Working with Steve Hicksbrother of Tom Hicks, the head of Texas buyout firm Hicks MuseSillerman embarked on a dizzying run of acquisitions, creating one of the largest radio station companies in the country. 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. So, how much is Robert F.X. [2][3], Sillerman was born to a Jewish family in New York City, and was raised in the Riverdale neighborhood of the Bronx, the son of Estelle (Levande) and Michael McKinley Sillerman. Backstage at The Ed Sullivan Show, 1956: Elvis with the host and manager Parker (left).CBS Photo Archive/Getty Images. Elvis left the building 28 years ago, but as a pop icon hes still hot. 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. Sillerman. 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. Its different, Sillerman says. On Friday, the stock closed at 91 cents a share. 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). His brother, Michael, confirmed his death but gave no other details. 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. What would be the ultimate winning scenario for Sillerman? (A hip-hop-style remix of A Little Less Conversation was a No. 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. Michael Sillerman died in 1980, just when his sons career was taking off. Once on the Forbes 400 list, . As big as Sillermans ambitions, perhaps. Sillerman with Rod Stewart and Dick Grasso at the NYSE. Now that Sillerman's deal is dead, SFX is in a mad dash to find a new buyer. He loves to party. Robert Sillerman and Laura Baudo Sillerman attend NEW YORKERS FOR CHILDREN 2007 Fall Gala at 583 Park Avenue on September 18, 2007 in New York City. 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. Robert F.X. He was married to Laura Baudo. In 2017, he almost lost the home after defaulting on a $12.5 million loan, The Post reported at the time. Billionaire entertainment mogul Robert F.X. If we can, this will dwarf the first SFX. 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 2011, Apollo Management purchased CKX in 2011 for $512 million. Over half a million tourists from all over the world stream into the shrine called Graceland each year. Between Elviss legendary free spending and the fact that he didnt own his songs, the situation was dire. Their daughter, Mackinley, died in 2012. By then Sillerman was already toiling away on his next project, SFX Entertainment, a company that would own concert venues and other media properties. Now when we dont need it, were flooded with it, Sillerman says. Connecting the show to phones, through the Internet, through merchandising, and ways I cant talk about yet.. Sillerman, the entertainment. He just didnt a fabout anything, said one former business partner who did not want to share their name. The orginal goal was to buy Pasquale RotellasInsomniac, explained Estopinal. 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.) (The balance is transaction costs.). 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. The company was sold to Clear Channel in 2000 and became the basis for Live Nation five years later. 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. He refounded SFX Entertainment in 2012 as a promoter of electronic music festivals; that company is now known as LiveStyle. In 2010, he re-emerged with a second strings-attached take-private bid, but CKXs board chose to sell the company to Apollo Global for $5.50 a share, a bruising result for investors. He followed the 1998 sale with a Feb. 29, 2000, deal that Playbill called a quantum leap on the first Leap Day of the century, selling his concert and theatrical production firm SFX Entertainment to Clear Channel for $3.2billion. In May 2009, Credit Suisse filed a request for summary judgement in New York State Supreme Court, alleging Sillerman had failed to pay the . 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. That is, if SFX is still around in a year to run those events. 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. Anyone can read what you share. Why? 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. No question we could build a convention-sized hotel here, says Soden. 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. Sillerman was known for pushing the envelope. [22][23][24], On October 9, 2013, SFX went public on the Nasdaq. (Photo: Robin Marchant/Getty Images). [38] The dispute was settled out of court for an undisclosed amount. 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. The payment will no doubt make it easier for Sillerman to call Priscilla up and ask her to come to a ribbon cutting of a new Elvis property, for instance. Robert Sillerman stepped down as CEO of SFX Entertainment in February, but the story between them continues. Additionally, Robert FX Sillerman has had 6 past jobs including Founder at Live Nation. Its funny, when we needed money we had a difficult time raising it. Industrial Media. Some noted that Sillerman was paying huge amounts of goodwill in his deals, so eager was he to build the company. Robert F.X. Several managers and big-name acts from Ozzy Osborne to Shania Twain reportedly bristled over having to negotiate with such a corporate gorilla. He has unbounded energy when it comes to business. Investor Robert Sillerman is combining the King, American Idol, and other entertainment assets to build his next media conglomerate. That means $125 million out of the $306 million paid for these two companies exceeds any tangible assets, including the value of trademarks. Didnt work. Okay, so come on, Bob, what does F.X. [33] In 2000, Sillerman donated a $15 million gift through the Tomorrow Foundation to extend the library and for marine science scholarships. Sillerman, Transform Television? 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. How big will CKX become? [15][16] As of the end of 2013 Viggle had about 3.7 million users. Young Sillerman graduated magna cum laude from Brandeis in 1969 after becoming immersed in counterculture politics and rock & roll. Not a clue. Jeopardy, Wheel of Fortune, The Price Is Rightthese shows go on for decades. This past season American Idol ratings averaged over 27 million viewers per episode, up 5% from last season. Offers may be subject to change without notice. Bob had his own way of doing things and it wasnt good in the end.. 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. He likes to jump out of the bushes or hide in hotel rooms and scare people, says Cousin Brucie. Hes obviously smart, and he doesnt b.s. In each case Sillerman assembled a collection of media propertiesall in distributionat low prices and then unloaded the bundle for a higher price. And they said they would synergize their content. For its money, CKX got a 90-year lease on Graceland, stipulating, among other things, that the premises may not be used as a massage parlor, a mortuary, or [for] the manufacture, sale, or distribution of feminine hygiene products. (Gives you an idea of how much attention Lisa and Soden pay to protecting Elviss image.) A version of this article was originally published in the December 12, 2005 issue of Fortune. 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's net worth , money, salary, income, and . When things were going bad, he was looking for ways to try and make it work, Finkel said. It declared bankruptcy in 2016, and many of the assets it had amassed were sold off. In a July 2009 interview with the New York Post Sillerman admitted failure, stating with reference to the Flag project: "I'm not very knowledgeable about real estate. 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. [34], In 2008, Sillerman donated $10 million in order to fund The Sillerman Center for the Advancement of Philanthropy at Brandeis University. As his radio empire grew, Sillerman increasingly came up against Federal Communications Commission regulations restricting his ability to own multiple public broadcast stations, until 1996 and the passage of the Telecommunications Act, which lifted the restriction on owning multiple radio and television stations in a single market, paving the way for Sillermans firm to merge with Command Communicationsand become SFX Broadcasting. Viggle registers the television show a person is watching, and engages the users with a loyalty program for viewing particular programs. As his business world collapses around him, Sillerman seemed relatively relaxed over the phone. The house, formerly owned by Robert Sillerman, includes a 12,000. In 2000, the radio chain Clear Channel Communications bought SFX for $4.4 billion. Robert F.X. With reporting from Sue Radlauer and Zack O'Malley Greenburg in Jersey City, N.J. 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 thats just part of the American Idol money train. Bob went out and taught salespeople; I taught the on-air staff. This year, he agreed to pay a $179,000 fine to the Securities and Exchange Commission for defrauding investors of another of his companies, Function(x). 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. By the time Mr. Sillerman began buying radio stations in the late 1970s, he was using a new name: Robert F.X. [4][5] His father founded the Keystone Radio Network. His cost basis on these shares? [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. After selling SFX Entertainment, Mr. Sillerman pursued various entertainment projects. 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. Robert Francis Xavier Sillerman was born on April 12, 1948, in the Bronx neighborhood of Riverdale in a very typical, liberal, educated Jewish household, according to the 2011 book Ticket Masters: The Rise of the Concert Industry and How the Public Got Scalpedby Dean Budnick and Josh Baron, which secured an interview with Sillerman. Use of this site constitutes acceptance of our Terms of Use and Privacy Policy | CA Notice at Collection and Privacy Notice| Do Not Sell/Share My Personal Information| Ad Choices 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 stock cratered. 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. SFX raised $260 million in its initial public offering. Thats not the basis of CKX. (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.) I suppose there are all kinds of gratifying lines of work, he says. Sillerman's income source is mostly from being a successful Executive. I could tell you, but Id have to kill you, he says. I have a million ideas all the time, says Fuller, but before I could only do one a year. But Sillerman was drawn to his fathers business. Robert F.X. Former SFX Entertainment founder Robert Sillerman has agreed to pay a $179,000 fine after the U.S. Securities and Exchange Commission charged the businessman with fraud and illegally diverting fund The duos tactics could be unorthodox. Around that time Sillerman was diagnosed with tongue cancer and underwent chemotherapy, which sidelined him for several months. The show is also being franchised in 100 countries. Robert F.X. The listing brokers are Douglas EllimansCaroline Holl, Michael Russell and Stephen Geller. EDM Mogul Bob Sillerman Finds a Buyer for His $28 M. Townhouse. 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. And dont forget about the Heartbreak Hotel. Elvis sighting: Owner, icon, and fan in downtown Manhattan. So what he said so eloquently, I say, Foff.'. Clear Channels stock, which hit a high of $95 in 2000, is trading at $32. Lisa Marie Presley, Elvis' daughter, had sold the majority of Elvis Presley Enterprises, . Early rewards included gift cards to retail establishments. We took on more debt than I felt comfortable with, she says. 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. 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. 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. [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. In 2001, Britains ITV put Fullers baby, Pop Idol, on the air. Within a matter of weeks it is likely that CKX will announce some sort of Elvis Presley or Graceland-themed casino in Las Vegas. But stars still do get born. NEW YORK CITY, NY - SEPTEMBER 18: (L-R) Jody Morrow, Bruce "Cousin Brucie" Morrow, Laura Baudo Sillerman and Robert Sillerman attend NEW YORKERS FOR CHILDREN 2007 Fall Gala at 583 Park Avenue on September 18, 2007 in New York City. In 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. Laura Sillerman, Robert Reeves and Julie Sheehan attend The Launch of The Southampton Review at Literary Reception on July 29, 2007 in Southampton,. Thats not part of our strategy.. Robert F.X. Speak with executives at Graceland and in New York, though, and it quickly becomes obvious how they want to further elevate the King. Lately Sillerman has become more guarded, though. 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. And because Sillerman was known as a savvy business mogul within the entertainment industry, his faith in the Company was interpreted as evidence that SFX was in fact valuable, even if that value was not yet reflected in the Companys financial reports, McMahon wrote. Few suggest the genre is decliningnot yet, anywaybut theres evidence that points to a plateau. Sillerman worth at the age of 71 years old? 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, the entertainment entrepreneur who helped. This is a long-term perspective, [but] a 10% return on equity from our perspective would be insufficient.. As of December 2013, Viggle companies had a combined 17 million monthly users. And sad. 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. Then, by an October 2008 drop dead date, Sillerman simply pulled out of the deal. 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. 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. As for spinoffs, did we mention that another smash hit on Fox, So You Think You Can Dance, is produced by Fuller too? That didnt work out, but when we started talking, Insomniacs acquistion price was $10 million, he said. Raised in the Bronx, New. At Fridays price of 91 cents, SFXs shares are down 93% from its IPO price. In the mid-1980s the Federal Communications Commission was beginning to loosen its restrictions on the number of radio stations that could be owned by a single operator. 2023 Fortune Media IP Limited. On Jun 7, 2012, Function (X), Inc. was renamed Viggle, which changed the company stock listing to VGGL. In December 2016, former SFX board member Mitch Slater sued Sillerman for an unpaid $2.5 million loan from 2015. That greatly reduces the number of viewers who DVR it and skip the commercials. But instead of a billion-dollar acquistion, Sillerman wiped out hundreds of millions in investor money and eventually had to file for bankruptcy. And the King is content! Investor and media executive Robert F.X. However, since doubts of Sillerman's take-private began to emerge in July, the company hasn't disclosed a bona fide competing offer. After the sale, Sillerman went on another buying spree, purchasing the rights to Graceland, the Elvis Presley Estate,Simon Fullers 19 Entertainment and an 80% stake in Muhammad Ali Enterprises. 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. 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. Terms & Conditions. Robert Sillerman, founder of SFX Entertainment, has died, Billboard reports and Sillerman's lawyer Sanford Philip Rosen confirmed to Pitchfork. And I love it. 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