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I know nothing about EDM, Sillerman told Billboard in Sept. 2012. In fact, theres a hit TV show in the business of finding them. That show is American Idol, and as with Elvis, Sillerman is convinced he can make it an even bigger deal than it already is. He just didnt a fabout anything, said one former business partner who did not want to share their name. 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. Thats not the basis of CKX. Clear Channel would later spin off its concert holdings into Live Nation in 2005 with CEO Michael Rapino at the helm, which grewinto the most dominate company in music, with $15 billion in revenue reported in 2019. 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. It comes with five bedrooms and 5 bathrooms. As a subscriber, you have 10 gift articles to give each month. That seemed to sum everything up., A daily briefing on what matters in the music industry. I dont know whether its directed at a specific individual, or a type of individual, or more as my interpretation of Albert Einsteins fabulous quote: No problem can ever be solved from the same level of consciousness that created it. And thats what Ive done my whole life. [6] Sillerman was married to copywriter Laura Baudo, whom he met at Ingalls. Robert Sillerman, born April 12, 1948 in the Riverdale section of the Bronx, early on had a strong entrepreneurial bent starting a greeting card in high school and a youth marketing company while at Brandeis University. Clear Channel had integration issues with SFX, according to one analyst, and now plans to spin off that business by early next year. And dont forget about the Heartbreak Hotel. And the show garners the highest ad rates on network TV, between $660,000 and $705,000 for a 30-second spot, which is higher than CSI or Desperate Housewives. He was one of the producers of The Producers, the Broadway hit, written by his friend Mel Brooks, that ran for six years and pushed the limits of ticket prices on Broadway. Dressed in all black, the music mogul--who once appeared on the 2005 Forbes 400 list with a net worth of $975 million--held a disco ball that had been colored in gold and silver to represent the earth. He also carried heavy personal pain after the suicide of his 18-year-old daughter Mackinley in 2012, losing his only child in the home he shared with his wife Laura Baudo Sillerman. [30][31], In an interview with Billboard, Sillerman admitted that there were "no easy answers" surrounding why the company collapsed, but added that he didn't "begrudge the disappointment and anger" of his staff because he was just as disappointed over the company's performance. I have never had one single boring day., CKX has a 90-year lease on Elviss home.Richard Berkowitz Getty Images, Soden, who will continue running EPE in the new company, enhanced the Elvis business by expanding into merchandising and licensing. Sillermans personal take was a reported $219 million. Those companies promised two things. Mr. Sillerman, founder of the electronic dance music conglomerate SFX Entertainment, has listed his eight-bedroom oceanfront home in Southampton, top right, for $39 million with Tim Davis of the. 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). Recognizing the environment she was raised in, I thought she was astounding. But instead of a billion-dollar acquistion, Sillerman wiped out hundreds of millions in investor money and eventually had to file for bankruptcy. Its different, Sillerman says. The entrance is through original doors from the Paramount Theater. Elvis left the building 28 years ago, but as a pop icon hes still hot. 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. Nearly three years ago, Robert F.X. Then there are concert tours and merchandising. He seems to have a knack for selling just when markets are at their peak, which has given some buyers severe indigestion. 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. In 2000, the radio chain Clear Channel Communications bought SFX for $4.4 billion. Just months before he died, he was sued by the Securities and Exchange Commission for allegedly diverting investor proceeds for his own use. As a teenager he started his own greeting card company, buying cards in bulk and enlisting youngsters to sell them. After selling SFX Entertainment, Mr. Sillerman pursued various entertainment projects. In 2001, Britains ITV put Fullers baby, Pop Idol, on the air. Sillerman's income source is mostly from being a successful Executive. The man who bought Elvis is Robert F.X. The New York entrepreneur is most notably known for consolidating a number of U.S.. "Robert Sillerman, SFX Entertainment Founder, Dies at 71", "Bio in the 2005 Forbes 400, he was #375", "Robert F X Sillerman purchases WAFL NY-New Jersey Knights for $11 million", "KJOI-FM's $75-Million Price an Industry Record: Station's Sale Key Part of $155-Million Ownership Shuffle That Also Affects KTWV, Westwood One", "Robert F.X. Among them was former Beatport CEO Matthew Adell, who stepped down less than two years after selling his company for $50 million in early 2013. 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. He made billions of dollars in two huge sales, but died in bankruptcy, pursued by the government and suffering the painful complications of a decade of throat cancer, eating out of a feeding tube and findingit increasingly difficult tobreathe. Fullers company doesnt get a direct share of ad revenues from Fox; rather, it receives a $1.2 million fee per episode. Lisa received $50 million in cash, plus $26 million in CKX common and preferred stock. In 2017, he almost lost the home after defaulting on a $12.5 million. PHOTOGRAPH BY GREG MILLER. Thats not part of our strategy.. So, how much is Robert F.X. Undervalued? In 2013, the year after the companys creation, the organizers of industry conference International Music Summit estimated the global market associated with EDM to be about $4.5 billion in sales. Think about it. (Photo credit: Jonas Roosens/AFP/Getty Images). You know if you make cars or washing machines or something like that, I guess you have to focus on margins. The third and fourth floors boast a bedroom with 20-foot ceilings, a woodburning fireplace, two bathrooms one of which has another woodburning fireplace and two dressing rooms. Sillermans actions signaled to the market that he saw significant value in SFX. Sillerman became one of the most intriguingand wealthiestmen in music by twice betting on his vision for the future of mass media. But in making his push for the new version of SFX in 2012, he spoke with boundless optimism about the potential for his new company. A year later, Sillerman was pushed into bankruptcy over an unpaid $7.4 million promissory note to React Presents during the SFX rollup. Even more worrying, SFXs cash reserves dwindled to $38.6 million. (A hip-hop-style remix of A Little Less Conversation was a No. We bought companies based on what we anticipated that we could bring in incremental sources of revenue.. I also thought she was shrewd and perceptive. 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. [8], In 1989 Sillerman formed Capstar Communications. In some ways, thats good news for Sillerman and SFX: the cost of talent is no longer skyrocketing. Sillerman was also a major shareholder of CKX Inc. Says a top Wall Street banker: Hes a very smart guy, but I dont think you want to be sitting on the other side of the negotiating table from him.. We have to be careful to not deprecate Elviss legacy or to damage our authorized and official Elvis shows.. 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. Powered and implemented by Interactive Data Managed Solutions. Sillerman was known for pushing the envelope. In 19, Sillerman saw a small but dynamic media company with one of the hottest TV shows on the planet. Sillerman, 57, a Wall Street operator with a long history of minting money in the . [39], On November 24, 2019, Sillerman died at the age of 71 after a respiratory illness.[40]. Billionaire entertainment mogul Robert F.X. So what he said so eloquently, I say, Foff.'. He is from USA. They said music doesnt work on TV in America. In 2010, he re-emerged with a second strings-attached take-private bid, but CKXs board chose to sell the company to Apollo Global for $5.50 a share, a bruising result for investors. Arent companies like Viacom (VIAB) and Time Warner (TWX) disassembling or considering disassembling their empires, while Sillerman is putting one together? Sillerman had bought Elvis Presley Enterprises from Lisa Marie Presley in 2005, but later sold it to a private equity firm. Part of that underwhelming reality may have to do with the public relations nightmares that can occur while running EDM festivals. To Sillerman, Elvis is an underexploited asset, like a poorly managed textile company or a baseball team without a marketing department. The founder of SFX Entertainment rarely spoke about the impact of his daughter's death but his friends say it weighed on him and changed his outlook. Well, its a little early to ask that question. Really? The Bolshoi Ballet came en masse to Graceland, Soden recalls. 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. But Mr. Sillermans success ran out in recent years when he tried to repeat his concert model with a new version of SFX Entertainment, this time going after electronic dance music, or EDM a bull market in 2012, when Mr. Sillerman opened the company with a $1 billion war chest. And they said they would synergize their content. CKX also gets the publishing rights to 650 songs, but owns the more valuable royalty rights to only the few songs Elvis recorded after 1973. And because Sillerman was known as a savvy business mogul within the entertainment industry, his faith in the Company was interpreted as evidence that SFX was in fact valuable, even if that value was not yet reflected in the Companys financial reports, McMahon wrote. SFX raised $260 million in its initial public offering. And get this zinger from Reids report: CKX apparently has the right to shut down impersonator shows. (Say it aint so!) But when the so-called "go shop" ended, Sillerman didnt have the financing to cover his bid. And I haven't a fucking clue what they do or what they're talking about. [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. Clear Channels stock, which hit a high of $95 in 2000, is trading at $32. FORTUNE is a trademark of Fortune Media IP Limited, registered in the U.S. and other countries. So he offered investors a lower price, $12 a share, and the sale was extended even longer. In December 2016, former SFX board member Mitch Slater sued Sillerman for an unpaid $2.5 million loan from 2015. Elviss legendary manager, Colonel Tom Parker (a.k.a. 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. His father Michael created Keystone Radio Network and syndicated the popular show Lassie, but went bankrupt in 1961 and passed away in 1980, according to the book. I suppose if you were a psychiatrist you could say I wanted to do well, where my father had had a lack of success, Sillerman says. I have a million ideas all the time, says Fuller, but before I could only do one a year. Robert F.X. Robert F.X. SFX Entertainment was the largest presenter, promoter and producer of live events in the world. What was most impressive about his $389 million deal with Westinghouse (which was convinced that it needed to become a big player in the business) in 1989 wasnt that it was his biggest score ever; it was the fact that the market for radio stations tanked soon after. Though the Elvis business isnt that big yet, it gives us a window into how Sillerman operates. In a July 2009 interview with the New York Post Sillerman admitted failure, stating with reference to the Flag project: "I'm not very knowledgeable about real estate. Only Mike Darnell [at Fox] got it straight away., Man in the middle: Simon Fuller (in back) with Idol stars Kelly Clarkson, Ruben Studdard, and Fantasia Barrino.Ray Mickshaw WireImage/Getty Images. We had to do something right away to make money, and that something was to open up Graceland for tours., On the first day Soden and Elviss ex-wife, Priscilla, opened up the Memphis mansion, 3,024 fans filed in, paying $5 each. 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. The CK stands for content is king, while the X is a reference to one of his middle initials (they are F.X., and he wont tell anyone what they stand for). You may find him a bit quirky. [37], In May 2012, Sillerman was accused of sexual harassment by an employee of Function X. Because American Idol is whats known as event programming, meaning that because its a contest, you almost have to watch it live. CKEs stock fell from a high of $28.80 in early May to a current price of $12 and change. A version of this article was originally published in the December 12, 2005 issue of Fortune. 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. Robert F.X. This is a BETA experience. 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. Once a saver, always a saver: Warren Buffett says generational wealth isnt what it used to be in his annual letter Its bigger than the housing crisis: An influential economist just blamed NIMBYs for American decline, and Elon Musk CA Notice at Collection and Privacy Notice, Do Not Sell/Share My Personal Information. Some of those companies listed werent done deals, Estopinal tells Billboard, adding that Sillerman misrepresented his financing and capitalization as he put SFX together. [36] Sillerman was also a donor and fundraiser for the Democratic Party in the United States. Some $124 million was in cash upfront and $31 million in stock, with the balance to be paid in cash or stock after Fullers company reports its year-end numbers. S&P Index data is the property of Chicago Mercantile Exchange Inc. and its licensors. So in the middle of one night, Bob and I took off all of our clothes and ran back and forth in front of the glass naked. Bob is like a Clint Eastwood character in an old Western movie, says Dennis Arfa, a business associate of Sillerman. On the subject of corporate partnerships, Sillerman said he underestimated the time it would take to sign up sponsors for SFXs events. He followed the 1998 sale with a Feb. 29, 2000, deal that Playbill called a quantum leap on the first Leap Day of the century, selling his concert and theatrical production firm SFX Entertainment to Clear Channel for $3.2billion. Sillerman stood stone-faced on the cover of Billboard magazine. 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. The guy didnt have any energy, says Morrow. Earlier this year Sillerman settled with the SEC for $179,000. Sillerman, Concert Industry Consolidator, Dies at 71", "American Idol Sillerman Dealt Elvis Default Heartbreak in Vegas", "Will Viggle, the 'Loyalty Program for TV' From Robert F.X. His brother, Michael, confirmed his death but gave no other details. Why? The truth is, for all of Elviss transcendent mystique, EPE has never been much of a business. Investor Robert Sillerman is combining the King, American Idol, and other entertainment assets to build his next media conglomerate. We cured him. By 1985 the pair had accumulated some 70 stations, which they sold for some $50 million. Late last year Lisa Presley flew to New York to meet Sillerman face to face. And thats just part of the American Idol money train. Mr. Sillerman called it an inside joke. DJ Afrojack (left) and Sillerman at the NASDAQ MarketSite in New York in 2013. AI Is Creeping Into the Functional Music Market What HappensNext? And dont even think about asking him what his middle initials, F.X., stand for. He was 71. His net worth has been growing significantly in 2021-2022. Sillerman, a triathlete who loves vigorous games of volleyball and basketball, has recovered and now sports a yellow Livestrong bracelet. Hes probably smartest person Ive ever met, saidShelly Finkel, a longtime boxing and music manager who co-founded SFX with Sillerman in 2011. On Wall Street they like to say that Bob Sillerman hardly knows failure, but he saw it firsthand growing up. Another $25 million from CKX went to pay off EPE debt. 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. When SFX went public in Oct. 2013, businesses the company owned or was in the process of acquiring earned $14.6 million in adjusted EBITDA on combined revenue of $239 million. His plan was to spend $1 billion to buy EDM-related companies around the world, telling FORBES in 2012: If we do this with the right people this will be bigger than the first SFX.. In characteristic form, Sillerman wont give investors any firm commitments. Within a matter of weeks it is likely that CKX will announce some sort of Elvis Presley or Graceland-themed casino in Las Vegas. Few suggest the genre is decliningnot yet, anywaybut theres evidence that points to a plateau. He was also starting to run afoul of the SEC an audit by the firm BDO of his company Function(x)found that Sillerman allegedly broke the law when he transferred $6.1 million into his own personal account and withdrew $500,000 in cash with no explanation and no supporting documentation. Sillerman settled the case with the SEC in June, agreeing to a $179,000 fine and a ban from holding an officer or director role at any public company. That means $125 million out of the $306 million paid for these two companies exceeds any tangible assets, including the value of trademarks. CKX has the rights to the Elvis name, image, likeness, and trademark, which are currently used in 100 or so merchandising and licensing deals. Sillerman attempted to rebrand the project as a Baccarat Hotel but this also failed. ", "Mobile app Viggle sets terms for $50 million NASDAQ listing", "GetGlue Sale to Sillerman's Viggle Cancelled", "GetGlue Acquired by Viggle for $25M, 48.3M Shares of Stock", "Viggle Buys Dijit Media, in Another Second-Screen TV Mashup", "Viggle Acquires Dijit, Will Connect Its Rewards Program To Dijit's TV Discovery App", "With Over 9.5 Million Registered Users, Viggle Expects Fiscal 2015 Revenue to Increase More Than 40% Year-Over-Year to $25.6 Million", "SFX Beefing Up Digital Capabilities, Plans to Buy Tunezy, Fame House and Arc90", "Mogul to Increase Bets on Electronic Dance Music", "SFX Enters Ticketing Business with $16.2 Million Acquisition of Europe's Paylogic", "Electronic music promoter SFX files for $175-million IPO", "Robert F.X Sillerman on SFX's IPO, Stock Prices, Future Acquisitions, Afrojack", "SFX's Bumpy Ride Continues With $20 Million in New Financing", "SFX Entertainment Emerges From Bankruptcy With New Name: LiveStyle", "SFX Emerges From Bankruptcy with a New Name, LiveStyle, and New Leader in Randy Phillips", "Former SFX CEO Robert Sillerman Speaks Out for the First Time About His Company's Implosion: 'I Don't Begrudge the Employees' Anger', "Choosing honorary degree recipient an often-painstaking process", "Sillerman Family Makes $10 Million Gift to Heller to Begin New Center for the Advancement of Philanthropy", "Steven Spielberg and George Soros Stock Senate Democratic Super-PAC", "Music Managers Allege Deceit by SFX Founder", https://en.wikipedia.org/w/index.php?title=Robert_F._X._Sillerman&oldid=1135076047, American entertainment industry businesspeople, American telecommunications industry businesspeople, Short description is different from Wikidata, Creative Commons Attribution-ShareAlike License 3.0, This page was last edited on 22 January 2023, at 14:00. Impersonator shows can, if properly done, extend the brand, Sillerman says. The last thing well be thinking about is margins, Sillerman told FORBES in July 2012. 2023 Billboard Media, LLC. Didnt work. Okay, so come on, Bob, what does F.X. [4] After graduating from the Collegiate School, he attended Brandeis University. [13] The first product the company produced was called "Viggle", released in January 2012, which used a mobile app as its primary interface. This is a long-term perspective, [but] a 10% return on equity from our perspective would be insufficient.. Backstage at The Ed Sullivan Show, 1956: Elvis with the host and manager Parker (left). Later, the private equity firm Apollo Global Management acquired CKX in 2011. Sillerman was a significant player on Broadway. Yes, Elviss core fans are aging, but young people still are drawn to the man with the oversized Q-rating. Try A Different OS, Get Vaccinated? At the time it was the largest gift ever received by an alumnus to the university. And Fuller is looking to bring a gritty nighttime soap opera that is popular in Britain to America next summer. Sillerman and Shelly Finkel, his close associate and SFX's eventual vice chairman, hardly listened to the music but saw the opportunity in what they believed to be the millennial generations rock and roll. [7] The company was merged at the end of 1989 with a unit of Westinghouse Broadcasting in a then record-setting transaction worth $727 million. Investor Robert Sillerman, who bought Elvis Presley Enterprises, photographed with Elvis impersonators, 2005. The 66-Year-Old Rave King of Wall Street In the past few years, Bob Sillerman has become notorious in the dance music industry for buying up a string of once-independent rave promoters in order. He wants to do what we want to do. Like what? [21], In 2012, Sillerman rebooted SFX Entertainment, this time with a focus on the electronic dance music industry. Even very young people. 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. Sillerman was eventually pushed out of the company by creditors and it re-emerged as LiveStyle in 2017 with entertainment veteran Randy Phillips at the helm. Michael Sillerman died in 1980, just when his sons career was taking off. Industry sources suggested that a possible buyer could be Live Nation. That didnt work out, but when we started talking, Insomniacs acquistion price was $10 million, he said. As of December 2013, Viggle companies had a combined 17 million monthly users. 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.. CKX raised $251 million at its IPO earlier this year, which it used to pay back $150 million in loans from Bear Stearnsthe rest it paid directly to 19 Entertainment or kept as capital. Sillerman became one of the most intriguing and wealthiest men in the media business but died in bankruptcy, pursued by the government and suffering the painful complications of a decade. On Friday, the stock closed at 91 cents a share. He died on November 24, 2019 in Hinsdale, New Hampshire, USA. The company has teased burned investors with an "indication of interest" from an unnamed bidder. Hes obviously smart, and he doesnt b.s. Bob went out and taught salespeople; I taught the on-air staff. We have estimated Robert F.X. This stands out as unique. Anthony Effinger and Daniel Taub, "American Idol Sillerman Dealt Elvis Default Heartbreak in Vegas," Bloomberg.com, June 1, 2009. , 2005 issue of Fortune media IP Limited, registered in the man with the public nightmares... Buying cards in bulk and enlisting youngsters to sell them a 10 % return on equity from our perspective be! About is margins, Sillerman told FORBES in July 2012 that didnt out. Own use to ask that question EDM, Sillerman says clue what do... The electronic dance music industry their peak, which hit a high of $ 12 share... In Las Vegas another $ 25 million from CKX went to pay off EPE debt festivals... Elvis left the building 28 years ago, but young people still are drawn to the man with the and... Have any energy, says Morrow manager, Colonel Tom Parker ( left ) and Sillerman the! Died in 1980, just when his sons career was taking off the Sullivan. Would take to sign up sponsors for SFXs events $ 260 million cash! 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