On the subject of corporate partnerships, Sillerman said he underestimated the time it would take to sign up sponsors for SFXs events. According to Billboard, Sillerman died of a. Mr. Sillerman gained control of the Presley estate. Whether I will actually select one or more [equity partners] will depend on what the final price is, he said of any future bid. To Sillerman, Elvis is an underexploited asset, like a poorly managed textile company or a baseball team without a marketing department. [32], From 1993 Sillerman served as the Chancellor of the Southampton College of Long Island University, replacing Angier Biddle Duke. Unable to issue new debt without breaching bond covenants, SFX sold stock before the quarter's end to raise collateral that its banker, Barclays, had demanded in order to borrow from the companys credit line, a rainy day source of cash. Im also confident that we will create a better experience for the fans, Mr. Sillerman said in an interview with The New York Times. 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. 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. In 2000, the radio chain Clear Channel Communications bought SFX for $4.4 billion. As the genre has grown in popularity, so too has the quantity of reports of drug-induced injuries and deaths at concerts. [39], On November 24, 2019, Sillerman died at the age of 71 after a respiratory illness.[40]. Terms & Conditions. CKX also gets royalty rights to 24 Elvis movies. Even so, Sillermans 47% stake is worth some $400 million. 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. He likes to jump out of the bushes or hide in hotel rooms and scare people, says Cousin Brucie. 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. Backstage at The Ed Sullivan Show, 1956: Elvis with the host and manager Parker (left).CBS Photo Archive/Getty Images. The top contestants on the show are signed to Sony BMG, and 19 gets 10% of their recording revenue. dialogue with Robert Sillerman. Sillerman stood stone-faced on the cover of Billboard magazine. 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. In fact, theres a hit TV show in the business of finding them. He sold the company SFX Entertainment to Clear Channel for $4.4 billion in 2000. Starting in the late 1970s, Mr. Sillerman built a portfolio of radio and television stations worth nearly $1 billion. I liked him, she says. He is from USA. 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. 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. 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. Hes probably smartest person Ive ever met, saidShelly Finkel, a longtime boxing and music manager who co-founded SFX with Sillerman in 2011. Robert F.X. Investor and media executive Robert F.X. Mr. Sillermans marketing talents emerged early. Laura Sillerman, Robert Reeves and Julie Sheehan attend The Launch of The Southampton Review at Literary Reception on July 29, 2007 in Southampton,. He has unbounded energy when it comes to business. Ethan Miller/Getty Images for Cirque du Soleil; Douglas Elliman, 2023 NYP Holdings, Inc. All Rights Reserved, Inside the Hamptons trailer park thats become a playground for millionaires, Kevin Loves model wife goes house-hunting after Heat deal, See Ashton Kutchers Your Place or Mine building in NYC, Mark Wahlberg finally sells mansion after massive $32M price cut. In each case Sillerman assembled a collection of media propertiesall in distributionat low prices and then unloaded the bundle for a higher price. Sillerman has taken legal action against the company, seeking about $15.8 to cover. 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. 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 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. 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. Later, the private equity firm Apollo Global Management acquired CKX in 2011. He sold the company in 1972 to the Boston ad firm, Ingalls. When SFX began bursting at the seams, in no small part because of his mismanagement, Sillerman again reneged. Sillerman had bought Elvis Presley Enterprises from Lisa Marie Presley in 2005, but later sold it to a private equity firm. The founder. At the time it was the largest gift ever received by an alumnus to the university. Robert F.X. 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. As for spinoffs, did we mention that another smash hit on Fox, So You Think You Can Dance, is produced by Fuller too? 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. Correction: In The Man Who Bought Elvis (Dec. 12), we wrote that SFX Entertainment once owned New York Citys Roseland Ballroom. And sad. That show is American Idol, and as with Elvis, Sillerman is convinced he can make it an even bigger deal than it already is. When Mr. Sillerman tried to corner the fractious world of dance music festivals in the early 2010s, for example, he played the part of a devil-may-care rebel to a sometimes puzzling extent. 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. (Hicks Muse agreed to spin this business off to SFX shareholders.) 19 also manages the career of soccer superstar David Beckham and his wife, Victoria (a.k.a. Sony Pictures Television Nonfiction (formerly known as CKX, Inc., CORE Media Group, Inc. and Industrial Media, LLC) is an American company founded on February 7, 2005, that owns and develops entertainment content and intellectual property . Before 157 West 57th Street became One57, that glassy billionaire's priapism which has come to stand for a whole battery of class . around. As for Sillermans take on Lisa: I was impressed with how real and grounded she was. Once on the Forbes 400 list, he also briefly owned the WLAF's New York/New Jersey Knights. As his business world collapses around him, Sillerman seemed relatively relaxed over the phone. [15][16] As of the end of 2013 Viggle had about 3.7 million users. [13] The first product the company produced was called "Viggle", released in January 2012, which used a mobile app as its primary interface. Robert F.X. Undervalued? Now that Sillerman's deal is dead, SFX is in a mad dash to find a new buyer. Todays star- making machinery is half-a-century and light years away from that process. Capstar applied for and received permission to operate more than one class of radio station in the same market. His cost basis on these shares? Lawsuits increasingly became a common part of his life, including a suit from a luxury real estate firm for breach of contract after he allegedly cut the firm out of a $114 million real estate deal withoutpaying their commissions. 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. 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.) Anyone can read what you share. 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. It runs in the family: Lisa Marie Presley signs autographs for NASCAR fans at Daytona Speedway this past July. AI Is Creeping Into the Functional Music Market What HappensNext? In 2014, adjusted EBITDA amounted to a $3.4 million loss, and in spite of guidance of as much as $65 million in adjusted EBITDA this year, losses have so far grown to $15.3 million. But Sillerman was drawn to his fathers business. As big as Sillermans ambitions, perhaps. Bob had his own way of doing things and it wasnt good in the end.. I have a million ideas all the time, says Fuller, but before I could only do one a year. 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. 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). 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. (The balance is transaction costs.). But if you walk down the street, youll be hard-pressed to find somebody who doesnt know what it is. 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. Robert F.X. Robert FX Sillerman is the Founder at Function (x). 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. Maybe, but maybe not. Sillerman has a $1 billion plan to conquer the world of dance music, read the publications cover line. 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. The prior owner, ex-HBO CEO Richard Plepler now founder and CEO of Eden Productions had once listed it for $18.5 million in 2008 after buying it for $2.33 million in 2002. He was married to Laura Baudo. FORBES first started charting DJ earnings in 2012; a year later, the collective income of the top ten acts had doubled. He set up his own business, Youth Markets Consultants, to help big companies sell their wares to the Now Generation. Didnt work. Okay, so come on, Bob, what does F.X. In addition to concerts, Robert F.X. Andreas Cornelius van Kuijk), sold the rights to RCAnow part of Sony BMGdecades ago. David Lieberman, "'American Idol' Owner CKX Sells To Financial Firm, Ending Robert F.X. I thought he was asleep. 19 did some $92 million in revenues last yearwith about a third coming from the Idol showsand earned $12.6 million. [38] The dispute was settled out of court for an undisclosed amount. Sillerman paid $196 million to buy 19 Entertainment. 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. 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. We thought there were only three rock groups worth owning, says a source in Sillermans camp, Elvis, the Beatles, and the Stones. 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. 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. Lisa received $50 million in cash, plus $26 million in CKX common and preferred stock. Industry sources suggested that a possible buyer could be Live Nation. 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. In December 2016, former SFX board member Mitch Slater sued Sillerman for an unpaid $2.5 million loan from 2015. He bankrolled Mel BrooksBroadway production of The Producers and was golf partners with NBA legend Michael Jordan. Sillerman, a triathlete who loves vigorous games of volleyball and basketball, has recovered and now sports a yellow Livestrong bracelet. His brother, Michael, confirmed his death but gave no other details. Sillerman, the New York entertainment businessman who consolidated a series of companies and helped form the modern concert industry, died Sunday of a respiratory illness, Billboard. How big will CKX become? (Per capita, Canadian Idol is much bigger than its U.S. The listing brokers are Douglas EllimansCaroline Holl, Michael Russell and Stephen Geller. Impersonator shows can, if properly done, extend the brand, Sillerman says. Contestants on the new Fox hit So You Think You Can Dance.. 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 replied with an email that said, Can I borrow a dollar? Estopinal said. [9] Within a matter of weeks it is likely that CKX will announce some sort of Elvis Presley or Graceland-themed casino in Las Vegas. His net worth has been growing significantly in 2021-2022. Additionally, Robert FX Sillerman has had 6 past jobs including Founder at Live Nation. He rides into town and leaves with all the money and the women. [33] In 2000, Sillerman donated a $15 million gift through the Tomorrow Foundation to extend the library and for marine science scholarships. 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 was never really at 100%.. Elviss 37-year-old daughter and heir, Lisa Marie, has been unhappy that the business has been going nowhere: We were doing good, but you cant stay the same, she says. But for years he had maintained a golden touch in building media franchises and extracting maximum value from them. Mr. Sillerman called it an inside joke. The orginal goal was to buy Pasquale RotellasInsomniac, explained Estopinal. 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. In addition to Mr. Sillermans brother, Ms. Baudo Sillerman survives him. 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. He loves to party. I suppose there are all kinds of gratifying lines of work, he says. Says his longtime business partner, disc jockey Cousin Brucie Morrow: Bob is very exhausting to be with. All these ballet dancers from Russia were huge Elvis fans, and [their handlers] were asking for our help to get them out of here and back to rehearsal. The New York entrepreneur is most notably known for consolidating a number of U.S.. He seems to have a knack for selling just when markets are at their peak, which has given some buyers severe indigestion. Its sad how things ended because he really was a bright guy, but in the end he carried a lot of pain. [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. An October IPO on the NASDAQ raised $260 million for the company with shares priced at $13, but in the space of two-and-a-half years, the price of the company dropped to a penny a share. And the King is content! And there are between 105 and 110 scheduled for next year.. He is also the founder of Viggle and the namesake of The Sillerman Center for the Advancement of Philanthropy at Brandeis University. With so many formats vying for consumers attention, content is king. Sillermans actions signaled to the market that he saw significant value in SFX. The company that emerged would become Clear Channel, which is now known as iHeartRadio. In 2011, Apollo Management purchased CKX in 2011 for $512 million. Sillerman Dies at 71; Built Entertainment Empires, https://www.nytimes.com/2019/11/28/arts/music/robert-fx-sillerman-dead.html. Today, that blueprint to take over the electronic dance music (EDM) world is in shambles, the result of poor management, suspect financial planning and a certain hubris that Sillerman, who corporatized the live music industry in the 1990s, could do it all over again. 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.. 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. The show is also being franchised in 100 countries. He can outlast and outtalk anybody. Says a close colleague: His BlackBerry messages start at 6 A.M. and never stop into the night. You may opt-out by, 2013, the day his company went public. Robert F.X. counterpart.) Anthony Effinger and Daniel Taub, "American Idol Sillerman Dealt Elvis Default Heartbreak in Vegas," Bloomberg.com, June 1, 2009. Which would seem to be a naturalElvis and Vegas go together like peanut butter and bananas. Striking a deal shouldnt be that difficult. (Photo credit: Jonas Roosens/AFP/Getty Images). [4][5] His father founded the Keystone Radio Network. We have to be careful to not deprecate Elviss legacy or to damage our authorized and official Elvis shows.. Embattled music executive Robert Sillerman, who founded the company that would eventually become ticketing and concert giant Live Nation, has died at the age of 71. Its a word Ive never liked. Well, its a little early to ask that question. Really? Elvis sighting: Owner, icon, and fan in downtown Manhattan. 2023 Fortune Media IP Limited. Early rewards included gift cards to retail establishments. An entrance foyer leads to a chefskitchen, while a double-wide staircase leads upstairs to the first floors entertainment spaces: a living room, wood-paneled library, formal dining room, serving kitchen with a dumbwaiter and three of seven woodburning fireplaces. Between Elviss legendary free spending and the fact that he didnt own his songs, the situation was dire. 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. The house, formerly owned by Robert Sillerman, includes a 12,000. Sillerman was also a major shareholder of CKX Inc. I meet the people whose places we're buying. 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. I could tell you, but Id have to kill you, he says. (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.) With a market value of $1.1 billion, is CKX overvalued? This stands out as unique. 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 five-story home, between Lexington and Third avenues, is 5,885 square feet and was built in 1920. CKX has the rights to the Elvis name, image, likeness, and trademark, which are currently used in 100 or so merchandising and licensing deals. But when I took it to America, almost everyone rejected it, Fuller recalls. Entertainment mogul Robert Sillerman is facing foreclosure on his $16 million Upper East Side town house for defaulting on a $12.5 million loan since 2015, a new lawsuit claims. 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. You and I buy a couple loaves of bread, Bob buys the bakery, Morrow told Budnick and Baron of Sillermans sales abilities, which by 1988, netted nearly $1 billion value in broadcast assets. An unpaid $ 2.5 million loan from 2015 the Chancellor of the bushes or hide in hotel and. Lexington and third avenues, is CKX overvalued for SFXs events time says! Done, extend the brand, Sillerman seemed relatively relaxed over the phone Entertainment,! Next year and 110 scheduled for next year, Elvis is an underexploited asset, like a poorly textile! Enterprises from Lisa Marie Presley signs autographs for NASCAR fans at Daytona this. 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