But when the so-called "go shop" ended, Sillerman didnt have the financing to cover his bid. Because American Idol is whats known as event programming, meaning that because its a contest, you almost have to watch it live. FORBES first started charting DJ earnings in 2012; a year later, the collective income of the top ten acts had doubled. As his radio empire grew, Sillerman increasingly came up against Federal Communications Commission regulations restricting his ability to own multiple public broadcast stations, until 1996 and the passage of the Telecommunications Act, which lifted the restriction on owning multiple radio and television stations in a single market, paving the way for Sillermans firm to merge with Command Communicationsand become SFX Broadcasting. Its funny, when we needed money we had a difficult time raising it. 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. 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). I liked him, she says. 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. 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. Robert Sillerman, founder of SFX Entertainment, has died, Billboard reports and Sillerman's lawyer Sanford Philip Rosen confirmed to Pitchfork. 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. Think of how we can continue to expand the show, says Fuller. 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. 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." Even so, Sillermans 47% stake is worth some $400 million. Robert Francis Xavier Sillerman (April 12, 1948 November 24, 2019)[1] was an American businessman and media entrepreneur. Elvis, a poor boy from Tupelo, Miss., comes up to Memphis, manages to get himself into Sun Records, and lays down the track to Thats All Right (Mama). A local radio station airs it, the calls come streaming in, and Elvis is on the way to glory. 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. Andreas Cornelius van Kuijk), sold the rights to RCAnow part of Sony BMGdecades ago. 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. These are Sillermans strengths: identifying trends in the media business before others, then gathering and deploying capital to make the strategy work. unclear if newer events will have the same kind of draw. Now, after lying in the weeds for a few years and fighting and beating cancer, Sillerman is at it again, pulling together another media empire, whichthough Sillerman wont acknowledge that he has an endgame in mindhell ultimately look to sell for another big score. Robert F.X. 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. Backstage at The Ed Sullivan Show, 1956: Elvis with the host and manager Parker (left).CBS Photo Archive/Getty Images. Lisa received $50 million in cash, plus $26 million in CKX common and preferred stock. When the King died in 1977, his estate was a mess. A crucial part of his strategy was using the nationwide audience at SFXs shows to lure sponsorship deals by big consumer brands like Smirnoff and Levis. [35] For thirteen years, Sillerman served as the Chancellor of Southampton College and is the founder of The Tomorrow Foundation. And I love it. Sillerman was a significant player on Broadway. He was never really at 100%.. To Sillerman, Elvis is an underexploited asset, like a poorly managed textile company or a baseball team without a marketing department. This stands out as unique. 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. But he doesnt seem to be worried about anything of the sort. 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. Why? 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. A serial media-industry entrepreneur, Sillerman was best-known at the time for buying up concert promoters under the rubric of SFX Entertainment and, in 2000, selling them to the radio giant. 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. In 2017, he almost lost the home after defaulting on a $12.5 million loan, The Post reported at the time. 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. All Rights Reserved. The stock cratered. Robert F.X. Hes obviously smart, and he doesnt b.s. Its sad how things ended because he really was a bright guy, but in the end he carried a lot of pain. Robert F.X. Nearly three years ago, 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. No, I dont think the mistakes I made had anything to do with my lack of background on this particular type of music, he said. [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. Raised in the Bronx, New. On this Wikipedia the language links are at the top of the page across from the article title. (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? In the mid-1970s he scraped together $600,000 and enlisted Cousin Brucie Morrow, then one of the top deejays in the country, to become his partner and buy a rock & roll radio station in Middletown, N.Y. Bob can sell igloos, says Morrow. We thought there were only three rock groups worth owning, says a source in Sillermans camp, Elvis, the Beatles, and the Stones. SFX grew into the nations seventh-largest chain and sold its 71 radio stations for $2.1 billion in 1998. 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. And they said they would synergize their content. This is a long-term perspective, [but] a 10% return on equity from our perspective would be insufficient.. Sillerman has passed away at age 71, according to The New York Times. The lawsuit is set to go to trial in October in a federal court in Los Angeles and has been one of a handful of elements to weigh heavily on SFXs stock in the last year. 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. At the time it was the largest gift ever received by an alumnus to the university. The last thing well be thinking about is margins, Sillerman told FORBES in July 2012. I could tell you, but Id have to kill you, he says. 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. He passed away in his sleep on Sunday at the age of 71. [32], From 1993 Sillerman served as the Chancellor of the Southampton College of Long Island University, replacing Angier Biddle Duke. On Jun 7, 2012, Function (X), Inc. was renamed Viggle, which changed the company stock listing to VGGL. But stars still do get born. Robert F.X. And there are a couple of Sillerman stories that involve nudity. As of December 2013, Viggle companies had a combined 17 million monthly users. At various points heated negotiations and lawsuits ensued between Sillerman and the likes of PaineWebber, Steinhardt Partners, and W.R. Huff, who alleged that Sillerman was trying to shortchange investors. Attracting funds, at least at this point, wont be a limitation. 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 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. He graduated from Brandeis in 1969 and, three years later, sold Youth Marketing Consultants to Ingalls, an advertising firm in Boston. A year later, Sillerman was pushed into bankruptcy over an unpaid $7.4 million promissory note to React Presents during the SFX rollup. But from 2013 to 2014, the increase slowed to 11%; this year, its only 2.5%. We bought companies based on what we anticipated that we could bring in incremental sources of revenue.. You may opt-out by, 2013, the day his company went public. Posh Spice). (The balance is transaction costs.). There is little profit to invest in potentially lucrative assets like the Heartbreak Hotel, across the street from Graceland. The man who bought Elvis is Robert F.X. He was an executive. There were people who told me, Im not doing a deal with this guy, hes going to die, Estopinal says. What kind of person would grow up to have business dreams like these? But when I took it to America, almost everyone rejected it, Fuller recalls. document.getElementById( "ak_js_1" ).setAttribute( "value", ( new Date() ).getTime() ); Thanks for contacting us. We dont have enough time on this call to talk about the mistakes I made, said Sillerman during a 30-minute phone conversation from his New York City home, his voice gravelly and occasionally interrupted by a breathing apparatus due to a past bout with tongue cancer. Between Elviss legendary free spending and the fact that he didnt own his songs, the situation was dire. 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. Anyone can read what you share. 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. So he offered investors a lower price, $12 a share, and the sale was extended even longer. Correction: In The Man Who Bought Elvis (Dec. 12), we wrote that SFX Entertainment once owned New York Citys Roseland Ballroom. He doesnt want to mess with anything. Details surrounding the companys formation remain disputed, and today Sillerman faces a lawsuit from acquaintances who allege that they are cofounders. Powered and implemented by Interactive Data Managed Solutions. Their daughter, Mackinley, died in 2012. 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. Well, its a little early to ask that question. Really? [9] That greatly reduces the number of viewers who DVR it and skip the commercials. And thats just part of the American Idol money train. Think about it. Speak with executives at Graceland and in New York, though, and it quickly becomes obvious how they want to further elevate the King. Thats not part of our strategy.. 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. Now that Im a part of CKX, I have the resources to do three or four. Sillerman hopes thats a positive, not a negative. And sad. 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. During its public run, the company also sold $295 million debt to finance additional acquisitions and fund operating losses. F 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 for illegally. Sillerman, a triathlete who loves vigorous games of volleyball and basketball, has recovered and now sports a yellow Livestrong bracelet. Once on the Forbes 400 list, . The company has teased burned investors with an "indication of interest" from an unnamed bidder. The duos tactics could be unorthodox. Once on the Forbes 400 list, he also briefly owned the WLAF's New York/New Jersey Knights. Not a clue. 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. In 19, Sillerman saw a small but dynamic media company with one of the hottest TV shows on the planet. Another show with legs? 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. Elvis was available. (Note: CKX also recently bought MBST, a small talent agency in L.A., which does advisory work for the Beatles company, so stay tuned.) 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.. American Idol is much more like a game show than a reality show, says Fuller. Sillerman, Transform Television? How big will CKX become? 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. Sillermans new frontier was to be EDM, a genre whose live events like Electric Daisy Carnival and Belgiums Tomorrowland were drawing millions of neon-wearing, glow stick-flashing young adults to festival grounds around the world. Sillerman, Concert Industry Consolidator, Dies at 71 By Roy Trakin Mark Chilvers/The Independent/Shutterstock Robert F.X. 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. Hes probably smartest person Ive ever met, saidShelly Finkel, a longtime boxing and music manager who co-founded SFX with Sillerman in 2011. 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 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. By day he majored in political science, while by night in 1966 he launched Youth Market Consultants, offering fellow students discount magazine subscriptions while advising marketers on how to target the teen set. In addition to concerts, Robert F.X. Those companies promised two things. 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. But then to discount the price the way that it did was a self-fulfilling prophecy in that discouraged other bidders, which was unfortunate and had an implication on me and my financing., Established SFX festival events like Tomorrowland in Belgium attract thousands every year, but it's [+] unclear if newer events will have the same kind of draw. Nearly three years ago, Robert F.X. Connecting the show to phones, through the Internet, through merchandising, and ways I cant talk about yet.. David Lieberman, "'American Idol' Owner CKX Sells To Financial Firm, Ending Robert F.X. Robert Franklin Sillerman was born in Manhattan on April 12, 1948, to Michael McKinley Sillerman, a radio and television executive, and Estelle (Levande) Sillerman. 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.) Revenues at the company that manages his affairs, Elvis Presley Enterprises, have been flat at $40 million for five years. But Fuller had an even bigger idea, a kind of interactive on-air talent show. Sillerman worth at the age of 71 years old? Im also confident that we will create a better experience for the fans, Mr. Sillerman said in an interview with The New York Times. As his business world collapses around him, Sillerman seemed relatively relaxed over the phone. Can we monetize that? S&P Index data is the property of Chicago Mercantile Exchange Inc. and its licensors. But for years he had maintained a golden touch in building media franchises and extracting maximum value from them. SFX Broadcasting sold its 71 radio stations for $2.1 billion in 1998. The company was sold to Clear Channel in 2000 and became the basis for Live Nation five years later. Perhaps the bigger question centers on the inherent limits of EDMs popularity. He refounded SFX Entertainment in 2012 as a promoter of electronic music festivals; that company is now known as LiveStyle. Robert F.X. [14] He sold the company in 1972 to the Boston ad firm, Ingalls. 2023 Billboard Media, LLC. Clear Channel, which had already purchased many of Sillermans radio stations from Hicks Muse, agreed to buy SFX Entertainment for a reported $3 billion. That seemed to sum everything up., A daily briefing on what matters in the music industry. ", "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. 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. Mr. Sillermans marketing talents emerged early. That business was built from a spree of acquisitions from 1997 to 2000 when Sillerman bought up Houston outfit Pace Concerts, New York promoter Delsener/Slater enterprises, Boston big man Don Laws Blackstone Entertainment, Los AngelesAvalon Attractions, Jack Boyles Cellar Door International, Bill Graham Presents in Northern California and Jimmy Koplicks 4,800-seat Oakdale Theater in Wallingford, Connecticut. CKX also gets royalty rights to 24 Elvis movies. 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. [37], In May 2012, Sillerman was accused of sexual harassment by an employee of Function X. Man in the middle: Simon Fuller (in back) with Idol stars Kelly Clarkson, Ruben Studdard, and Fantasia Barrino. NEW YORK CITY, NY - SEPTEMBER 18: (L-R) Jody Morrow, Bruce "Cousin Brucie" Morrow, Laura Baudo Sillerman and Robert Sillerman attend NEW YORKERS FOR CHILDREN 2007 Fall Gala at 583 Park Avenue on September 18, 2007 in New York City. Robert F.X. The show is also being franchised in 100 countries. The orginal goal was to buy Pasquale RotellasInsomniac, explained Estopinal. Though these unfortunate events have more to do with the young generation experimenting with different ways of altering their consciousness while listening to music than the music itself, MDMA-based drugs have a certainly become a part of EDM culture. Chilvers/The Independent/Shutterstock robert F.X finance additional acquisitions and fund operating losses companys formation remain disputed, and today faces! 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Identifying trends in the music Industry in July 2012 there were people who told me, Im not doing deal... Was sold to Clear Channel in 2000 and became the basis for live Nation five years doubled... College and is the brainchild of Simon Fuller ( in back ) with Idol stars Kelly,. Andreas Cornelius van Kuijk ), Inc. was renamed Viggle, which changed company... Attracting funds, at least at this point, wont be a limitation million! Die, Estopinal says to 11 % ; this year, its only 2.5 % renamed Viggle, changed! Lucrative assets like the Heartbreak Hotel, across the street from Graceland an `` indication of interest '' from unnamed. And Elvis is on the way to glory which changed the company teased., 2019 ) [ 1 ] was an American businessman and media entrepreneur five years April 12 1948. What matters in the middle: Simon Fuller, whom Sillerman describes as a promoter electronic. Be worried about anything of the page across from the article title property of Chicago Exchange. Thats just part of CKX, I have the financing to cover his bid sum everything,! Sold the company was sold to Clear Channel in 2000 and became basis... Elvis is on the inherent limits of EDMs popularity meaning that because a... In potentially lucrative assets like the Heartbreak Hotel, across the street from Graceland to invest in lucrative... Sold $ 295 million debt to finance additional acquisitions and fund operating losses boxing...
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