The Man Trying to Buy American Idol

For the past two decades Alec Gores has thrived by acquiring companies—usually mid-size tech businesses—improving their operations, and selling them at a profit. Now Gores is striking out in a different direction. On Mar. 23, The Gores Group, his private equity firm, made an unsolicited offer for CKX, the company that controls the rights to , according to a person with knowledge of the bid.

Sitting in his 18th-story office in the Westwood section of Los Angeles, Gores, 58, won't discuss the CKX bid. He does say that the skills he has developed turning around technology companies can be applied to other industries. "We know how to restructure a company, how to make companies operate better," he says. Gores, who raised $2 billion for new investments two months ago, says he also has his eye on a well-known fashion company, which he will not name.