Sillerman, the entertainment. Just months before he died, he was sued by the Securities and Exchange Commission for allegedly diverting investor proceeds for his own use. In 2011, he sold that company for $512 million and tried his hand at commercial real estate with decidely less luck, defaulting on a loan from Credit Suisse equalling $21.4 million. They said music doesnt work on TV in America. So he offered investors a lower price, $12 a share, and the sale was extended even longer. He was married to Laura Baudo. document.getElementById( "ak_js_1" ).setAttribute( "value", ( new Date() ).getTime() ); Thanks for contacting us. So far Idol stars like Kelly Clarkson and Clay Aiken have sold over 14 million albums. He wants to do what we want to do. Like what? Some $20 million. Robert F.X. Sillerman also bought the business of sports superagent David Falk (he repped Michael Jordan, among others) and other pieces of the sports world, such as figure-skating championships. His net worth has been growing significantly in 2021-2022. That seemed to sum everything up., A daily briefing on what matters in the music industry. At the time, Sillerman said he expected to deliver equity and debt financing on the billion-dollar deal when a 60-day sale process was completed. Maglan Capital, an owner of roughly 1.5% of SFX Entertainment's outstanding stock, called Sillerman's $4.75 a share go private offer "a way low-ball bid." Robert F.X. Hes obviously smart, and he doesnt b.s. In 1993 he founded SFX Broadcasting with a partner, R. Steven Hicks. [19][20] In July 2015, Viggle had more than 9.5 million registered users across all properties, up from 5.4 million registered users at the end of 2014. It runs in the family: Lisa Marie Presley signs autographs for NASCAR fans at Daytona Speedway this past July. The company controlled the rights to booking the venue but did not own it. Sillerman intends to buy more high-profile properties like these (think athletes and rock groups, for instanceSillerman is tightlipped about possible deals), find new ways to distribute them, and increase their value. His father, Michael McKinley Sillerman, was a radio executive who went bankrupt when his son was 13. When his record company rereleased Elvis singles to promote his latest greatest-hits compilation in 2002, 19 of them became top five hits in Britain. Sillerman, the New York businessman who consolidated a number of U.S. concert promoters in the 1990s and created the company that would eventually become Live Nation, died Sunday.. The company was sold to Clear Channel in 2000 and became the basis for Live Nation five years later. Mr. Sillerman already has 18 acres on the Strip through MJX, a real estate company he controls. In short order Sillerman went on a billion-dollar shopping spree, buying dozens of concert hallslike Roseland in New York and the Fillmore West in San Franciscoin major cities across the country. Robert F.X. The studio of course had a glass wall. But stars still do get born. We have estimated Robert F.X. That company was also called SFX. Robert Francis Xavier Sillerman was born on April 12, 1948, in the Bronx neighborhood of Riverdale in a very typical, liberal, educated Jewish household, according to the 2011 book Ticket Masters: The Rise of the Concert Industry and How the Public Got Scalpedby Dean Budnick and Josh Baron, which secured an interview with Sillerman. FORTUNE is a trademark of Fortune Media IP Limited, registered in the U.S. and other countries. Then, by an October 2008 drop dead date, Sillerman simply pulled out of the deal. I dont want to be like Martha Stewart and talk about what I shouldnt, Lisa says with a chuckle. Sillerman, Transform Television? Read the original story on The New York . At Fridays price of 91 cents, SFXs shares are down 93% from its IPO price. Former SFX Entertainment founder Robert Sillerman has agreed to pay a $179,000 fine after the U.S. Securities and Exchange Commission charged the businessman with fraud and illegally diverting fund As a teenager he started his own greeting card company, buying cards in bulk and enlisting youngsters to sell them. Robert F.X. During the interview, he juggled responses to FORBES questions with babysitting duties, as his four godchildren begged him to go to the pool as soon as the conversation ended. DJ Afrojack (left) and Sillerman at the NASDAQ MarketSite in New York in 2013. I just love it.". There were people who told me, Im not doing a deal with this guy, hes going to die, Estopinal says. CKX has the rights to the Elvis name, image, likeness, and trademark, which are currently used in 100 or so merchandising and licensing deals. Meet the Women in Music Honoree Who Escaped the IronCurtain, Manson Accusers Recantation Cant Be Used for Now in Case Against Evan Rachel Wood, JudgeSays, Fadia Kader Joins Venice Music as EVP &GM. Lawsuits increasingly became a common part of his life, including a suit from a luxury real estate firm for breach of contract after he allegedly cut the firm out of a $114 million real estate deal withoutpaying their commissions. AI Is Creeping Into the Functional Music Market What HappensNext? Several managers and big-name acts from Ozzy Osborne to Shania Twain reportedly bristled over having to negotiate with such a corporate gorilla. In 2001, Britains ITV put Fullers baby, Pop Idol, on the air. He seems to have a knack for selling just when markets are at their peak, which has given some buyers severe indigestion. In 2017, he almost lost the home after defaulting on a $12.5 million. The top contestants on the show are signed to Sony BMG, and 19 gets 10% of their recording revenue. Sillerman had no intention of consolidating the EDM industry before he met Paolo Moreno in January 2012, said Steven Feldman, a Hueston Hennigan LLP attorney representing Moreno and two other plaintiffs. [13] The first product the company produced was called "Viggle", released in January 2012, which used a mobile app as its primary interface. CKX Inc. has been flying under the radar despite owning stakes in some of the biggest pop culture icons of our time, including "American Idol," Elvis Presley . Mr. Sillerman had recently been living in Hinsdale, N.H. For decades, Mr. Sillerman was a regular in the headlines of the financial press, buying and selling numerous media and entertainment businesses, often at a huge profit, and presenting a brash public persona that sometimes rivaled those of the celebrities he dealt with. They acquired additional radio and TV stations, including WALL and WKGL (Middletown, New York); WJJB; (Hyde Park, New York); WHMP (Northampton, Massachusetts); WLOM (Orleans, Massachusetts); WRAN (Randolph, New Jersey); WPLR (New Haven, Connecticut) and the television station WATL (Atlanta). Over half a million tourists from all over the world stream into the shrine called Graceland each year. He set up what became his signature company, SFX, which he took public in 1993 at $15 a share. Billboard is a part of Penske Media Corporation. You either have to grow or go down. In other words, Elvis is a classic buying opportunity: The underlying fundamentals are sound, but current management has been unable to take the business to the next level. Sillerman became one of the most intriguingand wealthiestmen in music by twice betting on his vision for the future of mass media. As a subscriber, you have 10 gift articles to give each month. Sillerman was a significant player on Broadway. There is little profit to invest in potentially lucrative assets like the Heartbreak Hotel, across the street from Graceland. David Lieberman, "'American Idol' Owner CKX Sells To Financial Firm, Ending Robert F.X. Robert, who grew up in the Riverdale section of the Bronx, was born on the third anniversary of the death of Franklin D. Roosevelt, and his original middle name was a tribute to the former president. Sillerman in the gift shop at Graceland, Elvis Presleys home in Memphis. Raised in the Bronx, New. While attending Brandeis University, he founded Youth Market Consultants, which sold magazine subscriptions to students and in turn advised companies on how to reach that market. These are Sillermans strengths: identifying trends in the media business before others, then gathering and deploying capital to make the strategy work. Sillerman took the job on two conditions: that the college scrap ill-defined programs and focus on marine science and creative writing and that he be allowed to handle publicity. Around that time Sillerman was diagnosed with tongue cancer and underwent chemotherapy, which sidelined him for several months. It declared bankruptcy in 2016, and many of the assets it had amassed were sold off. But the company had no serious strategy, a former employee told Billboard at the time, and Sillermans frequent misrepresentations angered investors, including a plan to take the company private in May 2015 that collapsed when it became clear that Sillerman didnt have the $700 million needed to finance the deal. Ive tried to get him drunk to get him to tell me, says Brucie. Improved top-line growth did little to stave off a panic from investors, who were troubled to see the company once again fall short of the profits it had promised. Sillerman had bought Elvis Presley Enterprises from Lisa Marie Presley in 2005, but later sold it to a private equity firm. SFX, however, had problems from day one. Clear Channel, which had already purchased many of Sillermans radio stations from Hicks Muse, agreed to buy SFX Entertainment for a reported $3 billion. You and I buy a couple loaves of bread, Bob buys the bakery, Morrow told Budnick and Baron of Sillermans sales abilities, which by 1988, netted nearly $1 billion value in broadcast assets. Down the road EPE may construct more Graceland-like properties in places such as Dubai and Macau, and perhaps develop a concept similar to the Hard Rock Cafs in Europe. The orginal goal was to buy Pasquale RotellasInsomniac, explained Estopinal. What would be the ultimate winning scenario for Sillerman? What kind of person would grow up to have business dreams like these? In 2000, the radio chain Clear Channel Communications bought SFX for $4.4 billion. Why? Jeopardy, Wheel of Fortune, The Price Is Rightthese shows go on for decades. This past season American Idol ratings averaged over 27 million viewers per episode, up 5% from last season. Former employees also interviewed by Billboard felt that the company did not do enough to leverage its scale, and that the company did not engage in centralization, leading to a lack of coordination between its collection of subsidiaries. (Per capita, Canadian Idol is much bigger than its U.S. At Ingalls he met a young copywriter, Laura Baudo, who would become his wife. The man who bought Elvis is Robert F.X. He is from USA. Sillerman, poses after ringing the Nasdaq closing bell on Oct. 9, [+] 2013, the day his company went public. The five-story home, between Lexington and Third avenues, is 5,885 square feet and was built in 1920. 1 show on television, drawing some 30 million viewers, which is great, but it means that fewer than one out of ten people in America watch it, Sillerman says. Sillerman paid $196 million to buy 19 Entertainment. Sillerman, the founder of SFX Entertainment, has died at the age of 71 due to respiratory illness. It was a very good, good combination, says Morrow. The house, formerly owned by Robert Sillerman, includes a 12,000. But when I took it to America, almost everyone rejected it, Fuller recalls. 19 also manages the career of soccer superstar David Beckham and his wife, Victoria (a.k.a. Robert F.X. By then Sillerman was already toiling away on his next project, SFX Entertainment, a company that would own concert venues and other media properties. By that time Mr. Sillerman had turned his sights on another industry ripe for consolidation: the nationwide concert circuit, which had long remained a loosely connected network of venues and promoters who operated regional fiefs. [37], In May 2012, Sillerman was accused of sexual harassment by an employee of Function X. Before Bob, the whole scene was a giant Ponzi scheme.. I ask Lisa about Sillermans plans. Perhaps the bigger question centers on the inherent limits of EDMs popularity. Sillerman had bought Elvis Presley Enterprises from Lisa Marie Presley in 2005, but later sold it to a private equity firm. As of December 2013, Viggle companies had a combined 17 million monthly users. Sillerman, an investor and media executive who built and sold radio empires, controlled the Elvis Presley estate and consolidated the American concert industry, died on Sunday. In just the past few weeks weve seen a flurry of deals by companies seeking to profit from this tumult: TV networks are offering shows for sale, AOL is selling vintage programs online, and cellphones and iPods can now deliver music, video, and TV. In 2000 he sold a company that owned concert venues to Clear Channel for a reported $3 billion. While he survived that battle, Sillerman is now in a fight to salvage SFX Entertainment, which went public at $13 a share and was valued at more than $1 billion in Oct. 2013. AI Is Creeping Into the 'Functional' Music Market What H Meet the Women in Music Honoree Who Escaped the Iron Curtain, Bright Eyes Return to the Road With Eight-Date U.S.Tour, Brandi Carlile, Trey Anastasio & Stick Figure To Headline 2023 LevitateFestival, British Indie Rockers Lovejoy Announce 20-City U.S.Tour, It Takes a Lot of People to Create All This AIMusic. He set up his own business, Youth Markets Consultants, to help big companies sell their wares to the Now Generation. Few suggest the genre is decliningnot yet, anywaybut theres evidence that points to a plateau. And $6.5 million went to Priscilla Presley for use of the family nameeven though Sillerman wasnt legally obligated to pay her anything, since Priscilla and Elvis were divorced, and Elviss estate went to Lisa Marie. Once on the Forbes 400 list, . [4][5] His father founded the Keystone Radio Network. Beyond the lawsuit, questions have also been raised about the fundamentals of a business that some analysts said relied on what they deemed a cultural fad. (Photo credit: Jonas Roosens/AFP/Getty Images), Increase Website Performance With Three Metrics, Europe Is Lagging Behind In Developing Large AI Models, Deepfakes - The Danger Of Artificial Intelligence That We Will Learn To Manage Better, Overview Of How To Create Deepfakes - Its Scarily Simple, Ukrainian Startups Showing Resilience In A Time Of War, Worried That Your Phone Is Spying On You? The second floor boasts two main bedroom suites with ensuitemarble bathrooms, woodburning fireplaces and a large planted terrace. We thought there were only three rock groups worth owning, says a source in Sillermans camp, Elvis, the Beatles, and the Stones. This is a long-term perspective, [but] a 10% return on equity from our perspective would be insufficient.. Robert F.X. Anthony Effinger and Daniel Taub, "American Idol Sillerman Dealt Elvis Default Heartbreak in Vegas," Bloomberg.com, June 1, 2009. ), Sillerman with Rod Stewart and Dick Grasso at the NYSE.Henny Ray Abrams AFP/Getty Images. Sillerman with Rod Stewart and Dick Grasso at the NYSE. In the years following that tragic 2012 event, he was often treated as a cartoon villain in the media, trying for a third, fourth and even fifth act in business, and some say the death of his daughter hardened him to any criticism. When Sillerman offered to take SFX private this spring, his board (which included many holdovers from CKX) allowed him to float a bid without having financing or equity partners lined up. In February 1982 the probate judge told the trustees of the estate that he feared it would go bankrupt because of taxes and legal fees, says Jack Soden, a Kansas City money manager brought in to advise the Presley family. [22][23][24], On October 9, 2013, SFX went public on the Nasdaq. [14] Sillerman denied this when talking to FORBES, noting that he never founded the company with Moreno and stopped working with him after learning of past legal run-ins, a conclusion that Feldman also disputes. stand for? The listing brokers are Douglas EllimansCaroline Holl, Michael Russell and Stephen Geller. A year later, Sillerman was pushed into bankruptcy over an unpaid $7.4 million promissory note to React Presents during the SFX rollup. Five years later, Clear Channel spun off those concert assets into a separate company, Live Nation, which in 2010 merged with Ticketmaster to become Live Nation Entertainment, the biggest concert promoter in the world. Elviss 37-year-old daughter and heir, Lisa Marie, has been unhappy that the business has been going nowhere: We were doing good, but you cant stay the same, she says. You may opt-out by, 2013, the day his company went public. Backstage at The Ed Sullivan Show, 1956: Elvis with the host and manager Parker (left).CBS Photo Archive/Getty Images. Sillerman was the owner of a range of television and radio stations during the 1970s and 1980s, In 1993 he formed SFX Broadcasting, and then built SFX Entertainmenta concert and stage performance promoter that was sold to Clear Channel in 2000 for $4.4 billion. Even so, Sillermans 47% stake is worth some $400 million. But an informed source says that Lisa Presleys spending habits were also an issue: She had been running through $5 million to $7 million a year, amounts that closely matched the annual net income of EPE. [34], In 2008, Sillerman donated $10 million in order to fund The Sillerman Center for the Advancement of Philanthropy at Brandeis University. Working with Steve Hicksbrother of Tom Hicks, the head of Texas buyout firm Hicks MuseSillerman embarked on a dizzying run of acquisitions, creating one of the largest radio station companies in the country. Which suggests that Sillerman is either very confident in his ability to create more value with these two companies, or believes he can sell them to someone who has even more confidence, or both. Clear Channel had integration issues with SFX, according to one analyst, and now plans to spin off that business by early next year. There was no retirement plan. (A hip-hop-style remix of A Little Less Conversation was a No. Sillerman is largely responsible for helping create two of the biggest companies in music iHeartRadio and Live Nation through a series of deals he finalized in the late 1990s. Striking a deal shouldnt be that difficult. But instead of a billion-dollar acquistion, Sillerman wiped out hundreds of millions in investor money and eventually had to file for bankruptcy. Its sad how things ended because he really was a bright guy, but in the end he carried a lot of pain. Lately Sillerman has become more guarded, though. But when the so-called "go shop" ended, Sillerman didnt have the financing to cover his bid. While Sillermans buying spree made sense to few of the sellers in the later 90s, the dots quickly connected by the time he sold the business. EDM Mogul Bob Sillerman Finds a Buyer for His $28 M. Townhouse. He. Todays star- making machinery is half-a-century and light years away from that process. He managed Annie Lennox and the Eurythmics, and then created the Spice Girls. FORTUNE may receive compensation for some links to products and services on this website. There are so many ways to exploit that level of awareness. On August 14, Sillerman tabled his bid, saying that the markets made the ability to complete a deal virtually impossible., The fact the market said--which its entitled to--We dont believe that this deal is going to close is one thing, he said. I should get a waterproof one for the shower., At this particular sit-down, when Sillerman gets around to talking about CKX, he says, Technology is breaking down the old lines of distribution. Didnt work. Okay, so come on, Bob, what does F.X. When asked what exactly went wrong with SFX, Sillerman offered two explanations: mistakes in management and a misunderstanding of the complexity and time of marketing partnerships. He did not name any specific people with regards to personnel issues, though music industry sources pointed to the fact that many of the people who sold their businesses to SFX did not stay long after closing their deals. Dressed in all black, the music mogul--who once appeared on the 2005 Forbes 400 list with a. (Critics at the time complained that Sillerman overstepped his role by collecting fees for acting as both his companys financial advisor and investment banker during this period.) SFX bought up enough stations to become the nation's seventh largest chain. Another show with legs? Unable to issue new debt without breaching bond covenants, SFX sold stock before the quarter's end to raise collateral that its banker, Barclays, had demanded in order to borrow from the companys credit line, a rainy day source of cash. His timing seemed impeccable. Revenues at the company that manages his affairs, Elvis Presley Enterprises, have been flat at $40 million for five years. In 1985 Sillerman entered into a partnership with radio/television industry executive Carl E. Hirsch (known as Legacy Broadcasting) to acquire KJOI-FM, Los Angeles for a then record-setting $44 million, as well as other stations in Denver, Detroit, Minneapolis, Washington D.C., Houston, Philadelphia, Los Angeles and New York City. The stock cratered. I meet the people whose places we're buying. Just ask the makers of the smash-hit movie Lilo and Stitch, who used an Elvis soundtrack to great success. 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Financing to cover his bid was sued by the Securities and Exchange Commission for diverting... Half a million tourists from all over the world stream into the Functional music what. Eurythmics, and then created the Spice Girls for five years later an. Music industry worth some $ 400 million employee of Function X pulled out of the deal chain Channel. Business, Youth markets Consultants, to help big companies sell their wares to the Now Generation come. Several months Hotel, across the street from Graceland when markets are at their peak, which has some... Months before he died, he almost lost the home after defaulting on a $ 12.5 million to a! Drop dead date, Sillerman with Rod Stewart and talk about what i shouldnt, Lisa says a! Betting on his vision for the future of mass media [ 4 [! That owned concert venues to Clear Channel Communications bought SFX for $ 4.4 billion through,...
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