through "American Idol" competition.

Simon Fuller, "American Idol" creator, told E! that he "honestly believes that David has the potential to go on to become one of the most successful Idols of all time." If early success and an independent album can hold fans until the fall, then Cook will certainly enjoy a huge release. Regardless, "American Idol" winners and finalists albums always seem to do well at first. It's only later that they lose steam or interest from their supposed fans. Still though, 11 chart debuts is impressive and Cook may never be in the same league as The Beatles, but his success may well come close to duplicating the Fab Four.

About every 10 seconds or so this season, "American Idol" host Ryan Seacrest or one of the judges brags about how this group of contestants is the most talented in the show's history. They speak about the huge number of votes being cast and the huge number of song downloads sold on iTunes. Well, as the Associated Press points out, the American people would beg to differ.

"The 21.8 million people who watched last Tuesday's competition was the show's smallest Tuesday audience in more than five years," the AP said. "The show did better the next night, with 22.9 million, but that was the smallest Wednesday audience in three years, according to Nielsen Media Research."

But Idol fans and shareholders of News Corp. (NYSE: NWS) should not get too down since the show can be saved if producers follow my advice:

News Corp.'s (NWS) FOX broadcasts American Idol -- which gets 24 million viewers a show -- but is the judging fair and balanced? The New York Times suggests maybe not so much. That's because a major slip-up by judge Paula Abdul this week revealed that the judges watch rehearsals two hours before the live performances and their comments -- which may influence the public vote on the contestants -- are not spontaneous reactions to the live performances.

This week performers sang two songs but the judges were supposed to withhold their remarks until after the second performance. On Tuesday, Abdul watched one of the contestants, Jason Castro, give one live performance but when asked to offer a comment on it by Ryan Seacrest, she gave her thoughts on two performances -- the second of which she had seen in the rehearsal. When Abdul started talking about that second performance, I thought that she had a few too many before the show.

However, the explanation in the Times makes it clear that she was flustered because Seacrest had initially said that the judges would not comment until the performers had completed both of their songs. However, executive producer Nigel Lythgoe changed things up at the last minute, demanding that Seacrest get the judges to give a quick assessment of the performances after their first song.

With news that American Idol contestant David Hernandez (I personally think Kady is the next idol) will remain in the singing contest despite reports that he used to be a nude performer at a male strip club in Phoenix, the question is whether the show itself should get rid of him, like they have done in the past, as well as how should investors treat publicly traded companies like Ricks Cabaret Int'l Inc. (NASDAQ: RICK)?

American Idol executive producer Ken Warwick told TVGuide.com he was unaware of the singer's past before the news report but that it would have made no difference. "We're never judgmental about what people do to earn a living. They've got to put food in people's mouths," he said. Historically, the way the show deals with these kind of controversies is a mixed bag. Last year, Antonella Barba appeared in provocative online photos and she remained. But Frenchie Davis, a Season 2 singer, was dropped after reports that as a 19-year-old she appeared on a website designed to appeal to men interested in underage girls.

There is an obvious difference. Neither Hernandez nor Barba ever did anything illegal. Though many viewers believe that what they have done is morally reprehensible, it is still not a crime, and why shouldn't they have an opportunity to try and change their lives.

According to The Hollywood Reporter, CBS (NYSE: CBS) has greenlit a reality program that should turn out to be pretty funny. The show is titled Splitsville, and its premise centers on divorcing couples vying for assets via sundry competitions.

You know, just when you think they've covered every conceivable angle for a reality show, they come up with one that makes you say, "I should have thought of that!" Of course -- find divorcing people who really hate each other and then see how far they are willing to go to fight for the stuff generated during their union. I have no idea what the format the show is, but I can tell you that I dearly hope the producers utilize a few tricks from Fear Factor. Imagine allowing a dozen large tarantulas to crawl over your body so you can take the family toaster!

Those scamps at Vote for the Worst continue to wreak havoc on Fox's "American Idol." This season the snarky Web site is encouraging its fans to support the dreadful Danny Noriega, a contestant who makes the hapless Sanjaya Malakar from last season seem talented.

That groaning sound you heard last night was the late Elvis Presley voicing his disapproval of Noriega's dreadful performance of "Jailhouse Rock" on yesterday's telecast. Even stranger was the fact that Noriega picked the song, which debuted in 1957, for 60's night. Vote for the Worst urges its readers to "vote as much as you can for the fierce and fabulous Danny Noriega. Simon [Cowell] obviously hated him the most, which is why we love him the most."

Noriega, like Malakar, erodes fans' confidence in Idol, which should alarm Fox's parent News Corp (NYSE: NWS). There are some other weird developments that will tax viewers' patience even further. Idol contestant Carly Smithson was signed to MCA records when judge Randy Jackson worked there. Allowing contestants to participate who have had record deals dilutes the spirit of the contest.

Apple (NASDAQ: AAPL) and American Idol -- it's got a ring to it, doesn't it? According to The Hollywood Reporter, Apple's iTunes has passed the audition and become the official online supplier of content from the show. Fans will now be able to purchase music performances and videos for 99 cents and $1.99, respectively.

Such a pairing seems eminently logical. Combining the phenomenon of American Idol, currently making waves yet again on News Corp.'s (NYSE: NWS) Fox network, with the musical juggernaut of iTunes will be mutually beneficial for both parties. Idol is, without a doubt, a show that attracts the iPod generation -- the youthful demographic that walks around with earbuds blocking out the world with music popularized by MTV, as well as the program itself. As for iTunes, the partnership validates once again the incredible dominance of the brand and its effect on the distribution of music. The potential for marketing synergy here is obvious.

According to the Associated Press, mighty mouse Disney (NYSE: DIS) wants in on the American Idol action. I don't blame the company one bit -- even though I'm not a huge Idol fan, and thought that the fad might wear out by now, there's no question that hooking up with the equity tied to this incredible broadcast brand is a good strategic move.

Disney's Hollywood Studios theme park plans on hatching an attraction that will allow guests the opportunity to audition in a park stage. There probably will be several shows during the day, and the guests who perform in them will receive some sort of evaluation, although I hope there won't be any evil Simon-like judges handing out the critiques; in fact, the Associated Press article indicates that the judges might actually be members selected from the actual show audience.

I honestly see this as a great value-added to the Disney theme-park experience. And the cool thing is that Disney gets exposure to the success of American Idol even though its arch competitor, News Corp. (NYSE: NWS), obviously derives the most benefit by programming the show as a part of Fox Broadcast's portfolio. It's also a great way to make up for past mistakes -- ABC apparently could have had Idol on its schedule if it had wanted to, according to this past article from the Motley Fool. No matter, Disney can now make amends by thrilling its tourists with the fantasy of Hollywood and its tinsel fame. And, in case you were wondering, Disney didn't need to get Fox's permission to do this; all it had to do was negotiate with 19 Entertainment and FreemantleMedia, the entities behind Idol. Kind of a neat trick, huh?

"I can't believe I won," cried Jordin Sparks, winner of last year's American Idol. Within seconds, industry and non-industry drones alike began formulating ways to attach themselves to her in some way, crazy in anticipation of the inevitable riches.

Months later, several Wall Street types were overheard saying, "I can't believe oil keeps going higher, alternative energy stocks are going to be hot, hot, hot," and thousands of investors went wild buying shares of the dozen or so solar stocks, crazy in anticipation of the inevitable riches.

Each industry has its stars: Kelly Clarkson, Carrie Underwood and Clay Aiken -- as determined by album sales -- for American Idol, First Solar (NASDAQ: FSLR), Sunpower (NASDAQ: SPWR) and MEMC Electronic Materials (NYSE: WFR) -- as determined by stock performance -- for the solar industry.

It was only about 18 months ago, when Taylor Hicks was crowned the winner of American Idol Season 5. Fists pumping, and with "Soul Patrol!" being invoked, the gray-haired soulster prepared for a life as America's next pop superstar.

How fickle we are as a nation of fans. Reports from Entertainment Weekly now indicate that Hicks has lost his deal with J Records, a division of Sony Corporation (ADR) (NYSE: SNE) BMG founded in 2000 by pop-music Svengali Clive Davis. While the news has yet to be confirmed publicly by either camp, a label rep told EW that "Taylor is going to record his new album on his own... he is no longer on the J Records roster." Hicks' one and only release with J Records, the self-titled Taylor Hicks, has sold about 700,000 copies to date.

This story comes mere weeks after news that Ruben Studdard, winner of Idol's Season 2, was dismissed from J Records after his third label release, The Return, posted very slow sales numbers.

For those keeping score at home, that's two male winners in six seasons, both of whom are struggling for relevance. Other male runners up (most notably Chris Daughtry and Clay Aiken) have enjoyed better success than their rivals who supposedly earned more votes from Idol viewers.