Suppose that Fox Entertainment Group has just made an offer to acquire CKX, the firm that owns American Idol.Prior to the offer, CKX had 30 million shares outstanding that traded at a price of $25, and Fox had 50 million shares outstanding that traded at $40. As a result of the merger, Fox estimates that CKX's operations will generate an additional $60 million FCF a year (forever) via operational synergies. Assume that therafor Fox is 10% and therafor CKX is 15%.The proposed merger will not affect the riskiness or value of either company's existing debt.

If Fox is correct in its estimates, what is the most that Fox should be willing to pay to complete its acquisition of CKX?

(Please express your answer inmillion dollars.)