But for years he had maintained a golden touch in building media franchises and extracting maximum value from them. 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. 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. Thats not part of our strategy.. I liked him, she says. To Sillerman, Elvis is an underexploited asset, like a poorly managed textile company or a baseball team without a marketing department. His plan was to spend $1 billion to buy EDM-related companies around the world, telling FORBES in 2012: If we do this with the right people this will be bigger than the first SFX.. Sillerman. All rights reserved. (Photo by PATRICK McMULLAN/Patrick McMullan via Getty Images) Embed. He died on November 24, 2019 in Hinsdale, New Hampshire, USA. [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. The Bolshoi Ballet came en masse to Graceland, Soden recalls. So far Idol stars like Kelly Clarkson and Clay Aiken have sold over 14 million albums. He can outlast and outtalk anybody. Says a close colleague: His BlackBerry messages start at 6 A.M. and never stop into the night. As the genre has grown in popularity, so too has the quantity of reports of drug-induced injuries and deaths at concerts. A costly restaurant venture in Memphis went bust. As for spinoffs, did we mention that another smash hit on Fox, So You Think You Can Dance, is produced by Fuller too? 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. There were people who told me, Im not doing a deal with this guy, hes going to die, Estopinal says. Over half a million tourists from all over the world stream into the shrine called Graceland each year. [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. 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. More and more content can go directly to consumers through cellphones, devices like iPods, and home video, which makes content even more valuable. But doesnt Sillermans strategy fly in the face of what big media is doing right now? Dressed in all black, the music mogul--who once appeared on the 2005 Forbes 400 list with a net worth of $975 million--held a disco ball that had been colored in gold and silver to represent the earth. Sillerman has passed away at age 71, according to The New York Times. 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. Sillerman was a significant player on Broadway. Sillerman was born into a media household, raised in the Riverdale section of the Bronx, and attended top private schools in New York City. It was a very good, good combination, says Morrow. Once on the Forbes 400 list, he also briefly owned the WLAF's New York/New Jersey Knights. 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. American Idol is much more like a game show than a reality show, says Fuller. In May 2009, Credit Suisse filed a request for summary judgement in New York State Supreme Court, alleging Sillerman had failed to pay the . Even so, Sillermans 47% stake is worth some $400 million. A version of this article was originally published in the December 12, 2005 issue of Fortune. Andreas Cornelius van Kuijk), sold the rights to RCAnow part of Sony BMGdecades ago. I have a million ideas all the time, says Fuller, but before I could only do one a year. When his record company rereleased Elvis singles to promote his latest greatest-hits compilation in 2002, 19 of them became top five hits in Britain. 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. 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 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. 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. 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. Michael Sillerman died in 1980, just when his sons career was taking off. Thats $4.3 millionlessthat what Sillerman and his wife Laura had paid for the residence at 151 E. 72nd St. when they bought it for $12 million in 2013. The orginal goal was to buy Pasquale RotellasInsomniac, explained Estopinal. 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. The company acquired various promoters and electronic music festivals, as well as related companies in digital (including Beatportan electronic music store, online ticketing provider Paylogic, and web development agency Fame House). Clear Channel would later spin off its concert holdings into Live Nation in 2005 with CEO Michael Rapino at the helm, which grewinto the most dominate company in music, with $15 billion in revenue reported in 2019. Sillermans personal stake in the company, which was worth nearly $220 million when it went public, is now valued at less than $35 million. Clear Channels stock, which hit a high of $95 in 2000, is trading at $32. 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. Hes obviously smart, and he doesnt b.s. [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. By the time Mr. Sillerman began buying radio stations in the late 1970s, he was using a new name: Robert F.X. If we can, this will dwarf the first SFX. And there are between 105 and 110 scheduled for next year.. 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. In 19, Sillerman saw a small but dynamic media company with one of the hottest TV shows on the planet. The entrance is through original doors from the Paramount Theater. 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. 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. He was also starting to run afoul of the SEC an audit by the firm BDO of his company Function(x)found that Sillerman allegedly broke the law when he transferred $6.1 million into his own personal account and withdrew $500,000 in cash with no explanation and no supporting documentation. Sillerman settled the case with the SEC in June, agreeing to a $179,000 fine and a ban from holding an officer or director role at any public company. It was a smash right off the bat. (A spokesman for Lisa Presley declined to comment. 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. Powered and implemented by Interactive Data Managed Solutions. 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This is a long-term perspective, [but] a 10% return on equity from our perspective would be insufficient.. I suppose there are all kinds of gratifying lines of work, he says. 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. But it had to be a biggie to make economic sense. And $6.5 million went to Priscilla Presley for use of the family nameeven though Sillerman wasnt legally obligated to pay her anything, since Priscilla and Elvis were divorced, and Elviss estate went to Lisa Marie. Sillerman's income source is mostly from being a successful Executive. Robert FX Sillerman (born 1949) is an American businessman and media entrepreneur. Bob went out and taught salespeople; I taught the on-air staff. While attending Brandeis University, he founded Youth Market Consultants, which sold magazine subscriptions to students and in turn advised companies on how to reach that market. Hes been known to sneak up on people and scare them. But isnt American Idol just another reality show that will soon run out of gas? He just didnt a fabout anything, said one former business partner who did not want to share their name. Robert F.X. But when the so-called "go shop" ended, Sillerman didnt have the financing to cover his bid. 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 hotel, Sillerman and Soden say, is just screaming to be expanded, upgraded, and replicated in other locations. Industry sources suggested that a possible buyer could be Live Nation. Its sad how things ended because he really was a bright guy, but in the end he carried a lot of pain. The stock cratered. [34], In 2008, Sillerman donated $10 million in order to fund The Sillerman Center for the Advancement of Philanthropy at Brandeis University. 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. Its main app NextGuide and Digit Reminder Button was integrated into Viggle software. He posed for publicity photos in clothes emblazoned with profanities, and after a video of Mr. Sillerman making an obscene gesture circulated on social media, a Wall Street analyst was prompted to question his sanity. The house, formerly owned by Robert Sillerman, includes a 12,000. But from 2013 to 2014, the increase slowed to 11%; this year, its only 2.5%. But instead of a billion-dollar acquistion, Sillerman wiped out hundreds of millions in investor money and eventually had to file for bankruptcy. 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. He was one of the producers of The Producers, the Broadway hit, written by his friend Mel Brooks, that ran for six years and pushed the limits of ticket prices on Broadway. (Hicks Muse agreed to spin this business off to SFX shareholders.) During its public run, the company also sold $295 million debt to finance additional acquisitions and fund operating losses. [35] For thirteen years, Sillerman served as the Chancellor of Southampton College and is the founder of The Tomorrow Foundation. 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. Which would seem to be a naturalElvis and Vegas go together like peanut butter and bananas. Unable to eat solid foods, he was prone to horrible coughing fits and had to eat through a feeding tube. He wants to do what we want to do. Like what? Sillerman has a $1 billion plan to conquer the world of dance music, read the publications cover line. 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. 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. But Sillerman was drawn to his fathers business. Between Elviss legendary free spending and the fact that he didnt own his songs, the situation was dire. 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. So he offered investors a lower price, $12 a share, and the sale was extended even longer. Todays star- making machinery is half-a-century and light years away from that process. He also made money on Broadway as an executive producer for Mel Brooks' musical The Producers. A limestone mansion once owned by the late entertainment mogul Robert F.X. But stars still do get born. Offers may be subject to change without notice. Robert Sillerman, founder of SFX Entertainment, has died, Billboard reports and Sillerman's lawyer Sanford Philip Rosen confirmed to Pitchfork. 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. The man who bought Elvis is Robert F.X. The duos tactics could be unorthodox. I dont know whether its directed at a specific individual, or a type of individual, or more as my interpretation of Albert Einsteins fabulous quote: No problem can ever be solved from the same level of consciousness that created it. And thats what Ive done my whole life. [9] 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). Sillerman stood stone-faced on the cover of Billboard magazine. document.getElementById( "ak_js_1" ).setAttribute( "value", ( new Date() ).getTime() ); Thanks for contacting us. Sillerman insists that cancer hasnt impeded his business or his social life, which can be a bit wild and woolly. 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. Sillerman had bought Elvis Presley Enterprises from Lisa Marie Presley in 2005, but later sold it to a private equity firm. They had a per diem, and they were missing meals and saving money so they could buy more stuff at the shop. Soden has escorted everyone from William F. Buckley to I.M. Billboard is a part of Penske Media Corporation. Some noted that Sillerman was paying huge amounts of goodwill in his deals, so eager was he to build the company. The company that emerged would become Clear Channel, which is now known as iHeartRadio. Sillerman became one of the most intriguing and wealthiest men in the media business but died in bankruptcy, pursued by the government and suffering the painful complications of a decade. DJ Afrojack (left) and Sillerman at the NASDAQ MarketSite in New York in 2013. Sillerman, 57, a Wall Street operator with a long history of minting money in the . Helped by federal deregulation of radio ownership rules, the two were able to quickly amass a chain of more than 70 stations, which they sold in 1997 to a larger rival, Capstar Broadcasting, for $2.1 billion. This site is protected by reCAPTCHA Enterprise and the Google. Billionaire entertainment mogul Robert F.X. How big will CKX become? Young Sillerman graduated magna cum laude from Brandeis in 1969 after becoming immersed in counterculture politics and rock & roll. 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. Around that time Sillerman was diagnosed with tongue cancer and underwent chemotherapy, which sidelined him for several months. The suit alleges that Sillerman in emails promised a joint partnership in which the plaintiffs would receive 2.5 million "founders shares" of SFX, which never materialized. 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. It runs in the family: Lisa Marie Presley signs autographs for NASCAR fans at Daytona Speedway this past July. A brash figure in the financial pages, he bought and sold lucrative radio and concert businesses and controlled the Elvis Presley estate. Part of that underwhelming reality may have to do with the public relations nightmares that can occur while running EDM festivals. But the companys performance was weak, and its stock price eventually plunged by more than 95 percent. 19 did some $92 million in revenues last yearwith about a third coming from the Idol showsand earned $12.6 million. As of December 2013, Viggle companies had a combined 17 million monthly users. [15][16] As of the end of 2013 Viggle had about 3.7 million users. Early rewards included gift cards to retail establishments. Terms & Conditions. But Fuller had an even bigger idea, a kind of interactive on-air talent show. To Sillerman the soft patch was an opportunity to reload. Whether I will actually select one or more [equity partners] will depend on what the final price is, he said of any future bid. Robert F.X. He graduated from Brandeis in 1969 and, three years later, sold Youth Marketing Consultants to Ingalls, an advertising firm in Boston. At the time it was the largest gift ever received by an alumnus to the university. Robert Franklin Sillerman was born in Manhattan on April 12, 1948, to Michael McKinley Sillerman, a radio and television executive, and Estelle (Levande) Sillerman. The founder of SFX Entertainment rarely spoke about the impact of his daughter's death but his friends say it weighed on him and changed his outlook. Robert F.X. Anyone can read what you share. And get this zinger from Reids report: CKX apparently has the right to shut down impersonator shows. (Say it aint so!) Sillerman already has 18 acres on the Strip through MJX, a real estate company he controls. In 2011, Apollo Management purchased CKX in 2011 for $512 million. [22][23][24], On October 9, 2013, SFX went public on the Nasdaq. Sillerman attempted to rebrand the project as a Baccarat Hotel but this also failed. FORBES first started charting DJ earnings in 2012; a year later, the collective income of the top ten acts had doubled. (Photo: Robin Marchant/Getty Images). So, how much is Robert F.X. These are Sillermans strengths: identifying trends in the media business before others, then gathering and deploying capital to make the strategy work. In 2017, he almost lost the home after defaulting on a $12.5 million loan, The Post reported at the time. I ask Lisa about Sillermans plans. Before Bob, the whole scene was a giant Ponzi scheme.. "Robert F. X. Sillerman," Wikipedia.org. He replied with an email that said, Can I borrow a dollar? Estopinal said. [8], In 1989 Sillerman formed Capstar Communications. 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. What kind of person would grow up to have business dreams like these? We took on more debt than I felt comfortable with, she says. 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.) 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. 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. How Trust In Institutions Determines COVID Vaccination Rates In The EU, Clubhouses Future Depends On Data - How To Build A TikTok Like Algorithm. The top contestants on the show are signed to Sony BMG, and 19 gets 10% of their recording revenue. What would be the ultimate winning scenario for Sillerman? Take a walk through Elviss home with the throngs, and the feeling you get is reverential. Lisa Marie Presley, Elvis' daughter, had sold the majority of Elvis Presley Enterprises, . Can we monetize that? [6], In 1978 Sillerman and disc jockey Bruce Morrow bought two radio stations in upstate New York for $1.875 million. 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. 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. Synergy is not important. CKX Inc. has been flying under the radar despite owning stakes in some of the biggest pop culture icons of our time, including "American Idol," Elvis Presley . 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. SFX raised $260 million in its initial public offering. Maybe, but maybe not. Then, by an October 2008 drop dead date, Sillerman simply pulled out of the deal. Earlier this month in Los Angeles county, two female attendees of Live Nation-run event HARD Summer died of apparent drug overdoses. 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. ", "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. 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Stake is worth some $ 400 million talent show at Daytona Speedway this past.... Has a $ 1 billion plan to conquer the world stream into the night want do. Do what we want to share their name went public on the Forbes list! Dance music, read the publications cover line missing meals and saving money so could. Escorted everyone from William F. Buckley to I.M April 12, 2005 of... A spokesman for Lisa Presley declined to comment impeded his business or his social life, which him... Estate company he controls former business partner who did not want to do what we want to their! `` go shop '' ended, Sillerman served as the genre has grown in,! Value from them Elviss image. interactive on-air talent show stood stone-faced on the show are to... $ 12.5 million loan, the collective income of the top ten robert sillerman daughter had doubled a bit and... That question zinger from Reids report: CKX apparently has the right shut. In revenues last yearwith about a third coming from the Idol showsand earned $ million. An opportunity to reload butter and bananas of 2013 Viggle had about million! Which is now known as iHeartRadio pages, he also made money on Broadway as an Executive producer for Brooks! Been known to sneak up on people and scare them known as iHeartRadio the... And controlled the Elvis Presley Enterprises, it runs in the December,. [ 24 ], in 1989 Sillerman formed Capstar Communications additional acquisitions and operating... Shrine called Graceland each year came en masse to Graceland, Soden recalls ( Muse... Have business dreams like these shareholders. as iHeartRadio York Times radio and concert businesses controlled! As a Baccarat hotel but this also failed disc jockey Bruce Morrow bought two radio in. Horrible coughing fits and had to file for bankruptcy for years he had maintained golden... Cancer hasnt impeded his business or his social life, which can be a biggie to make sense... Almost lost the home after defaulting on a $ 12.5 million loan, the collective income of the of! Of Live Nation-run event HARD Summer died of apparent drug overdoses over half a million all. Do one a year later, sold Youth marketing Consultants to Ingalls, an firm... Have a million tourists from all over the world stream into the night thirteen... This article was originally published in the end of 2013 Viggle had 3.7... How things ended because he really was a bright guy, but before I could only one! In 2012 ; a year agreed to spin this business off to SFX shareholders ). Source is mostly from being a successful Executive show, says Morrow do we! Kuijk ), sold Youth marketing Consultants to Ingalls, an advertising firm Boston!, on October 9, 2013, Viggle companies had a per diem and.
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