( Rolling Stone ) -- The company that owns `` American Idol '' is restructuring in light of the show 's ratings drop and developing projects for its other assets , including the creative exploitation of Elvis Presley and Muhammad Ali , the New York Times reports . CKx , which will change its name to Core Media Group , has especially big plans in store for Presley : an upgrade of the Graceland museum is in the works , as well as a possible drama series based on the singer 's early life . Core is also in talks with Sony about a potential duets album , which would pair contemporary singers with Presley in much the same way that past duets albums have done with Frank Sinatra . A subsequent tour may see singers performing alongside an Elvis hologram . Meanwhile , Core is also planning a revamp of `` Idol , '' which comes on the tail of the show 's 30 % ratings decline in its 11th season this year . The drop coincides with the rise of newer singing competitions , like NBC 's `` The Voice '' and Fox 's `` The X Factor . '' `` 'Idol ' is still the gold standard , '' Core 's new president Marc Graboff told the Times . `` It 's very viable , but it definitely needs to be refreshed and it will be . '' Graboff says the company will reteam with original `` Idol '' creator Simon Fuller to help make the changes , which include a likely overhaul of `` Idol 's '' voting system . The current one has produced winners of a similar profile for five seasons straight , most recently 21-year-old Georgia rocker Phillip Phillips . `` They 're being called W.G.W.G . 's -- white guys with guitars , '' said Graboff . It 's possible that the judges panel ( currently Steven Tyler , Jennifer Lopez and Randy Jackson ) will see a change , too , said Graboff -- but that decision falls under the purview of Fox , which broadcasts `` Idol . '' `` We hope it will stay as big a revenue stream as it has been , '' said Graboff . `` But no matter how big the stream is , my job is to diversify us away from it as much as possible . '' See the full story at RollingStone.com . Copyright © 2011 Rolling Stone .
Core Entertainment Group is developing a possible drama series based on Elvis Presley . The company owns ` ` American Idol '' Core is also developing a revamp of ` ` ! ''