And dont forget about the Heartbreak Hotel. (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.) 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. [38] The dispute was settled out of court for an undisclosed amount. But the companys performance was weak, and its stock price eventually plunged by more than 95 percent. I ask Lisa about Sillermans plans. So, how much is Robert F.X. 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. Robert F.X. Which would seem to be a naturalElvis and Vegas go together like peanut butter and bananas. He likes to jump out of the bushes or hide in hotel rooms and scare people, says Cousin Brucie. [39], On November 24, 2019, Sillerman died at the age of 71 after a respiratory illness.[40]. 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. On Friday, the stock closed at 91 cents a share. ", "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. Hes obviously smart, and he doesnt b.s. Even so, Sillermans 47% stake is worth some $400 million. Sillerman and Shelly Finkel, his close associate and SFX's eventual vice chairman, hardly listened to the music but saw the opportunity in what they believed to be the millennial generations rock and roll. Late last year Lisa Presley flew to New York to meet Sillerman face to face. Sillerman intends to buy more high-profile properties like these (think athletes and rock groups, for instanceSillerman is tightlipped about possible deals), find new ways to distribute them, and increase their value. The stock cratered. Investor and media executive Robert F.X. But from 2013 to 2014, the increase slowed to 11%; this year, its only 2.5%. Nearly three years ago, Robert F.X. Around that time Sillerman was diagnosed with tongue cancer and underwent chemotherapy, which sidelined him for several months. During its public run, the company also sold $295 million debt to finance additional acquisitions and fund operating losses. Even very young people. 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. But if you walk down the street, youll be hard-pressed to find somebody who doesnt know what it is. 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. Man in the middle: Simon Fuller (in back) with Idol stars Kelly Clarkson, Ruben Studdard, and Fantasia Barrino. The house, formerly owned by Robert Sillerman, includes a 12,000. 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. SFX CEO Entertainment Robert F.X. The New York entrepreneur is most notably known for consolidating a number of U.S.. Sillerman was born into a media household, raised in the Riverdale section of the Bronx, and attended top private schools in New York City. The entrance is through original doors from the Paramount Theater. All Rights Reserved. It declared bankruptcy in 2016, and many of the assets it had amassed were sold off. He is from USA. Sillerman, the entertainment entrepreneur who helped. Unable to eat solid foods, he was prone to horrible coughing fits and had to eat through a feeding tube. (Per capita, Canadian Idol is much bigger than its U.S. 1 show on television, drawing some 30 million viewers, which is great, but it means that fewer than one out of ten people in America watch it, Sillerman says. 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. Billboard is a part of Penske Media Corporation. Revenues at the company that manages his affairs, Elvis Presley Enterprises, have been flat at $40 million for five years. Says his longtime business partner, disc jockey Cousin Brucie Morrow: Bob is very exhausting to be with. 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). [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. 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. Sillerman, 57, a Wall Street operator with a long history of minting money in the . He just didnt a fabout anything, said one former business partner who did not want to share their name. [36] Sillerman was also a donor and fundraiser for the Democratic Party in the United States. Lately Sillerman has become more guarded, though. 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. So in the middle of one night, Bob and I took off all of our clothes and ran back and forth in front of the glass naked. When he did sell to Live Nation, the number was closer to $100 million the only thing that changed was were out there buying promoters., Dance music was rapidly growing in popularity with ticket sales increasing by nearly 30% from 2011 to 2012, but most electronic promoters were putting everything they owned into the next show, explains Estopinal. The lawsuit is set to go to trial in October in a federal court in Los Angeles and has been one of a handful of elements to weigh heavily on SFXs stock in the last year. CKEs stock fell from a high of $28.80 in early May to a current price of $12 and change. Im not very knowledgeable about real estate, he reportedly told the New York Post at the time. 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. Sillerman. Yes, Elviss core fans are aging, but young people still are drawn to the man with the oversized Q-rating. 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. We dont have enough time on this call to talk about the mistakes I made, said Sillerman during a 30-minute phone conversation from his New York City home, his voice gravelly and occasionally interrupted by a breathing apparatus due to a past bout with tongue cancer. A year later, Sillerman was pushed into bankruptcy over an unpaid $7.4 million promissory note to React Presents during the SFX rollup. In fact, theres a hit TV show in the business of finding them. Sillerman, Self: 60 Minutes. When things were going bad, he was looking for ways to try and make it work, Finkel said. His brother, Michael, confirmed his death but gave no other details. 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. 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. 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. What would be the ultimate winning scenario for Sillerman? Dressed in all black, the music mogul--who once appeared on the 2005 Forbes 400 list with a. The second floor boasts two main bedroom suites with ensuitemarble bathrooms, woodburning fireplaces and a large planted terrace. Later, the private equity firm Apollo Global Management acquired CKX in 2011. Its a word Ive never liked. Robert F.X. 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. With reporting from Sue Radlauer and Zack O'Malley Greenburg in Jersey City, N.J. Despite having established brands, the festivals that were acquired by Sillerman's empire collectively moved in the opposite direction of what was expected. In some ways, thats good news for Sillerman and SFX: the cost of talent is no longer skyrocketing. In 2011, he sold that company for $512 million and tried his hand at commercial real estate with decidely less luck, defaulting on a loan from Credit Suisse equalling $21.4 million. His cost basis on these shares? 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. Try A Different OS, Get Vaccinated? 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. Its main app NextGuide and Digit Reminder Button was integrated into Viggle software. 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. And game shows are the longest-lasting shows on TV. It runs in the family: Lisa Marie Presley signs autographs for NASCAR fans at Daytona Speedway this past July. Elvis left the building 28 years ago, but as a pop icon hes still hot. 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. They said music doesnt work on TV in America. After that big deal, as with so many American business stories in 2000, things began to sour. Sillerman is largely responsible for helping create two of the biggest companies in music iHeartRadio and Live Nation through a series of deals he finalized in the late 1990s. Just ask the makers of the smash-hit movie Lilo and Stitch, who used an Elvis soundtrack to great success. I liked him, she says. dialogue with Robert Sillerman. We thought there were only three rock groups worth owning, says a source in Sillermans camp, Elvis, the Beatles, and the Stones. By the time Mr. Sillerman began buying radio stations in the late 1970s, he was using a new name: Robert F.X. 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. LinkedIn has officially entered its cringe era, and its working. Robert F.X. He died on November 24, 2019 in Hinsdale, New Hampshire, USA. Young Sillerman graduated magna cum laude from Brandeis in 1969 after becoming immersed in counterculture politics and rock & roll. Arent companies like Viacom (VIAB) and Time Warner (TWX) disassembling or considering disassembling their empires, while Sillerman is putting one together? It runs in the family: Lisa Marie Presley signs autographs for NASCAR fans at Daytona Speedway this past July.Jeff Gross Getty Images, Sillermans latest publicly traded corporate incarnation is called CKX. 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. In addition to concerts, Robert F.X. 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. [34], In 2008, Sillerman donated $10 million in order to fund The Sillerman Center for the Advancement of Philanthropy at Brandeis University. Few suggest the genre is decliningnot yet, anywaybut theres evidence that points to a plateau. The man who bought Elvis is Robert F.X. In each case Sillerman assembled a collection of media propertiesall in distributionat low prices and then unloaded the bundle for a higher price. He refounded SFX Entertainment in 2012 as a promoter of electronic music festivals; that company is now known as LiveStyle. A costly restaurant venture in Memphis went bust. . Elvis's 37-year-old daughter and heir, Lisa Marie, has been unhappy . S&P Index data is the property of Chicago Mercantile Exchange Inc. and its licensors. But isnt American Idol just another reality show that will soon run out of gas? First, understand that Sillerman actually owns very little of Elviss music. By that time Mr. Sillerman had turned his sights on another industry ripe for consolidation: the nationwide concert circuit, which had long remained a loosely connected network of venues and promoters who operated regional fiefs. 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. Robert F.X. Robert Franklin Sillerman was born in Manhattan on April 12, 1948, to Michael McKinley Sillerman, a radio and television executive, and Estelle (Levande) Sillerman. He set up his own business, Youth Markets Consultants, to help big companies sell their wares to the Now Generation. It had earlier been trading on the NASDAQ exchange. David Lieberman, "'American Idol' Owner CKX Sells To Financial Firm, Ending Robert F.X. 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. Sillerman has passed away at age 71, according to The New York Times. Their daughter, Mackinley, died in 2012. As his business world collapses around him, Sillerman seemed relatively relaxed over the phone. 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. His timing seemed impeccable. He passed away in his sleep on Sunday at the age of 71. Thats not part of our strategy.. Hes been known to sneak up on people and scare them. Sillerman stood stone-faced on the cover of Billboard magazine. No question we could build a convention-sized hotel here, says Soden. 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. 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. 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. The founder. 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. FORBES first started charting DJ earnings in 2012; a year later, the collective income of the top ten acts had doubled. Brucie and Bob bought more stations and worked their magic on operations. Because American Idol is whats known as event programming, meaning that because its a contest, you almost have to watch it live. 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 . Robert FX Sillerman (born 1949) is an American businessman and media entrepreneur. Once on the Forbes 400 list, . In 1993 he founded SFX Broadcasting with a partner, R. Steven Hicks. We were misinformed by an SFX spokesman. (Photo credit: Jonas Roosens/AFP/Getty Images). I suppose there are all kinds of gratifying lines of work, he says. Sillerman with Rod Stewart and Dick Grasso at the NYSE. Take a walk through Elviss home with the throngs, and the feeling you get is reverential. Perhaps the bigger question centers on the inherent limits of EDMs popularity. 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. Beyond the lawsuit, questions have also been raised about the fundamentals of a business that some analysts said relied on what they deemed a cultural fad. Why? The company has teased burned investors with an "indication of interest" from an unnamed bidder. We have to be careful to not deprecate Elviss legacy or to damage our authorized and official Elvis shows.. The five-story home, between Lexington and Third avenues, is 5,885 square feet and was built in 1920. Viggle registers the television show a person is watching, and engages the users with a loyalty program for viewing particular programs. This year, there are 88 festivals that we anticipate doing, said Sillerman. I thought he was asleep. Anthony Effinger and Daniel Taub, "American Idol Sillerman Dealt Elvis Default Heartbreak in Vegas," Bloomberg.com, June 1, 2009. 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%. He seems to have a knack for selling just when markets are at their peak, which has given some buyers severe indigestion. Despite this, the 67-year-old CEO said that he is the right man to run the troubled business and that he still wants to own the company even though he reneged on a plan to take it private earlier this month. CKX already carries a load of goodwill, $14 million from the Presley deal, and $111 million from the 19 transaction. On Saturday, Sillerman gave an interview to FORBES and said that he takes full responsibility for the issues within his SFX Entertainment. Their daughter, Mackinley, died in 2012. It was a smash right off the bat. And sad. Sillerman, poses after ringing the Nasdaq closing bell on Oct. 9, [+] 2013, the day his company went public. With so many formats vying for consumers attention, content is king. 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). Some of those companies listed werent done deals, Estopinal tells Billboard, adding that Sillerman misrepresented his financing and capitalization as he put SFX together. 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. 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. Robert F.X. 2023 Billboard Media, LLC. That greatly reduces the number of viewers who DVR it and skip the commercials. "Robert F. X. Sillerman," Wikipedia.org. Striking a deal shouldnt be that difficult. SFX Broadcasting sold its 71 radio stations for $2.1 billion in 1998. Sillerman Net Worth. He was married to Laura Baudo. 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. [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. In just the past few weeks weve seen a flurry of deals by companies seeking to profit from this tumult: TV networks are offering shows for sale, AOL is selling vintage programs online, and cellphones and iPods can now deliver music, video, and TV. The company that emerged would become Clear Channel, which is now known as iHeartRadio. Sillerman, the entertainment. She also criticized the investors and analysts watching the company, saying they spent much of 2015 ignoring all indications that the Company was in a poor financial state and ignored key developments like a decision by Moodys to downgrade SFXs credit rating a development that under normal circumstances would be a significant red flag for investors. "[9], On February 8, 2011, Sillerman announced an agreement to acquire control of Gateway Industries, Inc. (GWAY.PK). Industrial Media. 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. Even when he was being sued in the end and was broke, hacking and wheezing with a hole in his throat and eating through a feeding tube, he was cracking blowjob jokes and talking about how he was going to f this guy and how this other guy was a scumbag.. But where did it go wrong for SFX? [21], In 2012, Sillerman rebooted SFX Entertainment, this time with a focus on the electronic dance music industry. Over half a million tourists from all over the world stream into the shrine called Graceland each year. Fullers company doesnt get a direct share of ad revenues from Fox; rather, it receives a $1.2 million fee per episode. How big will CKX become? He made a lot of people wealthy, and he made himself even wealthier., Visit with Sillerman for an hour or two in his Manhattan office, and you are likely to get a rapid-fire discourse on politics from the 1960s to today, or rock & roll radio, or Thoreau, or education in America, or all of the above. 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