In December 2016, former SFX board member Mitch Slater sued Sillerman for an unpaid $2.5 million loan from 2015. Sillerman's income source is mostly from being a successful Executive. [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. Sillerman attempted to rebrand the project as a Baccarat Hotel but this also failed. We were misinformed by an SFX spokesman. PHOTOGRAPH BY GREG MILLER. At the time it was the largest gift ever received by an alumnus to the university. CKX already carries a load of goodwill, $14 million from the Presley deal, and $111 million from the 19 transaction. That show is American Idol, and as with Elvis, Sillerman is convinced he can make it an even bigger deal than it already is. [19][20] In July 2015, Viggle had more than 9.5 million registered users across all properties, up from 5.4 million registered users at the end of 2014. Viggle registers the television show a person is watching, and engages the users with a loyalty program for viewing particular programs. Sillerman has passed away at age 71, according to The New York Times. A version of this article was originally published in the December 12, 2005 issue of Fortune. He doesnt want to mess with anything. This isnt the first time Sillerman has failed to live up to his word when trying to buy back a company he listed on the public markets. 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. But Fuller had an even bigger idea, a kind of interactive on-air talent show. (Photo by PATRICK McMULLAN/Patrick McMullan via Getty Images) Embed. He refounded SFX Entertainment in 2012 as a promoter of electronic music festivals; that company is now known as LiveStyle. Raised in the Bronx, New. However, since doubts of Sillerman's take-private began to emerge in July, the company hasn't disclosed a bona fide competing offer. 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. Young Sillerman graduated magna cum laude from Brandeis in 1969 after becoming immersed in counterculture politics and rock & roll. The app will also display the social media activity for other shows at the same time, along with what rewards are available for changing the channel to competing programs. Striking a deal shouldnt be that difficult. Sillerman has a $1 billion plan to conquer the world of dance music, read the publications cover line. Sillerman, the entertainment. 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. 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. The New York entrepreneur is most notably known for consolidating a number of U.S.. How big will CKX become? Nearly three years ago, Robert F.X. That seemed to sum everything up., A daily briefing on what matters in the music industry. I thought he was asleep. (Photo credit: Jonas Roosens/AFP/Getty Images), Increase Website Performance With Three Metrics, Europe Is Lagging Behind In Developing Large AI Models, Deepfakes - The Danger Of Artificial Intelligence That We Will Learn To Manage Better, Overview Of How To Create Deepfakes - Its Scarily Simple, Ukrainian Startups Showing Resilience In A Time Of War, Worried That Your Phone Is Spying On You? In each case Sillerman assembled a collection of media propertiesall in distributionat low prices and then unloaded the bundle for a higher price. More and more content can go directly to consumers through cellphones, devices like iPods, and home video, which makes content even more valuable. But doesnt Sillermans strategy fly in the face of what big media is doing right now? What about a world champion Idol drawn from all the different nations? The show venue may be moved from Los Angeles to Las Vegas to save money (and perhaps to fill a certain 2,000-seat theater). As for spinoffs, did we mention that another smash hit on Fox, So You Think You Can Dance, is produced by Fuller too? In the years following that tragic 2012 event, he was often treated as a cartoon villain in the media, trying for a third, fourth and even fifth act in business, and some say the death of his daughter hardened him to any criticism. Mr. Sillerman largely withdrew in recent years, moving to New Hampshire and dealing with the fallout from the collapse of several businesses. There were people who told me, Im not doing a deal with this guy, hes going to die, Estopinal says. He also acquired a majority of the Presley estate, with the right to operate Graceland, the Presley home in Memphis; took over the company behind the long-running television hit American Idol; and acquired the rights to Muhammad Alis name and likeness. 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. You may find him a bit quirky. 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. The companys chief Michael Rapino declined a request for an interview through a spokesperson. And they said they would synergize their content. 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. To Sillerman the soft patch was an opportunity to reload. Once on the Forbes 400 list, . We took on more debt than I felt comfortable with, she says. Bob had his own way of doing things and it wasnt good in the end.. 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. With Finkel by his side and Estopinal giving the pair needed credibility, Sillerman set out to once again consolidate the dance music business by buying up dance promoters in Europe, Asia and North America. I ask Sillerman about his revenue and income projections for his Elvis and American Idol businesses. 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. 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. He set up what became his signature company, SFX, which he took public in 1993 at $15 a share. Later, the private equity firm Apollo Global Management acquired CKX in 2011. 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. Robert F.X. [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. 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. He sold the company SFX Entertainment to Clear Channel for $4.4 billion in 2000. You may opt-out by, 2013, the day his company went public. Once Morrow had a beef with the late-night deejay at their Middletown station. Thats not the basis of CKX. [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. Revenues at the company that manages his affairs, Elvis Presley Enterprises, have been flat at $40 million for five years. [21], In 2012, Sillerman rebooted SFX Entertainment, this time with a focus on the electronic dance music industry. 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. But Sillerman was drawn to his fathers business. ), Sillerman with Rod Stewart and Dick Grasso at the NYSE.Henny Ray Abrams AFP/Getty Images. Sillerman was a significant player on Broadway. The man who bought Elvis is Robert F.X. Robert Sillerman, founder of SFX Entertainment, has died, Billboard reports and Sillerman's lawyer Sanford Philip Rosen confirmed to Pitchfork. [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. Terms & Conditions. Robert F.X. (Rumors suggesting that Sillermans next big acquisition has been delayed have been a drag on the stock.) Not a clue. on fraud charges for his work with Function (X). Once a saver, always a saver: Warren Buffett says generational wealth isnt what it used to be in his annual letter Its bigger than the housing crisis: An influential economist just blamed NIMBYs for American decline, and Elon Musk CA Notice at Collection and Privacy Notice, Do Not Sell/Share My Personal Information. Impersonator shows can, if properly done, extend the brand, Sillerman says. 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He likes to jump out of the bushes or hide in hotel rooms and scare people, says Cousin Brucie. The company also acquired 80% in Muhammad Ali Enterprises. When the King died in 1977, his estate was a mess. Sitting kitty-corner from Graceland across Elvis Presley Boulevard, it is a 128-room boutique property with a small pool and a tiny bar, perennially packed to the gills with Elvis fans. The second floor boasts two main bedroom suites with ensuitemarble bathrooms, woodburning fireplaces and a large planted terrace. And thats just part of the American Idol money train. 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. Brandeis University Recent News and Activity Funding Round Sep 16, 2014 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. He loves to party. Eight years later he unloaded a bunch of stations to Hicks Muse for $2.1 billion. (Hicks Muse agreed to spin this business off to SFX shareholders.) Some $20 million. The suit alleges that Sillerman in emails promised a joint partnership in which the plaintiffs would receive 2.5 million "founders shares" of SFX, which never materialized. But the companys performance was weak, and its stock price eventually plunged by more than 95 percent. In 1989 he sold a group of radio stations to Westinghouse (now Viacom) for $389 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. The stock cratered. The guy didnt have any energy, says Morrow. Elvis left the building 28 years ago, but as a pop icon hes still hot. At least so says a Wall Street entrepreneur who is hoping to make Elvis the centerpiece of his burgeoning media companynot only extending the Kings reign but also taking advantage of technological and demographic changes rocking the media and entertainment industries. In fact, theres a hit TV show in the business of finding them. Sillerman was also a major shareholder of CKX Inc. [39], On November 24, 2019, Sillerman died at the age of 71 after a respiratory illness.[40]. Sillerman has taken legal action against the company, seeking about $15.8 to cover. This company owned "American Idol" and the licensing rights to Elvis Presley and his Graceland estate. Says a top Wall Street banker: Hes a very smart guy, but I dont think you want to be sitting on the other side of the negotiating table from him.. 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. And I love it. We cured him. By 1985 the pair had accumulated some 70 stations, which they sold for some $50 million. Mr. Sillermans plan transformed the concert industry even as it drew complaints, which still linger, about rising ticket prices and the outsize power of a centralized super promoter. In characteristic form, Sillerman wont give investors any firm commitments. 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. 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. 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. Steve Hicks left to join another radio venture after a few years, and in 1997, Sillerman sold SFX, which then owned some 70 radio stations, to Hicks Muse for $75 a share, or $2.1 billion. Robert F.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. 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. 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. Even so, says Lisa Presley, theres only so far you can take a family-run business. He often named his companies using some combination of those initials. Earlier this year Sillerman settled with the SEC for $179,000. [13] The first product the company produced was called "Viggle", released in January 2012, which used a mobile app as its primary interface. 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. But isnt American Idol just another reality show that will soon run out of gas? Hes obviously smart, and he doesnt b.s. 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. Its different, Sillerman says. Mr. Sillerman called it an inside joke. Read the original story on The New York . (Photo credit: Jonas Roosens/AFP/Getty Images). 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. 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. counterpart.) 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 some ways, thats good news for Sillerman and SFX: the cost of talent is no longer skyrocketing. A crucial part of his strategy was using the nationwide audience at SFXs shows to lure sponsorship deals by big consumer brands like Smirnoff and Levis. It runs in the family: Lisa Marie Presley signs autographs for NASCAR fans at Daytona Speedway this past July. 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. 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. dialogue with Robert Sillerman. Robert F.X. 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. [35] For thirteen years, Sillerman served as the Chancellor of Southampton College and is the founder of The Tomorrow Foundation. 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. And then in early 2000, lightning struck again. The show is also being franchised in 100 countries. [32], From 1993 Sillerman served as the Chancellor of the Southampton College of Long Island University, replacing Angier Biddle Duke. I dont want to say anything negative about someone who wasgood to me, but there were a lot of issues.. During its public run, the company also sold $295 million debt to finance additional acquisitions and fund operating losses. He managed Annie Lennox and the Eurythmics, and then created the Spice Girls. Industry sources suggested that a possible buyer could be Live Nation. 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. Besides buying Elvis Presley Enterprises from Lisa Marie Presley last February, Sillerman and his lieutenants have purchased the smash-hit TV show American Idol and other properties from a company called 19 Entertainment, which was owned by British pop impresario Simon Fuller. Wasnt good in the end # x27 ; s income source is mostly being. 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