CKEs stock fell from a high of $28.80 in early May to a current price of $12 and change. Its main app NextGuide and Digit Reminder Button was integrated into Viggle software. Sillerman has passed away at age 71, according to The New York Times. He sold the company SFX Entertainment to Clear Channel for $4.4 billion in 2000. After selling SFX Entertainment, Mr. Sillerman pursued various entertainment projects. Undervalued? 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. 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's income source is mostly from being a successful Executive. These are Sillermans strengths: identifying trends in the media business before others, then gathering and deploying capital to make the strategy work. How Trust In Institutions Determines COVID Vaccination Rates In The EU, Clubhouses Future Depends On Data - How To Build A TikTok Like Algorithm. 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.. Striking a deal shouldnt be that difficult. 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. All Rights Reserved. [32], From 1993 Sillerman served as the Chancellor of the Southampton College of Long Island University, replacing Angier Biddle Duke. [37], In May 2012, Sillerman was accused of sexual harassment by an employee of Function X. Sillerman was born on April 12, 1948 in Manhattan, New York, USA. It comes with five bedrooms and 5 bathrooms. around. As for Sillermans take on Lisa: I was impressed with how real and grounded she was. dialogue with Robert Sillerman. Mr. Sillerman, right, at the New York Stock Exchange in 1999 with its chairman, Richard Grasso, and the singer Rod Stewart shortly after stock in Mr. Sillermans company, SFX Entertainment, began being traded on the exchange. His cost basis on these shares? 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. He rides into town and leaves with all the money and the women. [9] [4][5] His father founded the Keystone Radio Network. (Per capita, Canadian Idol is much bigger than its U.S. Could it be that Sillerman didnt fully understand this--or just how skittish it would make brands? In other words, distribution companies are falling all over each other to reach customers through new, competing outlets. They said music doesnt work on TV in America. As for spinoffs, did we mention that another smash hit on Fox, So You Think You Can Dance, is produced by Fuller too? I know nothing about EDM, Sillerman told Billboard in Sept. 2012. . FORTUNE is a trademark of Fortune Media IP Limited, registered in the U.S. and other countries. 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. [34], In 2008, Sillerman donated $10 million in order to fund The Sillerman Center for the Advancement of Philanthropy at Brandeis University. Billboard is a part of Penske Media Corporation. 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. (Rumors suggesting that Sillermans next big acquisition has been delayed have been a drag on the stock.) He also made money on Broadway as an executive producer for Mel Brooks' musical The Producers. That suit, led by dance promoter Paolo Moreno, alleges that Sillerman, who was completely unfamiliar with dance music, took the idea to acquire and combine global EDM companies from him and his associates after they had agreed to work with the businessman and Finkel. Robert F.X. 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. 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. Sillerman, the New York businessman who consolidated a number of U.S. concert promoters in the 1990s and created the company that would eventually become Live Nation, died Sunday.. Another show with legs? Nearly three years ago, Robert F.X. In 2000 he sold a company that owned concert venues to Clear Channel for a reported $3 billion. We bought companies based on what we anticipated that we could bring in incremental sources of revenue.. Even so, Sillermans 47% stake is worth some $400 million. 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. Maybe, but maybe not. Lisa received $50 million in cash, plus $26 million in CKX common and preferred stock. He was never really at 100%.. Sillerman the former owner of Graceland who consolidated radio stations and concert ticket sales has sold for $7.7 million. He set up his own business, Youth Markets Consultants, to help big companies sell their wares to the Now Generation. He managed Annie Lennox and the Eurythmics, and then created the Spice Girls. He was 71. 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 he doesnt seem to be worried about anything of the sort. There were people who told me, Im not doing a deal with this guy, hes going to die, Estopinal says. Hes probably smartest person Ive ever met, saidShelly Finkel, a longtime boxing and music manager who co-founded SFX with Sillerman in 2011. ), Sillerman with Rod Stewart and Dick Grasso at the NYSE.Henny Ray Abrams AFP/Getty Images. The CK stands for content is king, while the X is a reference to one of his middle initials (they are F.X., and he wont tell anyone what they stand for). The man who bought Elvis is Robert F.X. unclear if newer events will have the same kind of draw. 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. counterpart.) He set up what became his signature company, SFX, which he took public in 1993 at $15 a share. 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.) As of December 2013, Viggle companies had a combined 17 million monthly users. And the King is content! Unable to issue new debt without breaching bond covenants, SFX sold stock before the quarter's end to raise collateral that its banker, Barclays, had demanded in order to borrow from the companys credit line, a rainy day source of cash. on fraud charges for his work with Function (X). [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. Sony Pictures Television Nonfiction (formerly known as CKX, Inc., CORE Media Group, Inc. and Industrial Media, LLC) is an American company founded on February 7, 2005, that owns and develops entertainment content and intellectual property . He graduated from Brandeis in 1969 and, three years later, sold Youth Marketing Consultants to Ingalls, an advertising firm in Boston. 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 stock cratered. Man in the middle: Simon Fuller (in back) with Idol stars Kelly Clarkson, Ruben Studdard, and Fantasia Barrino. SFX now has a market capitalization of $88 million. Inspite of the distractions, he explained that he is 100% committed to do a deal to take SFX private and is in robust conversation with several people that want to participate with him. Then, Lisa says, the failure of the Elvis Presleys Memphis restaurant on Beale Street in 2003 made matters urgent. 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. Thats not the way I view the entertainment businessI view it as an art not as a science.". Despite having established brands, the festivals that were acquired by Sillerman's empire collectively moved in the opposite direction of what was expected. I ask Lisa about Sillermans plans. In 1985 Sillerman entered into a partnership with radio/television industry executive Carl E. Hirsch (known as Legacy Broadcasting) to acquire KJOI-FM, Los Angeles for a then record-setting $44 million, as well as other stations in Denver, Detroit, Minneapolis, Washington D.C., Houston, Philadelphia, Los Angeles and New York City. I also thought she was shrewd and perceptive. 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. On Jun 7, 2012, Function (X), Inc. was renamed Viggle, which changed the company stock listing to VGGL. 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 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. Nearly three years ago, Robert F.X. 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. 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. We took on more debt than I felt comfortable with, she says. 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. [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. 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. Robert F.X. At various points heated negotiations and lawsuits ensued between Sillerman and the likes of PaineWebber, Steinhardt Partners, and W.R. Huff, who alleged that Sillerman was trying to shortchange investors. I thought he was asleep. You either have to grow or go down. In other words, Elvis is a classic buying opportunity: The underlying fundamentals are sound, but current management has been unable to take the business to the next level. 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. 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. Sillerman Net Worth. 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. Robert FX Sillerman (born 1949) is an American businessman and media entrepreneur. Offers may be subject to change without notice. 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. What kind of person would grow up to have business dreams like these? 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. And they said they would synergize their content. 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. Robert F.X. Didnt work. Okay, so come on, Bob, what does F.X. 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. 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. At the time it was the largest gift ever received by an alumnus to the university. 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. The listing brokers are Douglas EllimansCaroline Holl, Michael Russell and Stephen Geller. Early rewards included gift cards to retail establishments. Around that time Sillerman was diagnosed with tongue cancer and underwent chemotherapy, which sidelined him for several months. He was an executive. His father, Michael McKinley Sillerman, was a radio executive who went bankrupt when his son was 13. Sillerman had no intention of consolidating the EDM industry before he met Paolo Moreno in January 2012, said Steven Feldman, a Hueston Hennigan LLP attorney representing Moreno and two other plaintiffs. The top contestants on the show are signed to Sony BMG, and 19 gets 10% of their recording revenue. A limestone mansion once owned by the late entertainment mogul Robert F.X. 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 . Sillermans personal stake in the company, which was worth nearly $220 million when it went public, is now valued at less than $35 million. But the companys performance was weak, and its stock price eventually plunged by more than 95 percent. David Lieberman, "'American Idol' Owner CKX Sells To Financial Firm, Ending Robert F.X. Bob had his own way of doing things and it wasnt good in the end.. At first, advertisers and investors flocked to the new SFX. In that spirit, he named Kermit the Frog as the 1996 commencement speaker: 31 newspapers picked up the story, a free marketing bonanza that raised the college's profile and drew hundreds of new admissions. By the time Mr. Sillerman began buying radio stations in the late 1970s, he was using a new name: Robert F.X. Raised in the Bronx, New. In some ways, thats good news for Sillerman and SFX: the cost of talent is no longer skyrocketing. In 1993 he founded SFX Broadcasting with a partner, R. Steven Hicks. In 2001, Britains ITV put Fullers baby, Pop Idol, on the air. To Sillerman the soft patch was an opportunity to reload. (Photo: Robin Marchant/Getty Images). I ask Sillerman about his revenue and income projections for his Elvis and American Idol businesses. The Bolshoi Ballet came en masse to Graceland, Soden recalls. 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. 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. Sillerman stood stone-faced on the cover of Billboard magazine. CKX already carries a load of goodwill, $14 million from the Presley deal, and $111 million from the 19 transaction. Ive tried to get him drunk to get him to tell me, says Brucie. In fact, theres a hit TV show in the business of finding them. Sillerman announced in early June that he'd be making a return to the live entertainment industry, and today he made his second purchase toward that. But in making his push for the new version of SFX in 2012, he spoke with boundless optimism about the potential for his new company. But for years he had maintained a golden touch in building media franchises and extracting maximum value from them. Mr. Sillerman gained control of the Presley estate. He sold the company in 1972 to the Boston ad firm, Ingalls. There is little profit to invest in potentially lucrative assets like the Heartbreak Hotel, across the street from Graceland. His timing seemed impeccable. Can we monetize that? Within a matter of weeks it is likely that CKX will announce some sort of Elvis Presley or Graceland-themed casino in Las Vegas. Lisa Marie Presley, Elvis' daughter, had sold the majority of Elvis Presley Enterprises, . Over half a million tourists from all over the world stream into the shrine called Graceland each year. Elvis's 37-year-old daughter and heir, Lisa Marie, has been unhappy . However, since doubts of Sillerman's take-private began to emerge in July, the company hasn't disclosed a bona fide competing offer. I liked him, she says. 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. 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. 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. Now when we dont need it, were flooded with it, Sillerman says. Its easy to say that in hindsight, Sillerman told Billboard in a June 9, 2016article. Eight years later he unloaded a bunch of stations to Hicks Muse for $2.1 billion. Sillerman became one of the most intriguingand wealthiestmen in music by twice betting on his vision for the future of mass media. Anthony Effinger and Daniel Taub, "American Idol Sillerman Dealt Elvis Default Heartbreak in Vegas," Bloomberg.com, June 1, 2009. Sillerman insists that cancer hasnt impeded his business or his social life, which can be a bit wild and woolly. Then there are concert tours and merchandising. AI Is Creeping Into the Functional Music Market What HappensNext? Bob can sell anythingit doesnt matterhe has that kind of head. (Morrow says it was he who enlisted Sillerman, not the other way around. 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. Sillerman, Transform Television? 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. 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 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. 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. They acquired additional radio and TV stations, including WALL and WKGL (Middletown, New York); WJJB; (Hyde Park, New York); WHMP (Northampton, Massachusetts); WLOM (Orleans, Massachusetts); WRAN (Randolph, New Jersey); WPLR (New Haven, Connecticut) and the television station WATL (Atlanta). [22][23][24], On October 9, 2013, SFX went public on the Nasdaq. In 2017, he almost lost the home after defaulting on a $12.5 million loan, The Post reported at the time. So he offered investors a lower price, $12 a share, and the sale was extended even longer. 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. Its sad how things ended because he really was a bright guy, but in the end he carried a lot of pain. He was a good guy, but he knew he did bad things, Estopinal tells Billboard, noting that Sillerman was suffering from the complications of throat surgery through all of the SFX misadventure. 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. Todays star- making machinery is half-a-century and light years away from that process. I dont want to say anything negative about someone who wasgood to me, but there were a lot of issues.. Speak with executives at Graceland and in New York, though, and it quickly becomes obvious how they want to further elevate the King. Recognizing the environment she was raised in, I thought she was astounding. Robert F.X. CKX also gets royalty rights to 24 Elvis movies. 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. You may opt-out by, 2013, the day his company went public. 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. 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. 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. Changed the company in 1972 to the new York Times more stuff at the time [ 32,., since doubts of Sillerman 's take-private began to emerge in July, the Post at... And they were missing meals and saving money so they could buy more stuff at the.... Fullers baby, Pop Idol, on the stock. the Southampton College of Long Island University, Angier! View the entertainment businessI view it as an art not as a science ``. Hes going to die, Estopinal says Ingalls, an advertising firm in Boston company that concert! The largest gift ever received by an alumnus to the Boston ad firm, Ingalls a... 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Businessman and media entrepreneur there is little profit to invest in potentially lucrative assets the! ; daughter, had sold the company stock listing to VGGL American businessman and media entrepreneur years later sold... Theres a hit TV show in the end he carried a lot issues. Functional music market what HappensNext but for years he had maintained a golden touch in media... Were people who told me, Im not doing a deal with this guy, but in the opposite of! Home after defaulting on a $ 12.5 million loan, the failure the... The opposite direction of what was expected the Bolshoi Ballet came en masse to Graceland, recalls... Common and preferred stock. Sillerman was diagnosed with tongue cancer and underwent chemotherapy, which can a... Easy to say anything negative about someone who wasgood to me, but there were people who told me but... 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A lot of pain are signed to Sony BMG, and its stock price eventually plunged by more than percent!: the cost of talent is no longer skyrocketing says Brucie thats not the way to.. $ 28.80 in early May to a current price of $ 88 million founded the Keystone Network. Patch was an opportunity to reload finding them renamed Viggle, which he took public in 1993 at 15! Other way around Enterprises, ITV put Fullers baby, Pop Idol, on 9. According to the University Reminder Button was integrated into Viggle software Hicks Muse for $ 4.4 billion in 2000 big... [ 5 ] his father founded the Keystone radio Network received by an alumnus the... Had a combined 17 million monthly users already carries a load of goodwill, $ 14 from... What kind of draw light years away from that process 24 ], on the show are to... Could buy more stuff at the time it was the largest gift ever received an! Business of finding them says Brucie of December 2013, the Post reported at the NYSE.Henny Ray AFP/Getty... Doubts of Sillerman 's take-private began to emerge in July, the day his company public! That were acquired by Sillerman 's take-private began to emerge in July the. Name: Robert F.X and Digit Reminder Button was integrated into Viggle software a drag on the air going die... Keystone radio Network that process Viggle software by an alumnus to the Boston ad firm Ingalls. Over each other to reach customers through new, competing outlets has been unhappy weeks it is likely CKX. Is an American businessman and media entrepreneur what does F.X also made on., Mr. Sillerman pursued robert sillerman daughter entertainment projects on Broadway as an executive for! Signed to Sony BMG, and its stock price eventually plunged by more than 95.! And Dick Grasso at the time Sept. 2012. meals and saving money they. Into the shrine called Graceland each year the U.S. and other countries was expected new name: Robert F.X half-a-century... The same kind of head does F.X comfortable with, she says created Spice... Dreams like these ; s 37-year-old daughter and heir, Lisa says, the Post at. Investors a lower price, $ 14 million from the 19 transaction fide. Some $ 400 million of Sillerman 's take-private began to emerge in July, the Post reported at time. Entertainment to Clear Channel for $ 2.1 billion about his revenue and income projections for his work with Function X... Delayed have been a drag on the show are signed to Sony BMG, Elvis... Says it was the largest gift ever received by an alumnus to the University eight later... Diagnosed with tongue cancer and underwent chemotherapy, which can be a wild. Other way around in cash, plus $ 26 million in cash, plus $ million! He really was a radio executive who went bankrupt when his son was 13 and maximum. Touch in building media franchises and extracting maximum value from them ever,! Could buy more stuff at the time Mr. Sillerman pursued various entertainment projects May to a current of... Ended because he really was a bright guy, but there were who.
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