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. 2023 Billboard Media, LLC. Im not very knowledgeable about real estate, he reportedly told the New York Post at the time. In February 2014, a lawsuit was filed against Sillerman, for allegedly having defrauded a trio of business partners. No question we could build a convention-sized hotel here, says Soden. 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. To Sillerman, Elvis is an underexploited asset, like a poorly managed textile company or a baseball team without a marketing department. (Photo: Robin Marchant/Getty Images). We bought companies based on what we anticipated that we could bring in incremental sources of revenue.. But from 2013 to 2014, the increase slowed to 11%; this year, its only 2.5%. 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. The founder. In each case Sillerman assembled a collection of media propertiesall in distributionat low prices and then unloaded the bundle for a higher price. He also made money on Broadway as an executive producer for Mel Brooks' musical The Producers. By then Sillerman was already toiling away on his next project, SFX Entertainment, a company that would own concert venues and other media properties. Its a word Ive never liked. Robert F.X. SFX Entertainment was the largest presenter, promoter and producer of live events in the world. 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. Powered and implemented by Interactive Data Managed Solutions. Nearly three years ago, Robert F.X. Robert Sillerman stepped down as CEO of SFX Entertainment in February, but the story between them continues. The company that emerged would become Clear Channel, which is now known as iHeartRadio. [22][23][24], On October 9, 2013, SFX went public on the Nasdaq. Sillerman Dies at 71; Built Entertainment Empires, https://www.nytimes.com/2019/11/28/arts/music/robert-fx-sillerman-dead.html. 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. (Photo by PATRICK McMULLAN/Patrick McMullan via Getty Images) Embed. Few suggest the genre is decliningnot yet, anywaybut theres evidence that points to a plateau. He was 71. Connecting the show to phones, through the Internet, through merchandising, and ways I cant talk about yet.. But stars still do get born. 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. Striking a deal shouldnt be that difficult. Sillerman worth at the age of 71 years old? [30][31], In an interview with Billboard, Sillerman admitted that there were "no easy answers" surrounding why the company collapsed, but added that he didn't "begrudge the disappointment and anger" of his staff because he was just as disappointed over the company's performance. 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. American Idol is the No. Sillerman. He seems to have a knack for selling just when markets are at their peak, which has given some buyers severe indigestion. Sillerman's net worth , money, salary, income, and . 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. They said music doesnt work on TV in America. We have to be careful to not deprecate Elviss legacy or to damage our authorized and official Elvis shows.. 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. In June 2007, Sillerman told investors of CKX--a Nasdaq vehicle hed created with intellectual property rights to American Idol, Elvis Presley and Muhammad Ali--that hed pay $13.75 a share to take the company private. I ask Lisa about Sillermans plans. Once a saver, always a saver: Warren Buffett says generational wealth isnt what it used to be in his annual letter Its bigger than the housing crisis: An influential economist just blamed NIMBYs for American decline, and Elon Musk CA Notice at Collection and Privacy Notice, Do Not Sell/Share My Personal Information. Sillerman was a significant player on Broadway. And I love it. We cured him. By 1985 the pair had accumulated some 70 stations, which they sold for some $50 million. On this Wikipedia the language links are at the top of the page across from the article title. 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. He is also the founder of Viggle and the namesake of The Sillerman Center for the Advancement of Philanthropy at Brandeis University. A version of this article was originally published in the December 12, 2005 issue of Fortune. 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. PHOTOGRAPH BY GREG MILLER. The New York entrepreneur is most notably known for consolidating a number of U.S.. Investor and media executive Robert F.X. 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. 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. 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. 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. Robert F.X. Its main app NextGuide and Digit Reminder Button was integrated into Viggle software. Andreas Cornelius van Kuijk), sold the rights to RCAnow part of Sony BMGdecades ago. I could tell you, but Id have to kill you, he says. 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. But an informed source says that Lisa Presleys spending habits were also an issue: She had been running through $5 million to $7 million a year, amounts that closely matched the annual net income of EPE. 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. The app will also display the social media activity for other shows at the same time, along with what rewards are available for changing the channel to competing programs. "Robert Sillerman, SFX Entertainment Founder, Dies at 71", "Bio in the 2005 Forbes 400, he was #375", "Robert F X Sillerman purchases WAFL NY-New Jersey Knights for $11 million", "KJOI-FM's $75-Million Price an Industry Record: Station's Sale Key Part of $155-Million Ownership Shuffle That Also Affects KTWV, Westwood One", "Robert F.X. FORTUNE is a trademark of Fortune Media IP Limited, registered in the U.S. and other countries. [10], Leading CKX, Inc., Sillerman bought majority rights to Graceland, the Elvis Presley estate;[11] as well as the assets of Simon Fuller's 19 Entertainment, whose assets include TV hit American Idol and managed clients including football player David Beckham. And the King is content! 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. However, since doubts of Sillerman's take-private began to emerge in July, the company hasn't disclosed a bona fide competing offer. I meet the people whose places we're buying. Hes been known to sneak up on people and scare them. unclear if newer events will have the same kind of draw. We had to do something right away to make money, and that something was to open up Graceland for tours., On the first day Soden and Elviss ex-wife, Priscilla, opened up the Memphis mansion, 3,024 fans filed in, paying $5 each. [37], In May 2012, Sillerman was accused of sexual harassment by an employee of Function X. 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. The truth is, for all of Elviss transcendent mystique, EPE has never been much of a business. Robert F.X. Elvis's 37-year-old daughter and heir, Lisa Marie, has been unhappy . His father, Michael McKinley Sillerman, was a radio executive who went bankrupt when his son was 13. On the subject of corporate partnerships, Sillerman said he underestimated the time it would take to sign up sponsors for SFXs events. It Takes a Lot of People to Create All This AI Music. Sillerman was born into a media household, raised in the Riverdale section of the Bronx, and attended top private schools in New York City. CKEs stock fell from a high of $28.80 in early May to a current price of $12 and change. Its different, Sillerman says. Man in the middle: Simon Fuller (in back) with Idol stars Kelly Clarkson, Ruben Studdard, and Fantasia Barrino. At Fridays price of 91 cents, SFXs shares are down 93% from its IPO price. Not bad for a years work. Raised in the Bronx, New. 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. As of December 2013, Viggle companies had a combined 17 million monthly users. 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. [21], In 2012, Sillerman rebooted SFX Entertainment, this time with a focus on the electronic dance music industry. 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. The Bolshoi Ballet came en masse to Graceland, Soden recalls. (Photo: Robin Marchant/Getty Images). Billboard is a part of Penske Media Corporation. Sillerman, Concert Industry Consolidator, Dies at 71 Roy Trakin November 26, 2019, 6:02 PM Click here to read the full article. In December 2016, former SFX board member Mitch Slater sued Sillerman for an unpaid $2.5 million loan from 2015. The founder of SFX Entertainment rarely spoke about the impact of his daughters death but his friends say it weighed on him and changed his outlook. It was a smash right off the bat. Thats not the way I view the entertainment businessI view it as an art not as a science.". 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." Today about 600,000 visitors make the pilgrimage to Graceland each year (30% from abroad), paying between $22 and $55 apiece. It wasnt a plan too dissimilar to Sillermans moves with the original SFX where he spent more than $1.2 billion to gobble up regional rock promoters, venues and management companies in the late 90s. 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 means $125 million out of the $306 million paid for these two companies exceeds any tangible assets, including the value of trademarks. 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. In May 2009, Credit Suisse filed a request for summary judgement in New York State Supreme Court, alleging Sillerman had failed to pay the . 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. They wanted to marry content with distribution, where CKX will not be in the traditional distribution business. In February 2016, SFX filed for bankruptcy, brought down in a cash crunch that Estopinal now partially blames on overpaying for the assets that came to make up SFX. And I haven't a fucking clue what they do or what they're talking about. Some of those companies listed werent done deals, Estopinal tells Billboard, adding that Sillerman misrepresented his financing and capitalization as he put SFX together. Robert F.X. And Fuller is looking to bring a gritty nighttime soap opera that is popular in Britain to America next summer. Hes probably smartest person Ive ever met, saidShelly Finkel, a longtime boxing and music manager who co-founded SFX with Sillerman in 2011. But nearly every time Sillerman sold, he and his investors made money. In 1993 he founded SFX Broadcasting with a partner, R. Steven Hicks. [9] As for spinoffs, did we mention that another smash hit on Fox, So You Think You Can Dance, is produced by Fuller too? Later, the private equity firm Apollo Global Management acquired CKX in 2011. 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. Bear Stearns analyst R. Glen Reid says to also look for a 2,000-seat Elvis theater in Vegas. The company also acquired 80% in Muhammad Ali 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. Their daughter, Mackinley, died in 2012. [14] 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. 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. 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. That lit a fire under the radio business, and Sillerman plunged back in, buying more radio stations, leveraging up his new company, and securing investments from the Bass family and Security Pacific bank, among others. In 2000 he sold a company that owned concert venues to Clear Channel for a reported $3 billion. Investor Robert Sillerman is combining the King, American Idol, and other entertainment assets to build his next media conglomerate. 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