In February 2016, SFX filed for bankruptcy, brought down in a cash crunch that Estopinal now partially blames on overpaying for the assets that came to make up SFX. 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. 19 did some $92 million in revenues last yearwith about a third coming from the Idol showsand earned $12.6 million. 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. His father, Michael McKinley Sillerman, was a radio executive who went bankrupt when his son was 13. He wa The studio of course had a glass wall. Sillerman Dies at 71; Built Entertainment Empires, https://www.nytimes.com/2019/11/28/arts/music/robert-fx-sillerman-dead.html. Posh Spice). 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. He declined to comment for this story via email. Sillermans actions signaled to the market that he saw significant value in SFX. In that spirit, he named Kermit the Frog as the 1996 commencement speaker: 31 newspapers picked up the story, a free marketing bonanza that raised the college's profile and drew hundreds of new admissions. The entrance is through original doors from the Paramount Theater. Mr. Sillermans plan transformed the concert industry even as it drew complaints, which still linger, about rising ticket prices and the outsize power of a centralized super promoter. And there are a couple of Sillerman stories that involve nudity. [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. Can we monetize that? [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. They wanted to marry content with distribution, where CKX will not be in the traditional distribution business. [34], In 2008, Sillerman donated $10 million in order to fund The Sillerman Center for the Advancement of Philanthropy at Brandeis University. But when the so-called "go shop" ended, Sillerman didnt have the financing to cover his bid. 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. [2][3], Sillerman was born to a Jewish family in New York City, and was raised in the Riverdale neighborhood of the Bronx, the son of Estelle (Levande) and Michael McKinley Sillerman. Almost immediately after Sillerman closed on the Elvis deal, he opened his wallet again and purchased 19 Entertainment, a business with even more moving parts than Elvis. All Rights Reserved. The results supported theories that Sillerman--who proposed in late May to take the company private at a price of $5.25 per share--didnt have the financial partners or intent to buy his cash-strapped company. Think of how we can continue to expand the show, says Fuller. They said music doesnt work on TV in America. Just ask the makers of the smash-hit movie Lilo and Stitch, who used an Elvis soundtrack to great success. This year, there are 88 festivals that we anticipate doing, said Sillerman. [36] Sillerman was also a donor and fundraiser for the Democratic Party in the United States. Robert Sillerman and Laura Baudo Sillerman attend NEW YORKERS FOR CHILDREN 2007 Fall Gala at 583 Park Avenue on September 18, 2007 in New York City. At that time it was very exciting, but the mergers didnt work in the U.S. in the way we thought they would, Finkel said. 1 hit in more than two dozen countries, including the U.S.) And Elvis impersonators are still fixtures in everything from movies to corporate events. SFX now has a market capitalization of $88 million. PHOTOGRAPH BY GREG MILLER. 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. Sillerman's net worth , money, salary, income, and . With Finkel by his side and Estopinal giving the pair needed credibility, Sillerman set out to once again consolidate the dance music business by buying up dance promoters in Europe, Asia and North America. When the King died in 1977, his estate was a mess. He wants to do what we want to do. Like what? 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. 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. This ultimately led to the Telecommunications Act of 1996 allowing for ownership of multiple stations in single markets Capstar merged with Command Communications, another radio group Sillerman founded, ultimately changing its name to SFX Broadcasting. 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. He sold the company in 1972 to the Boston ad firm, Ingalls. In 1993 he founded SFX Broadcasting with a partner, R. Steven Hicks. (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.) The New York entrepreneur is most notably known for consolidating a number of U.S.. 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. [21], In 2012, Sillerman rebooted SFX Entertainment, this time with a focus on the electronic dance music industry. Bob had his own way of doing things and it wasnt good in the end.. Sillermans personal stake in the company, which was worth nearly $220 million when it went public, is now valued at less than $35 million. Even so, Sillermans 47% stake is worth some $400 million. 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. (Photo: Robin Marchant/Getty Images). Robert Sillerman, founder of SFX Entertainment, has died, Billboard reports and Sillerman's lawyer Sanford Philip Rosen confirmed to Pitchfork. And I haven't a fucking clue what they do or what they're talking about. Over a few years in the late 1990s, Mr. Sillerman and his new company, SFX Entertainment, spent more than $2 billion acquiring dozens of promoters and venues, creating the concert worlds first truly national force. Robert F.X. 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. 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. The company was sold to Clear Channel in 2000 and became the basis for Live Nation five years later. Elvis's 37-year-old daughter and heir, Lisa Marie, has been unhappy . That didnt work out, but when we started talking, Insomniacs acquistion price was $10 million, he said. I meet the people whose places we're buying. The man who bought Elvis is Robert F.X. Sillerman, a triathlete who loves vigorous games of volleyball and basketball, has recovered and now sports a yellow Livestrong bracelet. Brucie and Bob bought more stations and worked their magic on operations. Just months before he died, he was sued by the Securities and Exchange Commission for allegedly diverting investor proceeds for his own use. At Fridays price of 91 cents, SFXs shares are down 93% from its IPO price. Today about 600,000 visitors make the pilgrimage to Graceland each year (30% from abroad), paying between $22 and $55 apiece. To Sillerman the soft patch was an opportunity to reload. Robert F.X. 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. Sillerman paid $196 million to buy 19 Entertainment. As a business, though, Elvis has been stagnating. But if you walk down the street, youll be hard-pressed to find somebody who doesnt know what it is. Bear Stearns analyst R. Glen Reid says to also look for a 2,000-seat Elvis theater in Vegas. The truth is, for all of Elviss transcendent mystique, EPE has never been much of a business. Raised in the Bronx, New. 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. 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). 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. He was married to Laura Baudo. In 2011, Apollo Management purchased CKX in 2011 for $512 million. Late last year Lisa Presley flew to New York to meet Sillerman face to face. He set up what became his signature company, SFX, which he took public in 1993 at $15 a share. 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. We have to be careful to not deprecate Elviss legacy or to damage our authorized and official Elvis shows.. Once on the Forbes 400 list, . In the mid-1980s the Federal Communications Commission was beginning to loosen its restrictions on the number of radio stations that could be owned by a single operator. 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. Moreover, those familiar with the live events industry know that festivals can lose millions of dollars in their early years as they try to build their fan bases. On the subject of corporate partnerships, Sillerman said he underestimated the time it would take to sign up sponsors for SFXs events. But where did it go wrong for SFX? Later, the private equity firm Apollo Global Management acquired CKX in 2011. [38] The dispute was settled out of court for an undisclosed amount. American Idol is much more like a game show than a reality show, says Fuller. In 2001, Britains ITV put Fullers baby, Pop Idol, on the air. 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. The second floor boasts two main bedroom suites with ensuitemarble bathrooms, woodburning fireplaces and a large planted terrace. He sold the company in 1971, and then launched I P+E, a sales marketing and promotion company. Even so, says Lisa Presley, theres only so far you can take a family-run business. He loves to party. Thats not the way I view the entertainment businessI view it as an art not as a science.". The stock cratered. For its money, CKX got a 90-year lease on Graceland, stipulating, among other things, that the premises may not be used as a massage parlor, a mortuary, or [for] the manufacture, sale, or distribution of feminine hygiene products. (Gives you an idea of how much attention Lisa and Soden pay to protecting Elviss image.) Elvis sighting: Owner, icon, and fan in downtown Manhattan. It was a very good, good combination, says Morrow. Robert F.X. He often named his companies using some combination of those initials. Investor and media executive Robert F.X. A megayacht-turned-ultra-luxury cruise ship is heading for Once a dining hotspot, this shuttered NYC restaurant owes the city $32M in rent, Mary-Kate and Ashley Olsen's 'It Takes Two' abandoned mansion demolished, Inside the 1,700-acre Murdaugh family murder farm now on sale for $3.9M, Fking heartless Kristin Cavallari admits to recently dumping guy via text, The Selena Gomez and Kylie Jenner eyebrow drama, explained, Lisa Hochstein confirms shes dating great Jody Glidden amid Lenny divorce, Good luck 'worming' your way out of this one, Meghan Markle, Prince Harry have first night out since bombshell 'Spare' released, 11-year-old reads aloud from 'pornographic' book he checked out from library at school board meeting. Mr. Sillerman called it an inside joke. In 2000 he sold a company that owned concert venues to Clear Channel for a reported $3 billion. Before 157 West 57th Street became One57, that glassy billionaire's priapism which has come to stand for a whole battery of class . With reporting from Sue Radlauer and Zack O'Malley Greenburg in Jersey City, N.J. 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. It declared bankruptcy in 2016, and many of the assets it had amassed were sold off. Another $25 million from CKX went to pay off EPE debt. On Jun 7, 2012, Function (X), Inc. was renamed Viggle, which changed the company stock listing to VGGL. I suppose there are all kinds of gratifying lines of work, he says. Its easy to say that in hindsight, Sillerman told Billboard in a June 9, 2016article. In December 2016, former SFX board member Mitch Slater sued Sillerman for an unpaid $2.5 million loan from 2015. Sillerman stood stone-faced on the cover of Billboard magazine. In addition to concerts, Robert F.X. Offers may be subject to change without notice. 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, Concert Industry Consolidator, Dies at 71 Roy Trakin November 26, 2019, 6:02 PM Click here to read the full article. 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. Could it be that Sillerman didnt fully understand this--or just how skittish it would make brands? I ask Sillerman about his revenue and income projections for his Elvis and American Idol businesses. The Bolshoi Ballet came en masse to Graceland, Soden recalls. Whether I will actually select one or more [equity partners] will depend on what the final price is, he said of any future bid. 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. Contestants on the new Fox hit So You Think You Can Dance.. A brash figure in the financial pages, he bought and sold lucrative radio and concert businesses and controlled the Elvis Presley estate. Nearly three years ago, Robert F.X. Correction: In The Man Who Bought Elvis (Dec. 12), we wrote that SFX Entertainment once owned New York Citys Roseland Ballroom. A year later, Sillerman was pushed into bankruptcy over an unpaid $7.4 million promissory note to React Presents during the SFX rollup. In her ruling, McMahon said the buyout offer was likely made to distract attention from the companys poor quarterly financial reports, which showed that SFX was bleeding money and attendance at its events dropping. 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 just love it.". 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). Some $20 million. around. As for Sillermans take on Lisa: I was impressed with how real and grounded she was. Part of that underwhelming reality may have to do with the public relations nightmares that can occur while running EDM festivals. His timing seemed impeccable. So what if the next Elvis is discovered on American Idol? FORTUNE is a trademark of Fortune Media IP Limited, registered in the U.S. and other countries. With so many formats vying for consumers attention, content is king. 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. We've received your submission. But from 2013 to 2014, the increase slowed to 11%; this year, its only 2.5%. 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. The company that emerged would become Clear Channel, which is now known as iHeartRadio. What kind of person would grow up to have business dreams like these? Robert F.X. 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. But Sillerman was drawn to his fathers business. He doesnt want to mess with anything. 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. He passed away in his sleep on Sunday at the age of 71. When he did sell to Live Nation, the number was closer to $100 million the only thing that changed was were out there buying promoters., Dance music was rapidly growing in popularity with ticket sales increasing by nearly 30% from 2011 to 2012, but most electronic promoters were putting everything they owned into the next show, explains Estopinal. Sillerman, Concert Industry Consolidator, Dies at 71 By Roy Trakin Mark Chilvers/The Independent/Shutterstock Robert F.X. At least so says a Wall Street entrepreneur who is hoping to make Elvis the centerpiece of his burgeoning media companynot only extending the Kings reign but also taking advantage of technological and demographic changes rocking the media and entertainment industries. (A spokesman for Lisa Presley declined to comment. 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. Over half a million tourists from all over the world stream into the shrine called Graceland each year. 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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. Once Morrow had a beef with the late-night deejay at their Middletown station. Robert F.X. Some noted that Sillerman was paying huge amounts of goodwill in his deals, so eager was he to build the company. Industry sources suggested that a possible buyer could be Live Nation. That greatly reduces the number of viewers who DVR it and skip the commercials. There are so many ways to exploit that level of awareness. 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. And dont even think about asking him what his middle initials, F.X., stand for. In 2017, he almost lost the home after defaulting on a $12.5 million. He can outlast and outtalk anybody. Says a close colleague: His BlackBerry messages start at 6 A.M. and never stop into the night. S&P Index data is the property of Chicago Mercantile Exchange Inc. and its licensors. It didnt scale and this round was young promoters that werent as established as the promoters from the first round of buyouts in the 1990s. Some of those companies listed werent done deals, Estopinal tells Billboard, adding that Sillerman misrepresented his financing and capitalization as he put SFX together. 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. [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. He. (Hicks Muse agreed to spin this business off to SFX shareholders.) The founder. 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. Why? During its public run, the company also sold $295 million debt to finance additional acquisitions and fund operating losses. Sillerman was born into a media household, raised in the Riverdale section of the Bronx, and attended top private schools in New York City. Andreas Cornelius van Kuijk), sold the rights to RCAnow part of Sony BMGdecades ago. Moreno claims that Sillerman was mainly brought in to help organize financing for the business and that he had presented his plan to others, like billionaire Ron Burkle, before choosing Sillerman. Sillerman, 57, a Wall Street operator with a long history of minting money in the . And there are between 105 and 110 scheduled for next year.. [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. 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. Said Sillerman says to also look for a 2,000-seat Elvis Theater in Vegas so-called `` go shop '',... Management purchased CKX in 2011, Apollo Management purchased CKX in 2011 in and! 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