I thought he was asleep. 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. Sillerman had bought Elvis Presley Enterprises from Lisa Marie Presley in 2005, but later sold it to a private equity firm. 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. However, since doubts of Sillerman's take-private began to emerge in July, the company hasn't disclosed a bona fide competing offer. 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. He seems to have a knack for selling just when markets are at their peak, which has given some buyers severe indigestion. [6], In 1978 Sillerman and disc jockey Bruce Morrow bought two radio stations in upstate New York for $1.875 million. Some people loved Bob and some people hated him, there was no middle ground, said James Disco Donnie Estopinal, a New Orleansdance promoter now living in Puerto Ricowho served as Sillermans deal maker and helped bring in the dance promoters that would come to form the new SFX Entertainment. He passed away in his sleep on Sunday at the age of 71. But it had to be a biggie to make economic sense. 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. Robert F.X. What kind of person would grow up to have business dreams like these? Besides buying Elvis Presley Enterprises from Lisa Marie Presley last February, Sillerman and his lieutenants have purchased the smash-hit TV show American Idol and other properties from a company called 19 Entertainment, which was owned by British pop impresario Simon Fuller. Another show with legs? I dont want to say anything negative about someone who wasgood to me, but there were a lot of issues.. Sillerman Net Worth. Im also confident that we will create a better experience for the fans, Mr. Sillerman said in an interview with The New York Times. Connecting the show to phones, through the Internet, through merchandising, and ways I cant talk about yet.. [35] For thirteen years, Sillerman served as the Chancellor of Southampton College and is the founder of The Tomorrow Foundation. SFX bought up enough stations to become the nation's seventh largest chain. Robert F.X. 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. He has unbounded energy when it comes to business. During its public run, the company also sold $295 million debt to finance additional acquisitions and fund operating losses. Hes like a little boy. While some might find that a 25th wedding anniversary is best celebrated privately, Sillerman held his at the Manhattan rock hall Irving Plaza with hundreds of guests. Robert F.X. Laura Sillerman, Robert Reeves and Julie Sheehan attend The Launch of The Southampton Review at Literary Reception on July 29, 2007 in Southampton,. He posed for publicity photos in clothes emblazoned with profanities, and after a video of Mr. Sillerman making an obscene gesture circulated on social media, a Wall Street analyst was prompted to question his sanity. The founder. 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. stand for? 19 is currently renegotiating the fee for next season, and some think the ante could be upped to $2 million per episode (though a reported flap over American Idol judge Simon Cowells compensation could be complicating matters). Brandeis University Recent News and Activity Funding Round Sep 16, 2014 (Photo by PATRICK McMULLAN/Patrick McMullan via Getty Images) Embed. 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. With so many formats vying for consumers attention, content is king. Mr. Sillerman gained control of the Presley estate. Viggle registers the television show a person is watching, and engages the users with a loyalty program for viewing particular programs. But stars still do get born. When asked if Bob was dishonest about the companys health, Finkel told Billboard, It was more complicated than that. And there are a couple of Sillerman stories that involve nudity. After the sale, Sillerman went on another buying spree, purchasing the rights to Graceland, the Elvis Presley Estate,Simon Fullers 19 Entertainment and an 80% stake in Muhammad Ali Enterprises. Revenues at the company that manages his affairs, Elvis Presley Enterprises, have been flat at $40 million for five years. I ask Lisa about Sillermans plans. 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. Sillerman became one of the most intriguingand wealthiestmen in music by twice betting on his vision for the future of mass media. Sillerman, Transform Television? Sillerman worth at the age of 71 years old? Earlier this year Sillerman settled with the SEC for $179,000. Andreas Cornelius van Kuijk), sold the rights to RCAnow part of Sony BMGdecades ago. Ive tried to get him drunk to get him to tell me, says Brucie. On Saturday, Sillerman gave an interview to FORBES and said that he takes full responsibility for the issues within his SFX Entertainment. The founder of SFX Entertainment rarely spoke about the impact of his daughters death but his friends say it weighed on him and changed his outlook. All Rights Reserved. Early rewards included gift cards to retail establishments. SFX raised $260 million in its initial public offering. I also thought she was shrewd and perceptive. The hotel, Sillerman and Soden say, is just screaming to be expanded, upgraded, and replicated in other locations. 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. Even when he was being sued in the end and was broke, hacking and wheezing with a hole in his throat and eating through a feeding tube, he was cracking blowjob jokes and talking about how he was going to f this guy and how this other guy was a scumbag.. [25][26] Defaulting on a $10.8million loan after missing an interest payment of $3million in January 2016,[27][28] the company filed for Chapter 11 bankruptcy on February 1, 2016. Robert F.X. Later, the private equity firm Apollo Global Management acquired CKX in 2011. Since then, revenues have grown but profits have vanished. Robert FX Sillerman is the Founder at Function (x). Robert F.X. Robert F.X. In September 2016, U.S. district court judge Colleen McMahon ruled there was evidence that Sillerman likely misrepresented the go-private plan to inflate the companys price and allowed a lawsuit by investors with the Guevoura Fund to move forward. Impersonator shows can, if properly done, extend the brand, Sillerman says. In 19, Sillerman saw a small but dynamic media company with one of the hottest TV shows on the planet. He was 71. I dont want to be like Martha Stewart and talk about what I shouldnt, Lisa says with a chuckle. 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, poses after ringing the Nasdaq closing bell on Oct. 9, [+] 2013, the day his company went public. Thats the whole game., Robert F.X. But if you walk down the street, youll be hard-pressed to find somebody who doesnt know what it is. 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. Earlier this month in Los Angeles county, two female attendees of Live Nation-run event HARD Summer died of apparent drug overdoses. In fact, theres a hit TV show in the business of finding them. Sillerman insists that cancer hasnt impeded his business or his social life, which can be a bit wild and woolly. His timing seemed impeccable. 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. 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. But Sillerman was drawn to his fathers business. The stock cratered. A year later, Sillerman was pushed into bankruptcy over an unpaid $7.4 million promissory note to React Presents during the SFX rollup. But nearly every time Sillerman sold, he and his investors made money. Try A Different OS, Get Vaccinated? 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. The company controlled the rights to booking the venue but did not own it. This year, there are 88 festivals that we anticipate doing, said Sillerman. It wasnt a plan too dissimilar to Sillermans moves with the original SFX where he spent more than $1.2 billion to gobble up regional rock promoters, venues and management companies in the late 90s. Industry sources suggested that a possible buyer could be Live Nation. When presented to the public--and later, Wall Street--the plan for SFX Entertainment seemed simple enough: roll up local EDM event organizers under one umbrella organization that could drive profits by providing structure and efficiency. We want to make money both by selling tickets and by putting a live audience in front of Madison Avenue, he said in an interview in 1998. The Securities and Exchange Commission today charged New Hampshire resident Robert F.X. He sold the company SFX Entertainment to Clear Channel for $4.4 billion in 2000. 19 also manages the career of soccer superstar David Beckham and his wife, Victoria (a.k.a. Robert F.X. Sillerman told Estopinal he had $1billion to spend on the rollup on an S-1 form announcing the IPO of SFX, Sillerman listed holdings that included online marketplace Beatport, the American-arm of Dutch company ID&T that produced festivals Tomorrowland and Sensation, Electric Zoo founders Made Events, German promoteri-Motion and Australias Stereosonic festival producer Totem Onelove Group. It was a very good, good combination, says Morrow. SFX Entertainment is likely well-managed on the festivals and business unit level and the companys shortcomings, in our view, appear to be with holding company management and its board of directors, which have arguably destroyed shareholder value, said analyst Richard Tullo of Albert Fried. Mr. Sillerman largely withdrew in recent years, moving to New Hampshire and dealing with the fallout from the collapse of several businesses. around. As for Sillermans take on Lisa: I was impressed with how real and grounded she was. In 2000, the radio chain Clear Channel Communications bought SFX for $4.4 billion. Synergy is not important. AI Is Creeping Into the Functional Music Market What HappensNext? SFX CEO Entertainment Robert F.X. 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. dialogue with Robert Sillerman. Now when we dont need it, were flooded with it, Sillerman says. Take a walk through Elviss home with the throngs, and the feeling you get is reverential. [17][18] In December 2013 Viggle acquired Wetpaint for $30 million in stock and in early 2014 Viggle acquired Digit Media, an entertainment app producer. Hes been known to sneak up on people and scare them. [4][5] His father founded the Keystone Radio Network. 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. "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. The payment will no doubt make it easier for Sillerman to call Priscilla up and ask her to come to a ribbon cutting of a new Elvis property, for instance. But from 2013 to 2014, the increase slowed to 11%; this year, its only 2.5%. 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). In December 2016, former SFX board member Mitch Slater sued Sillerman for an unpaid $2.5 million loan from 2015. Sillerman, Concert Industry Consolidator, Dies at 71 Roy Trakin November 26, 2019, 6:02 PM Click here to read the full article. That show is American Idol, and as with Elvis, Sillerman is convinced he can make it an even bigger deal than it already is. How big will CKX become? (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.) While he pointed to lucrative deals with Anheuser Busch, MasterCard and T-Mobile and those companies increased yearly ad spend, the SFX CEO admitted that his earlier business models anticipated greater participation from brands. Fullers company doesnt get a direct share of ad revenues from Fox; rather, it receives a $1.2 million fee per episode. The entrance is through original doors from the Paramount Theater. [38] The dispute was settled out of court for an undisclosed amount. His cost basis on these shares? What Sillerman bought was Elvis Presley Enterprises (EPE), a company that gets its $40 million in annual revenue from Graceland tours, onsite retailing, and licensingeach contributing a bit less than a third of the totalwith the balance derived from an apartment complex and the Heartbreak Hotel. Pei through the hallowed halls. Hes obviously smart, and he doesnt b.s. Obviously the market had spoken loud and clear that it believed the five-and-a-quarter deal was never coming, said Sillerman in one of his first interviews since announcing the privatization plan. I meet the people whose places we're buying. After that big deal, as with so many American business stories in 2000, things began to sour. Yes, Elviss core fans are aging, but young people still are drawn to the man with the oversized Q-rating. At the time of the companys formation, Sillerman boasted of his ability to go toe-to-toe with Live Nation Entertainment, the live events behemoth which was formed out of the firm he sold to Clear Channel for $4.4 billion in 2000. 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