A year later, Sillerman was pushed into bankruptcy over an unpaid $7.4 million promissory note to React Presents during the SFX rollup. 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 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. Mr. Sillerman, founder of the electronic dance music conglomerate SFX Entertainment, has listed his eight-bedroom oceanfront home in Southampton, top right, for $39 million with Tim Davis of the. 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 founder. [4][5] His father founded the Keystone Radio Network. Take a walk through Elviss home with the throngs, and the feeling you get is reverential. 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). Sillerman already has 18 acres on the Strip through MJX, a real estate company he controls. Another show with legs? [36] Sillerman was also a donor and fundraiser for the Democratic Party in the United States. Clear Channels stock, which hit a high of $95 in 2000, is trading at $32. I suppose if you were a psychiatrist you could say I wanted to do well, where my father had had a lack of success, Sillerman says. Nearly three years ago, Robert F.X. 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. Robert Sillerman, founder of SFX Entertainment, has died, Billboard reports and Sillerman's lawyer Sanford Philip Rosen confirmed to Pitchfork. In 1989 he sold a group of radio stations to Westinghouse (now Viacom) for $389 million. And there are a couple of Sillerman stories that involve nudity. Robert FX Sillerman is the Founder at Function (x). When asked what exactly went wrong with SFX, Sillerman offered two explanations: mistakes in management and a misunderstanding of the complexity and time of marketing partnerships. He did not name any specific people with regards to personnel issues, though music industry sources pointed to the fact that many of the people who sold their businesses to SFX did not stay long after closing their deals. Even so, Sillermans 47% stake is worth some $400 million. Robert F.X. 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. 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. 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. Over half a million tourists from all over the world stream into the shrine called Graceland each year. [9] After that big deal, as with so many American business stories in 2000, things began to sour. Todays star- making machinery is half-a-century and light years away from that process. His timing seemed impeccable. He sold the company in 1971, and then launched I P+E, a sales marketing and promotion company. Sillerman was known for pushing the envelope. 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. S&P Index data is the property of Chicago Mercantile Exchange Inc. and its licensors. Its a word Ive never liked. It Takes a Lot of People to Create All This AI Music. Revenues at the company that manages his affairs, Elvis Presley Enterprises, have been flat at $40 million for five years. (A hip-hop-style remix of A Little Less Conversation was a No. [32], From 1993 Sillerman served as the Chancellor of the Southampton College of Long Island University, replacing Angier Biddle Duke. Young Sillerman graduated magna cum laude from Brandeis in 1969 after becoming immersed in counterculture politics and rock & roll. [38] The dispute was settled out of court for an undisclosed amount. Robert F.X. But Sillerman was drawn to his fathers business. SFX now has a market capitalization of $88 million. Elvis sighting: Owner, icon, and fan in downtown Manhattan. Thats $4.3 millionlessthat what Sillerman and his wife Laura had paid for the residence at 151 E. 72nd St. when they bought it for $12 million in 2013. The 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. Several managers and big-name acts from Ozzy Osborne to Shania Twain reportedly bristled over having to negotiate with such a corporate gorilla. But when I took it to America, almost everyone rejected it, Fuller recalls. Lisa Marie Presley, Elvis' daughter, had sold the majority of Elvis Presley Enterprises, . Some of those companies listed werent done deals, Estopinal tells Billboard, adding that Sillerman misrepresented his financing and capitalization as he put SFX together. What kind of person would grow up to have business dreams like these? He likes to jump out of the bushes or hide in hotel rooms and scare people, says Cousin Brucie. 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. At Ingalls he met a young copywriter, Laura Baudo, who would become his wife. It runs in the family: Lisa Marie Presley signs autographs for NASCAR fans at Daytona Speedway this past July. Think of how we can continue to expand the show, says Fuller. I suppose there are all kinds of gratifying lines of work, he says. Capstar applied for and received permission to operate more than one class of radio station in the same market. The duos tactics could be unorthodox. The hotel, Sillerman and Soden say, is just screaming to be expanded, upgraded, and replicated in other locations. (Rumors suggesting that Sillermans next big acquisition has been delayed have been a drag on the stock.) Its funny, when we needed money we had a difficult time raising it. 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. 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 . 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. 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. Backstage at The Ed Sullivan Show, 1956: Elvis with the host and manager Parker (left).CBS Photo Archive/Getty Images. 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. 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. 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. 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. Bob went out and taught salespeople; I taught the on-air staff. This company owned "American Idol" and the licensing rights to Elvis Presley and his Graceland estate. 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). 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. Contestants on the new Fox hit So You Think You Can Dance.Jason Merritt FilmMagic/Getty Images, So why did Sillerman buy Fullers company? DJ Afrojack (left) and Sillerman at the NASDAQ MarketSite in New York in 2013. He was never really at 100%.. There was no retirement plan. Mr. Sillerman was the founder, a major shareholder and served as Executive Chairman of SFX Entertainment from its inception in 1997 until its sale to Clear Channel Communications in August 2000. Bob had his own way of doing things and it wasnt good in the end.. [29] In December, the company went private and was renamed LiveStyle, with Sillerman exiting the company in favor of former AEG Live executive Randy Phillips as CEO. 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.. Read the original story on The New York . He died on November 24, 2019 in Hinsdale, New Hampshire, USA. 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. 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. When Mr. Sillerman tried to corner the fractious world of dance music festivals in the early 2010s, for example, he played the part of a devil-may-care rebel to a sometimes puzzling extent. 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. 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. Now when we dont need it, were flooded with it, Sillerman says. Sillerman the former owner of Graceland who consolidated radio stations and concert ticket sales has sold for $7.7 million. They said music doesnt work on TV in America. But it had to be a biggie to make economic sense. Sillerman, Self: 60 Minutes. He sold the company in 1972 to the Boston ad firm, Ingalls. Robert F.X. 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. Sillerman, 57, a Wall Street operator with a long history of minting money in the . And then in early 2000, lightning struck again. At the time, Sillerman said he expected to deliver equity and debt financing on the billion-dollar deal when a 60-day sale process was completed. Robert F.X. On this Wikipedia the language links are at the top of the page across from the article title. 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. When SFX went public one analyst estimated that the company had committed to spend a total of $301.6 million in cash and equity that year to acquire companies like Tommorowland creators ID&T; Totem OneLove Group, the promoter behind Australian festival circuit Stereosonic; and Beatport, an online music marketplace. He was 71. 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. These are Sillermans strengths: identifying trends in the media business before others, then gathering and deploying capital to make the strategy work. Their daughter, Mackinley, died in 2012. 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. This stands out as unique. But the companys performance was weak, and its stock price eventually plunged by more than 95 percent. 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. As a teenager he started his own greeting card company, buying cards in bulk and enlisting youngsters to sell them. I liked him, she says. But where did it go wrong for SFX? 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. And dont even think about asking him what his middle initials, F.X., stand for. With so many formats vying for consumers attention, content is king. Robert Francis Xavier Sillerman (April 12, 1948 November 24, 2019)[1] was an American businessman and media entrepreneur. Bear Stearns analyst R. Glen Reid says to also look for a 2,000-seat Elvis theater in Vegas. This year, there are 88 festivals that we anticipate doing, said Sillerman. Among them was former Beatport CEO Matthew Adell, who stepped down less than two years after selling his company for $50 million in early 2013. 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. Despite having established brands, the festivals that were acquired by Sillerman's empire collectively moved in the opposite direction of what was expected. [15][16] As of the end of 2013 Viggle had about 3.7 million users. As for spinoffs, did we mention that another smash hit on Fox, So You Think You Can Dance, is produced by Fuller too? Michael Sillerman died in 1980, just when his sons career was taking off. He. (The balance is transaction costs.). 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. After selling SFX Entertainment, Mr. Sillerman pursued various entertainment projects. You know if you make cars or washing machines or something like that, I guess you have to focus on margins. 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. Robert F.X. Which suggests that Sillerman is either very confident in his ability to create more value with these two companies, or believes he can sell them to someone who has even more confidence, or both. Mr. Sillerman, poses after ringing the Nasdaq closing bell on Oct. 9, [+] 2013, the day his company went public. Sillerman has passed away at age 71, according to The New York Times. Around that time Sillerman was diagnosed with tongue cancer and underwent chemotherapy, which sidelined him for several months. The listing brokers are Douglas EllimansCaroline Holl, Michael Russell and Stephen Geller. Starting in the late 1970s, Mr. Sillerman built a portfolio of radio and television stations worth nearly $1 billion. With a market value of $1.1 billion, is CKX overvalued? 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. Between Elviss legendary free spending and the fact that he didnt own his songs, the situation was dire. Anyone can read what you share. On the subject of corporate partnerships, Sillerman said he underestimated the time it would take to sign up sponsors for SFXs events. Why? Maybe, but maybe not. And there are between 105 and 110 scheduled for next year.. 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. around. As for Sillermans take on Lisa: I was impressed with how real and grounded she was. Robert F.X. Thats not the basis of CKX. As the genre has grown in popularity, so too has the quantity of reports of drug-induced injuries and deaths at concerts. 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). 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. When presented to the public--and later, Wall Street--the plan for SFX Entertainment seemed simple enough: roll up local EDM event organizers under one umbrella organization that could drive profits by providing structure and efficiency. Robert F.X. Earlier this year Sillerman settled with the SEC for $179,000. Elvis's 37-year-old daughter and heir, Lisa Marie, has . Anthony Effinger and Daniel Taub, "American Idol Sillerman Dealt Elvis Default Heartbreak in Vegas," Bloomberg.com, June 1, 2009. Industrial Media. Fuller is signed up to head 19 Entertainment in a five-year contract. 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." [6], In 1978 Sillerman and disc jockey Bruce Morrow bought two radio stations in upstate New York for $1.875 million. We cured him. By 1985 the pair had accumulated some 70 stations, which they sold for some $50 million. 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. Not a clue. 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. [14] Before 157 West 57th Street became One57, that glassy billionaire's priapism which has come to stand for a whole battery of class . Sillerman stood stone-faced on the cover of Billboard magazine. FORBES first started charting DJ earnings in 2012; a year later, the collective income of the top ten acts had doubled. He has unbounded energy when it comes to business. Sillerman attempted to rebrand the project as a Baccarat Hotel but this also failed. 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. 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. Robert F.X. During its public run, the company also sold $295 million debt to finance additional acquisitions and fund operating losses. Sillerman with Rod Stewart and Dick Grasso at the NYSE. Helped by federal deregulation of radio ownership rules, the two were able to quickly amass a chain of more than 70 stations, which they sold in 1997 to a larger rival, Capstar Broadcasting, for $2.1 billion. Laura Sillerman, Robert Reeves and Julie Sheehan attend The Launch of The Southampton Review at Literary Reception on July 29, 2007 in Southampton,. 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.) CKX also gets royalty rights to 24 Elvis movies. I meet the people whose places we're buying. Nearly three years ago, Robert F.X. 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. Robert F.X. 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. He doesnt want to mess with anything. 2023 Billboard Media, LLC. Lisa received $50 million in cash, plus $26 million in CKX common and preferred stock. As his business world collapses around him, Sillerman seemed relatively relaxed over the phone. 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. So far Idol stars like Kelly Clarkson and Clay Aiken have sold over 14 million albums. Backstage at The Ed Sullivan Show, 1956: Elvis with the host and manager Parker (left). 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. FORTUNE is a trademark of Fortune Media IP Limited, registered in the U.S. and other countries. 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. At the time it was the largest gift ever received by an alumnus to the university. Sillerman, the entertainment. By the time Mr. Sillerman began buying radio stations in the late 1970s, he was using a new name: Robert F.X. Sillerman, Transform Television? Sillermans actions signaled to the market that he saw significant value in SFX. We took on more debt than I felt comfortable with, she says. Well, its a little early to ask that question. Really? [39], On November 24, 2019, Sillerman died at the age of 71 after a respiratory illness.[40]. The New York entrepreneur is most notably known for consolidating a number of U.S.. He wants to do what we want to do. Like what? (Per capita, Canadian Idol is much bigger than its U.S. That means $125 million out of the $306 million paid for these two companies exceeds any tangible assets, including the value of trademarks. Robert Sillerman stepped down as CEO of SFX Entertainment in February, but the story between them continues. Even very young people. He was married to Laura Baudo. 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. 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. 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. Robert F.X. I dont want to say anything negative about someone who wasgood to me, but there were a lot of issues.. (Photo credit: Jonas Roosens/AFP/Getty Images). Now that Im a part of CKX, I have the resources to do three or four. Sillerman hopes thats a positive, not a negative. Some noted that Sillerman was paying huge amounts of goodwill in his deals, so eager was he to build the company. 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. [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. (Photo: Robin Marchant/Getty Images). Sillerman in the gift shop at Graceland, Elvis Presleys home in Memphis. We thought there were only three rock groups worth owning, says a source in Sillermans camp, Elvis, the Beatles, and the Stones. He posed for publicity photos in clothes emblazoned with profanities, and after a video of Mr. Sillerman making an obscene gesture circulated on social media, a Wall Street analyst was prompted to question his sanity. The market that he saw significant value in SFX Sillerman with Rod Stewart and Grasso... Cover of Billboard magazine amounts of goodwill in his deals, so too has the quantity of reports of injuries... 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Theater in Vegas an unpaid $ 7.4 million promissory note to React Presents during the rollup... Called Graceland each year 1970s, he says on the subject of corporate partnerships, Sillerman was into. The SFX rollup was pushed into bankruptcy over an unpaid $ 7.4 million promissory note to React during! Osborne to Shania Twain reportedly bristled over having to negotiate with such a corporate gorilla he sold the also! Walk through Elviss home with the SEC for $ 389 million situation was dire more than one of... Founder at Function ( x ) own his songs, the situation was dire corporate gorilla fortune is trademark!, Sillerman seemed relatively relaxed over the world stream into the shrine called Graceland each year it Takes Lot. Think about asking him what his middle initials, F.X., stand for Sillerman settled with the host and Parker...
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