Over 100,000 people tried out for American Idol, which kicked off its sixth season Tuesday night on News Corporation's (NYSE: NWS) Fox Network. There's a way you can ride Idol's popularity -- by buying stock in CKX Entertainment (NASDAQ: CKXE). I enjoyed watching Judge Jewel and Shakira-look-alike, Perla Menses, in Minneapolis, but I'll skip the stock.

MSNBC estimates that Idol is a $2.5 billion franchise with at least five revenue streams, including:

• Text messaging -- In 2006, 64 million votes were cast for favored contestants using AT&T Inc.'s (NYSE: T) Cingular cell phones;
• Product placement -- In 2006, advertisers paid 4,086 times to have their products featured on Idol;
• Licensing -- Through Freemantle Media, which owns the licensing rights to Idol, 40 licenses have already been issued, and Freemantle is working on deals for Idol ice cream, Idol Monopoly and an Idol theme park attraction;
• Online ads -- McDonald's Corporation (NYSE: MCD) and MasterCard Inc. (NYSE: MA) are buying advertisements to accompany an online version of Idol that will be streamed over the Internet at the end of the TV broadcast; and
• Written word -- Heart Full of Soul: An Inspirational Memoir About Finding Your Voice and Finding Your Way, by 2006 winner Taylor Hicks is due out on April 3rd. Or you can subscribe to American Idol: The Magazine.

But the public company with the biggest share of the Idol franchise is CKX. CKXE owns the company that produces Idol, 19 Entertainment, as well as the rights to the names, images and likenesses of Muhammad Ali and Elvis Presley (as well as the operation of Graceland) and a firm that manages Robin Williams, Billy Crystal and Woody Allen.

If I Did It, how much would I be worth? That's the question many buyers on eBay and reporters from the Wall Street Journal are asking today. Many listings of If I Did It, OJ Simpson's supposedly hypothetical retelling of the murders of Nicole Brown Simpson and Ron Goldman, have already been pulled by eBay, Inc. (NASDAQ:EBAY) at News Corporation (NYSE:NWS)'s HarperCollins unit's request. The bids were reportedly in the thousands before the auctions were ended, although many booksellers interviewed by the WSJ said they would put the price of the book closer to $1000 (although they'd only pay $100, buy low, sell high, anyone?). This auction ended at a whopping $8300.

Some put the book's price between $2000 and $5000, although everyone seemed to agree that such a price wouldn't be sustainable in the long run.

Instead of beating the First Amendment drum, I'll just riff on a capitalist beat: people obviously want to read the darned thing! My objection would likely be more literary snobbishness than righteous horror -- Judith Regan ain't known for her wordcraft. But if people want to read it so badly they'll pay thousands ...

Finally, Fox did something I can applaud. Today Fox's parent News Corporation (NYSE:NWS) announced that it was canceling the OJ Simpson book If I Did It, and corresponding TV interview. The project was so vile, so immoral, that even the media's most whorish member bowed to universal disgust and kaboshed the thing. So much for its Sweeps week zinger.

"I and senior management agree with the American public that this was an ill-considered project," Rupert Murdoch, News Corp. chairman said in an Associated Press report. "We are sorry for any pain that this has caused the families of Ron Goldman and Nicole Brown Simpson."

Books have been pulled out of contract or off shelves when there are questions of accuracy, but it's almost unprecedented, thanks to the First Amendment, to pull a book solely due to objectionable content. Certainly this may be the first time such a high-profile book has been pulled this close to publication. The only book that springs to mind that spawned such widespread vitriol from publishing circles was Brett Easton Ellis's "American Psycho" in 1991.

It's not surprising that Fox's affiliates, many of whom bear the mantle of Conservatism proudly, would protest loudly. How many of its Christian-family- values" audience want to see this sort of content on the tube? As for bookstores, Borders Group, Inc. (NYSE:BGP) one of the nation's largest, said it would donate any profits resulting from the book to charity.

Absolutists on the First Amendment might disagree with the decision to pull the project from public consumption, preferring to let the marketplace decide for itself, but in today's world, that's going to happen anyway. The book is now officially a collectible. And eBay Inc. (NASDAQ:EBAY) is there to make sure there's a market for it.

Ross Levinsohn did something remarkable: that is, made a traditional media company relevant in the midst of the dot-com revolution.

As head of News Corporation (NYSE:NWS)'s Fox Interactive Media division, he was responsible for the purchase of MySpace.

The deal was truck a year-and-a-half ago (although, that is a long time in Internet years). And the price tag was dirt cheap -- $580 million (although, at the time, analysts thought it was too expensive).

Of course, it turned out to be one of the savviest deals in M&A lore. In fact, some say MySpace is worth in excess of $5 billion.

So, what next for Levinsohn? He hasn't said anything yet.

But, of course, he has a golden resume -- and could work anywhere. Or, I'm sure he could raise a ton of money and start his own gig.

Tom Taulli is the author of various books, including the Complete M&A Handbook and operates InvestorOffering.com.