The company was sold to Clear Channel in 2000 and became the basis for Live Nation five years later. 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). Anthony Effinger and Daniel Taub, "American Idol Sillerman Dealt Elvis Default Heartbreak in Vegas," Bloomberg.com, June 1, 2009. "[9], On February 8, 2011, Sillerman announced an agreement to acquire control of Gateway Industries, Inc. (GWAY.PK). Sillerman has a $1 billion plan to conquer the world of dance music, read the publications cover line. 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. Once Morrow had a beef with the late-night deejay at their Middletown station. Robert F.X. David Lieberman, "'American Idol' Owner CKX Sells To Financial Firm, Ending Robert F.X. Sillermans actions signaled to the market that he saw significant value in SFX. SFX, however, had problems from day one. [6], In 1978 Sillerman and disc jockey Bruce Morrow bought two radio stations in upstate New York for $1.875 million. Impersonator shows can, if properly done, extend the brand, Sillerman says. [36] Sillerman was also a donor and fundraiser for the Democratic Party in the United States. By the time Mr. Sillerman began buying radio stations in the late 1970s, he was using a new name: Robert F.X. "Robert F. X. Sillerman," Wikipedia.org. SFX raised $260 million in its initial public offering. Then, by an October 2008 drop dead date, Sillerman simply pulled out of the deal. Inspite of the distractions, he explained that he is 100% committed to do a deal to take SFX private and is in robust conversation with several people that want to participate with him. As for spinoffs, did we mention that another smash hit on Fox, So You Think You Can Dance, is produced by Fuller too? Mr. Sillerman was the founder, a major shareholder and served as Executive Chairman of SFX Entertainment from its inception in 1997 until its sale to Clear Channel Communications in August 2000. So, how much is Robert F.X. Robert F.X. Revenues at the company that manages his affairs, Elvis Presley Enterprises, have been flat at $40 million for five years. 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. [34], In 2008, Sillerman donated $10 million in order to fund The Sillerman Center for the Advancement of Philanthropy at Brandeis University. But nearly every time Sillerman sold, he and his investors made money. His brother, Michael, confirmed his death but gave no other details. Steve Hicks left to join another radio venture after a few years, and in 1997, Sillerman sold SFX, which then owned some 70 radio stations, to Hicks Muse for $75 a share, or $2.1 billion. With so many formats vying for consumers attention, content is king. 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. Several managers and big-name acts from Ozzy Osborne to Shania Twain reportedly bristled over having to negotiate with such a corporate gorilla. With a market value of $1.1 billion, is CKX overvalued? Robert F.X. 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. Robert Franklin Sillerman was born in Manhattan on April 12, 1948, to Michael McKinley Sillerman, a radio and television executive, and Estelle (Levande) Sillerman. 19 is the brainchild of Simon Fuller, whom Sillerman describes as a cherubic bundle of nonstop creative energy. Fuller started out as a talent scout in the 1980shis company is named after a hit song by an artist he manageddiscovering and working with British rock groups like Spandau Ballet, Billy Idol, and Ultravox. Despite this, the 67-year-old CEO said that he is the right man to run the troubled business and that he still wants to own the company even though he reneged on a plan to take it private earlier this month. SFX now has a market capitalization of $88 million. (A spokesman for Lisa Presley declined to comment. A brash figure in the financial pages, he bought and sold lucrative radio and concert businesses and controlled the Elvis Presley estate. During its public run, the company also sold $295 million debt to finance additional acquisitions and fund operating losses. Sillerman paid $196 million to buy 19 Entertainment. Their daughter, Mackinley, died in 2012. We've received your submission. SFX bought up enough stations to become the nation's seventh largest chain. Over half a million tourists from all over the world stream into the shrine called Graceland each year. PHOTOGRAPH BY GREG MILLER. Why? Powered and implemented by Interactive Data Managed Solutions. Robert F.X. counterpart.) [10], Leading CKX, Inc., Sillerman bought majority rights to Graceland, the Elvis Presley estate;[11] as well as the assets of Simon Fuller's 19 Entertainment, whose assets include TV hit American Idol and managed clients including football player David Beckham. That seemed to sum everything up., A daily briefing on what matters in the music industry. Few suggest the genre is decliningnot yet, anywaybut theres evidence that points to a plateau. Striking a deal shouldnt be that difficult. What about a world champion Idol drawn from all the different nations? The show venue may be moved from Los Angeles to Las Vegas to save money (and perhaps to fill a certain 2,000-seat theater). He likes to jump out of the bushes or hide in hotel rooms and scare people, says Cousin Brucie. Viggle registers the television show a person is watching, and engages the users with a loyalty program for viewing particular programs. He was 71. Bob had his own way of doing things and it wasnt good in the end.. We bought companies based on what we anticipated that we could bring in incremental sources of revenue.. LinkedIn has officially entered its cringe era, and its working. So what if the next Elvis is discovered on American Idol? SFX Broadcasting sold its 71 radio stations for $2.1 billion in 1998. When SFX went public one analyst estimated that the company had committed to spend a total of $301.6 million in cash and equity that year to acquire companies like Tommorowland creators ID&T; Totem OneLove Group, the promoter behind Australian festival circuit Stereosonic; and Beatport, an online music marketplace. Its main app NextGuide and Digit Reminder Button was integrated into Viggle software. Arent companies like Viacom (VIAB) and Time Warner (TWX) disassembling or considering disassembling their empires, while Sillerman is putting one together? I ask Sillerman about his revenue and income projections for his Elvis and American Idol businesses. Now that Sillerman's deal is dead, SFX is in a mad dash to find a new buyer. 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. Elvis left the building 28 years ago, but as a pop icon hes still hot. He was married to Laura Baudo. Industry sources suggested that a possible buyer could be Live Nation. He sold the company in 1971, and then launched I P+E, a sales marketing and promotion company. Because American Idol is whats known as event programming, meaning that because its a contest, you almost have to watch it live. Its different, Sillerman says. 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. 2023 Fortune Media IP Limited. On Saturday, however, Sillerman was fielding questions on whether the company would go bankrupt--he said there was a zero percent chance--and admitting that he didnt work with the right people. Its also unclear if he was ever the right man for the job. Sillerman announced in early June that he'd be making a return to the live entertainment industry, and today he made his second purchase toward that. The Securities and Exchange Commission today charged New Hampshire resident Robert F.X. The massive property that was assembled from four different plots of land has just hit the market for a staggering $150 million. Andreas Cornelius van Kuijk), sold the rights to RCAnow part of Sony BMGdecades ago. SFX Entertainment was the largest presenter, promoter and producer of live events in the world. Despite having established brands, the festivals that were acquired by Sillerman's empire collectively moved in the opposite direction of what was expected. The second floor boasts two main bedroom suites with ensuitemarble bathrooms, woodburning fireplaces and a large planted terrace. 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. The founder. He was never really at 100%.. ", "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. 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. In each case Sillerman assembled a collection of media propertiesall in distributionat low prices and then unloaded the bundle for a higher price. Think about it. [12], In May 2009, Credit Suisse filed a request for summary judgment in New York State Supreme Court, alleging Sillerman had failed to pay the outstanding balance due under a credit agreement with Flag Luxury Properties LLC and that Sillerman defaulted on a series of payments due since April 2008, totaling $21.4 million. This year, he agreed to pay a $179,000 fine to the Securities and Exchange Commission for defrauding investors of another of his companies, Function(x). In May 2009, Credit Suisse filed a request for summary judgement in New York State Supreme Court, alleging Sillerman had failed to pay the . There were people who told me, Im not doing a deal with this guy, hes going to die, Estopinal says. The top contestants on the show are signed to Sony BMG, and 19 gets 10% of their recording revenue. 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. In December 2016, former SFX board member Mitch Slater sued Sillerman for an unpaid $2.5 million loan from 2015. Robert FX Sillerman (born 1949) is an American businessman and media entrepreneur. 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. And Fuller is looking to bring a gritty nighttime soap opera that is popular in Britain to America next summer. 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. Industrial Media. What we wanted to do was to take this to another level. Lisa says that she, her mother, and Soden had spoken for years about bringing in outside investors and/or management, but nothing clicked. That company was also called SFX. He passed away in his sleep on Sunday at the age of 71. He was an executive. As big as Sillermans ambitions, perhaps. Dressed in all black, the music mogul--who once appeared on the 2005 Forbes 400 list with a. Young Sillerman graduated magna cum laude from Brandeis in 1969 after becoming immersed in counterculture politics and rock & roll. [4][5] His father founded the Keystone Radio Network. Once on the Forbes 400 list, he also briefly owned the WLAF's New York/New Jersey Knights. Backstage at The Ed Sullivan Show, 1956: Elvis with the host and manager Parker (left). He died on November 24, 2019 in Hinsdale, New Hampshire, USA. Eight years later he unloaded a bunch of stations to Hicks Muse for $2.1 billion. Mr. The companys chief Michael Rapino declined a request for an interview through a spokesperson. Can we monetize that? This isnt the first time Sillerman has failed to live up to his word when trying to buy back a company he listed on the public markets. 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. Sillerman graduated from Brandeis University in 1969, avoided the Vietnam War draft due to an injury and eventually went on to buy 92.7 WALL-FM in Middletown, New York, with famed DJ Bruce Cousin Brucie Morrow, according to Ticket Masters. Sillerman, the former CEO of Function (x), Inc., with orchestrating an offering fraud and diverting offering proceeds to repay loans he had previously made to the company. Now when we dont need it, were flooded with it, Sillerman says. Sillerman was born into a media household, raised in the Riverdale section of the Bronx, and attended top private schools in New York City. unclear if newer events will have the same kind of draw. American Idol is the No. The company that emerged would become Clear Channel, which is now known as iHeartRadio. Last month, the company reported a second quarter net loss of $48 million on revenue of $121 million, up 48% from the same period last year. He seems to have a knack for selling just when markets are at their peak, which has given some buyers severe indigestion. 19 also manages the career of soccer superstar David Beckham and his wife, Victoria (a.k.a. Sillerman with Rod Stewart and Dick Grasso at the NYSE. 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. Contestants on the new Fox hit So You Think You Can Dance.. Sillerman stood stone-faced on the cover of Billboard magazine. Elvis sighting: Owner, icon, and fan in downtown Manhattan. I have a million ideas all the time, says Fuller, but before I could only do one a year. As a subscriber, you have 10 gift articles to give each month. Bear Stearns analyst R. Glen Reid says to also look for a 2,000-seat Elvis theater in Vegas. That didnt work out, but when we started talking, Insomniacs acquistion price was $10 million, he said. Its easy to say that in hindsight, Sillerman told Billboard in a June 9, 2016article. That show is American Idol, and as with Elvis, Sillerman is convinced he can make it an even bigger deal than it already is. In September 2012, Sillerman announced his biggest project to date on the cover of Billboard, sporting a black leather jacket, a global-shaped disco ball and a handkerchief in his pocket that famously read FOff., Its a universal statement, Sillerman told Billboard writer Kerri Mason. Sillerman, Transform Television? Clear Channel, which had already purchased many of Sillermans radio stations from Hicks Muse, agreed to buy SFX Entertainment for a reported $3 billion. He sold the company SFX Entertainment to Clear Channel for $4.4 billion in 2000. By then Sillerman was already toiling away on his next project, SFX Entertainment, a company that would own concert venues and other media properties. 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. 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). The entrance is through original doors from the Paramount Theater. 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. Its funny, when we needed money we had a difficult time raising it. 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. Billboard is a part of Penske Media Corporation. Michael Sillerman died in 1980, just when his sons career was taking off. We cured him. By 1985 the pair had accumulated some 70 stations, which they sold for some $50 million. And they said they would synergize their content. Terms & Conditions. This company owned "American Idol" and the licensing rights to Elvis Presley and his Graceland estate. But if you walk down the street, youll be hard-pressed to find somebody who doesnt know what it is. Clear Channel had integration issues with SFX, according to one analyst, and now plans to spin off that business by early next year. (Hicks Muse agreed to spin this business off to SFX shareholders.) When SFX began bursting at the seams, in no small part because of his mismanagement, Sillerman again reneged. [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. 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. 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. The studio of course had a glass wall. and attractions such as Memphis' Graceland to Robert Sillerman, . document.getElementById( "ak_js_1" ).setAttribute( "value", ( new Date() ).getTime() ); Thanks for contacting us. In the sale, SFX kept two small concert promoters, and renamed the company SFX Entertainment (concert promotion, sports agencies), turning SFX Entertainment into the world's largest producer, promoter and presenter of live entertainment. (Photo by PATRICK McMULLAN/Patrick McMullan via Getty Images) Embed. He bankrolled Mel BrooksBroadway production of The Producers and was golf partners with NBA legend Michael Jordan. Bob can sell anythingit doesnt matterhe has that kind of head. (Morrow says it was he who enlisted Sillerman, not the other way around. Offers may be subject to change without notice. Man in the middle: Simon Fuller (in back) with Idol stars Kelly Clarkson, Ruben Studdard, and Fantasia Barrino. You may opt-out by, 2013, the day his company went public. He is from USA. Starting in the late 1970s, Mr. Sillerman built a portfolio of radio and television stations worth nearly $1 billion. Estopinal says he last saw Sillerman at a deposition, but he remembers sending Sillerman a note after the bankruptcy, acknowledging the failures of SFX while also thanking him for the opportunity to be part of the company. S&P Index data is the property of Chicago Mercantile Exchange Inc. and its licensors. Sillerman already has 18 acres on the Strip through MJX, a real estate company he controls. He refounded SFX Entertainment in 2012 as a promoter of electronic music festivals; that company is now known as LiveStyle. Early rewards included gift cards to retail establishments. Robert FX Sillerman is the Founder at Function (x). on fraud charges for his work with Function (X). Some $20 million. He made a lot of people wealthy, and he made himself even wealthier., Visit with Sillerman for an hour or two in his Manhattan office, and you are likely to get a rapid-fire discourse on politics from the 1960s to today, or rock & roll radio, or Thoreau, or education in America, or all of the above. If we can, this will dwarf the first SFX. 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. Sillerman attempted to rebrand the project as a Baccarat Hotel but this also failed. 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. Sillerman the former owner of Graceland who consolidated radio stations and concert ticket sales has sold for $7.7 million. 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. Posh Spice). 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. EDM Mogul Bob Sillerman Finds a Buyer for His $28 M. Townhouse. Its sad how things ended because he really was a bright guy, but in the end he carried a lot of pain. 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. Take a walk through Elviss home with the throngs, and the feeling you get is reverential. In other words, distribution companies are falling all over each other to reach customers through new, competing outlets. 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. An interview through a spokesperson scare people, says Fuller, but in the industry... Known as LiveStyle in Hinsdale, New Hampshire resident Robert F.X company he controls Sillerman died in,! Public offering SFX raised $ 260 million in its initial public offering Studdard, and fan in downtown Manhattan really. Sighting: Owner, icon, and fan in downtown Manhattan mogul -- who once appeared on the cover Billboard. 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