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. 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. Lisa Marie Presley, Elvis' daughter, had sold the majority of Elvis Presley Enterprises, . 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. [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. Profanity was part of a larger schtick punctuated with sexist, racist and generally inappropriate language that was softened by Sillermans own self-deprecating jokes with his Jewish heritage being the punchline. ), Sillerman, who had extensive exposure to the rock & roll business as a radio executive and concert promoter, realized that owning the rights to a rock act could be a great business. Im also confident that we will create a better experience for the fans, Mr. Sillerman said in an interview with The New York Times. It declared bankruptcy in 2016, and many of the assets it had amassed were sold off. At first, advertisers and investors flocked to the new SFX. 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. Could it be that Sillerman didnt fully understand this--or just how skittish it would make brands? Later, the private equity firm Apollo Global Management acquired CKX in 2011. The companys chief Michael Rapino declined a request for an interview through a spokesperson. 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. In 1989 he sold a group of radio stations to Westinghouse (now Viacom) for $389 million. According to Billboard, Sillerman died of a. Another show with legs? 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. That seemed to sum everything up., A daily briefing on what matters in the music industry. Their daughter, Mackinley, died in 2012. He is from USA. 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. 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. That company was also called SFX. He set up his own business, Youth Markets Consultants, to help big companies sell their wares to the Now Generation. DJ Afrojack (left) and Sillerman at the NASDAQ MarketSite in New York in 2013. This is a BETA experience. Because American Idol is whats known as event programming, meaning that because its a contest, you almost have to watch it live. As big as Sillermans ambitions, perhaps. He doesnt want to mess with anything. 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. [32], From 1993 Sillerman served as the Chancellor of the Southampton College of Long Island University, replacing Angier Biddle Duke. I liked him, she says. The company controlled the rights to booking the venue but did not own it. And game shows are the longest-lasting shows on TV. While he pointed to lucrative deals with Anheuser Busch, MasterCard and T-Mobile and those companies increased yearly ad spend, the SFX CEO admitted that his earlier business models anticipated greater participation from brands. 2023 Billboard Media, LLC. Didnt work. Okay, so come on, Bob, what does F.X. 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. 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. Robert F.X. 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.) 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. He. Todays star- making machinery is half-a-century and light years away from that process. Improved top-line growth did little to stave off a panic from investors, who were troubled to see the company once again fall short of the profits it had promised. Robert F.X. In some ways, thats good news for Sillerman and SFX: the cost of talent is no longer skyrocketing. Contestants on the new Fox hit So You Think You Can Dance.Jason Merritt FilmMagic/Getty Images, So why did Sillerman buy Fullers company? This site is protected by reCAPTCHA Enterprise and the Google. Just ask the makers of the smash-hit movie Lilo and Stitch, who used an Elvis soundtrack to great success. 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. Robert Sillerman stepped down as CEO of SFX Entertainment in February, but the story between them continues. Correction: In The Man Who Bought Elvis (Dec. 12), we wrote that SFX Entertainment once owned New York Citys Roseland Ballroom. On Saturday, Sillerman gave an interview to FORBES and said that he takes full responsibility for the issues within his SFX Entertainment. His timing seemed impeccable. 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. But the company had no serious strategy, a former employee told Billboard at the time, and Sillermans frequent misrepresentations angered investors, including a plan to take the company private in May 2015 that collapsed when it became clear that Sillerman didnt have the $700 million needed to finance the deal. I dont want to be like Martha Stewart and talk about what I shouldnt, Lisa says with a chuckle. The man who bought Elvis is Robert F.X. American Idol is the No. 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. I have a million ideas all the time, says Fuller, but before I could only do one a year. Its sad how things ended because he really was a bright guy, but in the end he carried a lot of pain. How Trust In Institutions Determines COVID Vaccination Rates In The EU, Clubhouses Future Depends On Data - How To Build A TikTok Like Algorithm. 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. LinkedIn has officially entered its cringe era, and its working. 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. He made billions of dollars in two huge sales, but died in bankruptcy, pursued by the government and suffering the painful complications of a decade of throat cancer, eating out of a feeding tube and findingit increasingly difficult tobreathe. His father, Michael McKinley Sillerman, was a radio executive who went bankrupt when his son was 13. Brandeis University Recent News and Activity Funding Round Sep 16, 2014 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. [8], In 1989 Sillerman formed Capstar Communications. Late last year Lisa Presley flew to New York to meet Sillerman face to face. It runs in the family: Lisa Marie Presley signs autographs for NASCAR fans at Daytona Speedway this past July. unclear if newer events will have the same kind of draw. 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. Its main app NextGuide and Digit Reminder Button was integrated into Viggle software. Hes probably smartest person Ive ever met, saidShelly Finkel, a longtime boxing and music manager who co-founded SFX with Sillerman in 2011. I could tell you, but Id have to kill you, he says. Bob can sell anythingit doesnt matterhe has that kind of head. (Morrow says it was he who enlisted Sillerman, not the other way around. When things were going bad, he was looking for ways to try and make it work, Finkel said. 2023 Fortune Media IP Limited. He can outlast and outtalk anybody. Says a close colleague: His BlackBerry messages start at 6 A.M. and never stop into the night. 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. 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. [33] In 2000, Sillerman donated a $15 million gift through the Tomorrow Foundation to extend the library and for marine science scholarships. SFX grew into the nations seventh-largest chain and sold its 71 radio stations for $2.1 billion in 1998. 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. 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. 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. On Jun 7, 2012, Function (X), Inc. was renamed Viggle, which changed the company stock listing to VGGL. 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. After the sale, Sillerman went on another buying spree, purchasing the rights to Graceland, the Elvis Presley Estate,Simon Fullers 19 Entertainment and an 80% stake in Muhammad Ali Enterprises. (Per capita, Canadian Idol is much bigger than its U.S. 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. [22][23][24], On October 9, 2013, SFX went public on the Nasdaq. But the companys performance was weak, and its stock price eventually plunged by more than 95 percent. (Photo by PATRICK McMULLAN/Patrick McMullan via Getty Images) Embed. His net worth has been growing significantly in 2021-2022. He loves to party. Some $20 million. 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. Says his longtime business partner, disc jockey Cousin Brucie Morrow: Bob is very exhausting to be with. Now that Im a part of CKX, I have the resources to do three or four. Sillerman hopes thats a positive, not a negative. Sillerman the former owner of Graceland who consolidated radio stations and concert ticket sales has sold for $7.7 million. His brother, Michael, confirmed his death but gave no other details. He set up what became his signature company, SFX, which he took public in 1993 at $15 a share. Sillerman was born on April 12, 1948 in Manhattan, New York, USA. In 2011, Apollo Management purchased CKX in 2011 for $512 million. 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. Investor and media executive Robert F.X. What kind of person would grow up to have business dreams like these? Sillerman had bought Elvis Presley Enterprises from Lisa Marie Presley in 2005, but later sold it to a private equity firm. Those companies promised two things. 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. Investor Robert Sillerman is combining the King, American Idol, and other entertainment assets to build his next media conglomerate. And she had a great sense of humor., Here then are the terms of the deal between Sillerman and Lisa Presley: CKX paid $114 million for an 85% interest in Elvis Presley Enterprises; Lisa retains the other 15%. A limestone mansion once owned by the late entertainment mogul Robert F.X. In 2017, he almost lost the home after defaulting on a $12.5 million. 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. Sillerman, a triathlete who loves vigorous games of volleyball and basketball, has recovered and now sports a yellow Livestrong bracelet. A year later, Sillerman was pushed into bankruptcy over an unpaid $7.4 million promissory note to React Presents during the SFX rollup. Dressed in all black, the music mogul--who once appeared on the 2005 Forbes 400 list with a. He followed the 1998 sale with a Feb. 29, 2000, deal that Playbill called a quantum leap on the first Leap Day of the century, selling his concert and theatrical production firm SFX Entertainment to Clear Channel for $3.2billion. The Securities and Exchange Commission today charged New Hampshire resident Robert F.X. (A hip-hop-style remix of A Little Less Conversation was a No. 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. 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. In 2017, he almost lost the home after defaulting on a $12.5 million loan, The Post reported at the time. Some $124 million was in cash upfront and $31 million in stock, with the balance to be paid in cash or stock after Fullers company reports its year-end numbers. And they said they would synergize their content. 19 did some $92 million in revenues last yearwith about a third coming from the Idol showsand earned $12.6 million. 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 also held a stake in Morra, Brezner, Steinberg & Tenenbaum Entertainment, the management company for Woody Allen, Robin Williams and Billy Crystal. He refounded SFX Entertainment in 2012 as a promoter of electronic music festivals; that company is now known as LiveStyle. 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. Posh Spice). Sillerman became one of the most intriguingand wealthiestmen in music by twice betting on his vision for the future of mass media. I dont want to say anything negative about someone who wasgood to me, but there were a lot of issues.. Between Elviss legendary free spending and the fact that he didnt own his songs, the situation was dire. Sillerman worth at the age of 71 years old? 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. 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. As for spinoffs, did we mention that another smash hit on Fox, So You Think You Can Dance, is produced by Fuller too? By the time Mr. Sillerman began buying radio stations in the late 1970s, he was using a new name: Robert F.X. 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 was born into a media household, raised in the Riverdale section of the Bronx, and attended top private schools in New York City. Anyone can read what you share. 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. Within a matter of weeks it is likely that CKX will announce some sort of Elvis Presley or Graceland-themed casino in Las Vegas. The transaction renamed the company to Function (X), Inc. and changing its listing on the stock exchange to FNCX. 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. But he doesnt seem to be worried about anything of the sort. But the flattening rates for top acts may be symptomatic of demand, a signal that EDM more broadly is approaching a saturation pointand that pouring more money into creating more festivals, Sillermans plan all along, is not a viable strategy anymore. CKX also gets royalty rights to 24 Elvis movies. And I love it. 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. After selling SFX Entertainment, Mr. Sillerman pursued various entertainment projects. That didnt work out, but when we started talking, Insomniacs acquistion price was $10 million, he said. Striking a deal shouldnt be that difficult. Obviously the market had spoken loud and clear that it believed the five-and-a-quarter deal was never coming, said Sillerman in one of his first interviews since announcing the privatization plan. Use of this site constitutes acceptance of our Terms of Use and Privacy Policy | CA Notice at Collection and Privacy Notice| Do Not Sell/Share My Personal Information| Ad Choices Contestants on the new Fox hit So You Think You Can Dance.. 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. Now that Sillerman's deal is dead, SFX is in a mad dash to find a new buyer. I thought he was asleep. Elvis's 37-year-old daughter and heir, Lisa Marie, has been unhappy . 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. 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. It Takes a Lot of People to Create All This AI Music. When Sillerman offered to take SFX private this spring, his board (which included many holdovers from CKX) allowed him to float a bid without having financing or equity partners lined up. The house, formerly owned by Robert Sillerman, includes a 12,000. 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. All Rights Reserved. It had earlier been trading on the NASDAQ exchange. 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. On August 14, Sillerman tabled his bid, saying that the markets made the ability to complete a deal virtually impossible., The fact the market said--which its entitled to--We dont believe that this deal is going to close is one thing, he said. The duos tactics could be unorthodox. This year, he agreed to pay a $179,000 fine to the Securities and Exchange Commission for defrauding investors of another of his companies, Function(x). Its a word Ive never liked. It was a very good, good combination, says Morrow. 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. 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. Billboard is a part of Penske Media Corporation. Sillerman has taken legal action against the company, seeking about $15.8 to cover. Sillerman was looking to become the single big fish in this business so that when acts like Eric Clapton went on tour, his manager would deal with SFX and SFX only when booking venues. I also thought she was shrewd and perceptive. When SFX went public in Oct. 2013, businesses the company owned or was in the process of acquiring earned $14.6 million in adjusted EBITDA on combined revenue of $239 million. on fraud charges for his work with Function (X). [6], In 1978 Sillerman and disc jockey Bruce Morrow bought two radio stations in upstate New York for $1.875 million. ), Sillerman with Rod Stewart and Dick Grasso at the NYSE.Henny Ray Abrams AFP/Getty Images. 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. . Arent companies like Viacom (VIAB) and Time Warner (TWX) disassembling or considering disassembling their empires, while Sillerman is putting one together? Few suggest the genre is decliningnot yet, anywaybut theres evidence that points to a plateau. There is little profit to invest in potentially lucrative assets like the Heartbreak Hotel, across the street from Graceland. Clear Channel, which had already purchased many of Sillermans radio stations from Hicks Muse, agreed to buy SFX Entertainment for a reported $3 billion. In 2011, he tried to replicate his past success by capitalizing on the dance music craze, consolidating the EDM business into what he hoped would be a Live Nation-style powerhouse. There are so many ways to exploit that level of awareness. He wa With reporting from Sue Radlauer and Zack O'Malley Greenburg in Jersey City, N.J. When asked if Bob was dishonest about the companys health, Finkel told Billboard, It was more complicated than that. Sillerman's income source is mostly from being a successful Executive. 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. Bob went out and taught salespeople; I taught the on-air staff. This is a long-term perspective, [but] a 10% return on equity from our perspective would be insufficient.. And sad. A brash figure in the financial pages, he bought and sold lucrative radio and concert businesses and controlled the Elvis Presley estate. He often named his companies using some combination of those initials. Sillerman, the founder of SFX Entertainment, has died at the age of 71 due to respiratory illness. 19 also manages the career of soccer superstar David Beckham and his wife, Victoria (a.k.a. He declined to comment for this story via email. [14] We've received your submission. 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. Starting in the late 1970s, Mr. Sillerman built a portfolio of radio and television stations worth nearly $1 billion. Once on the Forbes 400 list, . Lisa received $50 million in cash, plus $26 million in CKX common and preferred stock. In February 2014, a lawsuit was filed against Sillerman, for allegedly having defrauded a trio of business partners. Sillerman. Says a top Wall Street banker: Hes a very smart guy, but I dont think you want to be sitting on the other side of the negotiating table from him.. Sillerman, the entertainment. SFX CEO Entertainment Robert F.X. 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. 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. Sillermans personal stake in the company, which was worth nearly $220 million when it went public, is now valued at less than $35 million. The founder of SFX Entertainment SFX is in a mad dash to find a New.. The issues within his SFX Entertainment in February 2014, a lawsuit was against! Of talent is no longer skyrocketing Marie, has recovered and now sports a yellow Livestrong bracelet % on... Next media conglomerate about someone who wasgood to me, but the story between them continues it a! And its stock price eventually plunged by more than 95 percent did not own it stock price eventually by... Exhausting to be worried about anything of the most intriguingand wealthiestmen in music by twice betting on his for... Worried about anything of the sort Presley Enterprises from Lisa Marie Presley 2005. Has been growing significantly in 2021-2022 what matters in the music mogul -- once! Group of radio stations for $ 389 million he was looking for ways to try and make work. 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