"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. [14] They said music doesnt work on TV in America. Striking a deal shouldnt be that difficult. Robert F.X. 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. 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. In 2014, adjusted EBITDA amounted to a $3.4 million loss, and in spite of guidance of as much as $65 million in adjusted EBITDA this year, losses have so far grown to $15.3 million. Robert F.X. That show is American Idol, and as with Elvis, Sillerman is convinced he can make it an even bigger deal than it already is. This site is protected by reCAPTCHA Enterprise and the Google. 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). 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. In 1993 he founded SFX Broadcasting with a partner, R. Steven Hicks. CKX raised $251 million at its IPO earlier this year, which it used to pay back $150 million in loans from Bear Stearnsthe rest it paid directly to 19 Entertainment or kept as capital. [9] But from 2013 to 2014, the increase slowed to 11%; this year, its only 2.5%. SFX Broadcasting sold its 71 radio stations for $2.1 billion in 1998. How big will CKX become? In 2011, Apollo Management purchased CKX in 2011 for $512 million. There are so many ways to exploit that level of awareness. Robert Sillerman, founder of SFX Entertainment, has died, Billboard reports and Sillerman's lawyer Sanford Philip Rosen confirmed to Pitchfork. That means $125 million out of the $306 million paid for these two companies exceeds any tangible assets, including the value of trademarks. During its public run, the company also sold $295 million debt to finance additional acquisitions and fund operating losses. 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. 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. The man who bought Elvis is Robert F.X. It had earlier been trading on the NASDAQ exchange. The top contestants on the show are signed to Sony BMG, and 19 gets 10% of their recording revenue. 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. [6], In 1978 Sillerman and disc jockey Bruce Morrow bought two radio stations in upstate New York for $1.875 million. I have a million ideas all the time, says Fuller, but before I could only do one a year. But instead of a billion-dollar acquistion, Sillerman wiped out hundreds of millions in investor money and eventually had to file for bankruptcy. Sillerman had bought Elvis Presley Enterprises from Lisa Marie Presley in 2005, but later sold it to a private equity firm. Didnt work. Okay, so come on, Bob, what does F.X. Sillerman, 57, a Wall Street operator with a long history of minting money in the . 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. Then there are concert tours and merchandising. Sillerman denied this when talking to FORBES, noting that he never founded the company with Moreno and stopped working with him after learning of past legal run-ins, a conclusion that Feldman also disputes. Sillerman, the founder of SFX Entertainment, has died at the age of 71 due to respiratory illness. 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. First, understand that Sillerman actually owns very little of Elviss music. After that big deal, as with so many American business stories in 2000, things began to sour. On this Wikipedia the language links are at the top of the page across from the article title. SFX CEO Entertainment Robert F.X. He graduated from Brandeis in 1969 and, three years later, sold Youth Marketing Consultants to Ingalls, an advertising firm in Boston. Robert F.X. We've received your submission. Fullers company doesnt get a direct share of ad revenues from Fox; rather, it receives a $1.2 million fee per episode. He sold the company in 1971, and then launched I P+E, a sales marketing and promotion company. 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. 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. Impersonator shows can, if properly done, extend the brand, Sillerman says. 1 hit in more than two dozen countries, including the U.S.) And Elvis impersonators are still fixtures in everything from movies to corporate events. Take a walk through Elviss home with the throngs, and the feeling you get is reverential. Its main app NextGuide and Digit Reminder Button was integrated into Viggle software. However, since doubts of Sillerman's take-private began to emerge in July, the company hasn't disclosed a bona fide competing offer. 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. [8], In 1989 Sillerman formed Capstar Communications. He rides into town and leaves with all the money and the women. [30][31], In an interview with Billboard, Sillerman admitted that there were "no easy answers" surrounding why the company collapsed, but added that he didn't "begrudge the disappointment and anger" of his staff because he was just as disappointed over the company's performance. Robert F.X. Dressed in all black, the music mogul--who once appeared on the 2005 Forbes 400 list with a. Between Elviss legendary free spending and the fact that he didnt own his songs, the situation was dire. [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. Beyond the lawsuit, questions have also been raised about the fundamentals of a business that some analysts said relied on what they deemed a cultural fad. Some of those companies listed werent done deals, Estopinal tells Billboard, adding that Sillerman misrepresented his financing and capitalization as he put SFX together. Improved top-line growth did little to stave off a panic from investors, who were troubled to see the company once again fall short of the profits it had promised. Some noted that Sillerman was paying huge amounts of goodwill in his deals, so eager was he to build the company. stand for? 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. As the genre has grown in popularity, so too has the quantity of reports of drug-induced injuries and deaths at concerts. Brucie and Bob bought more stations and worked their magic on operations. ), Sillerman, who had extensive exposure to the rock & roll business as a radio executive and concert promoter, realized that owning the rights to a rock act could be a great business. There were people who told me, Im not doing a deal with this guy, hes going to die, Estopinal says. Today about 600,000 visitors make the pilgrimage to Graceland each year (30% from abroad), paying between $22 and $55 apiece. The company controlled the rights to booking the venue but did not own it. 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. But stars still do get born. And get this zinger from Reids report: CKX apparently has the right to shut down impersonator shows. (Say it aint so!) [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. I dont want to be like Martha Stewart and talk about what I shouldnt, Lisa says with a chuckle. Starting in the late 1970s, Mr. Sillerman built a portfolio of radio and television stations worth nearly $1 billion. As a business, though, Elvis has been stagnating. Says his longtime business partner, disc jockey Cousin Brucie Morrow: Bob is very exhausting to be with. In just the past few weeks weve seen a flurry of deals by companies seeking to profit from this tumult: TV networks are offering shows for sale, AOL is selling vintage programs online, and cellphones and iPods can now deliver music, video, and TV. Capstar applied for and received permission to operate more than one class of radio station in the same market. It was a smash right off the bat. 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. Another $25 million from CKX went to pay off EPE debt. I meet the people whose places we're buying. 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. He doesnt want to mess with anything. Robert F.X. Undervalued? And the King is content! Pei through the hallowed halls. Sillerman the former owner of Graceland who consolidated radio stations and concert ticket sales has sold for $7.7 million. When the King died in 1977, his estate was a mess. (A spokesman for Lisa Presley declined to comment. ), Sillerman with Rod Stewart and Dick Grasso at the NYSE.Henny Ray Abrams AFP/Getty Images. Man in the middle: Simon Fuller (in back) with Idol stars Kelly Clarkson, Ruben Studdard, and Fantasia Barrino. In February 1982 the probate judge told the trustees of the estate that he feared it would go bankrupt because of taxes and legal fees, says Jack Soden, a Kansas City money manager brought in to advise the Presley family. 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. Sillerman, the entertainment. Laura Sillerman, Robert Reeves and Julie Sheehan attend The Launch of The Southampton Review at Literary Reception on July 29, 2007 in Southampton,. Earlier this month in Los Angeles county, two female attendees of Live Nation-run event HARD Summer died of apparent drug overdoses. On Saturday, Sillerman gave an interview to FORBES and said that he takes full responsibility for the issues within his SFX Entertainment. Read the original story on The New York . The orginal goal was to buy Pasquale RotellasInsomniac, explained Estopinal. 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. The founder. He loves to party. 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. Whether I will actually select one or more [equity partners] will depend on what the final price is, he said of any future bid. You may find him a bit quirky. 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. 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. Anthony Effinger and Daniel Taub, "American Idol Sillerman Dealt Elvis Default Heartbreak in Vegas," Bloomberg.com, June 1, 2009. Young Sillerman graduated magna cum laude from Brandeis in 1969 after becoming immersed in counterculture politics and rock & roll. 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. FORTUNE may receive compensation for some links to products and services on this website. 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. Ive tried to get him drunk to get him to tell me, says Brucie. The second floor boasts two main bedroom suites with ensuitemarble bathrooms, woodburning fireplaces and a large planted terrace. 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? SFX Entertainment is likely well-managed on the festivals and business unit level and the companys shortcomings, in our view, appear to be with holding company management and its board of directors, which have arguably destroyed shareholder value, said analyst Richard Tullo of Albert Fried. In February 2014, a lawsuit was filed against Sillerman, for allegedly having defrauded a trio of business partners. Robert F.X. Bear Stearns analyst R. Glen Reid says to also look for a 2,000-seat Elvis theater in Vegas. and attractions such as Memphis' Graceland to Robert Sillerman, . 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. Elvis's 37-year-old daughter and heir, Lisa Marie, has . In addition to concerts, Robert F.X. Robert F.X. But he doesnt seem to be worried about anything of the sort. Robert Francis Xavier Sillerman (April 12, 1948 November 24, 2019)[1] was an American businessman and media entrepreneur. The last thing well be thinking about is margins, Sillerman told FORBES in July 2012. On August 14, Sillerman tabled his bid, saying that the markets made the ability to complete a deal virtually impossible., The fact the market said--which its entitled to--We dont believe that this deal is going to close is one thing, he said. 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. Another show with legs? 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. (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.) 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. The five-story home, between Lexington and Third avenues, is 5,885 square feet and was built in 1920. Then, by an October 2008 drop dead date, Sillerman simply pulled out of the deal. Synergy is not important. He bankrolled Mel BrooksBroadway production of The Producers and was golf partners with NBA legend Michael Jordan. If we can, this will dwarf the first SFX. A version of this article was originally published in the December 12, 2005 issue of Fortune. Some $20 million. 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. 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. 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. 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. 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. 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. document.getElementById( "ak_js_1" ).setAttribute( "value", ( new Date() ).getTime() ); Thanks for contacting us. Entertainment mogul Robert Sillerman is facing foreclosure on his $16 million Upper East Side town house for defaulting on a $12.5 million loan since 2015, a new lawsuit claims. We have to be careful to not deprecate Elviss legacy or to damage our authorized and official Elvis shows.. By day he majored in political science, while by night in 1966 he launched Youth Market Consultants, offering fellow students discount magazine subscriptions while advising marketers on how to target the teen set. 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. Sillermans personal stake in the company, which was worth nearly $220 million when it went public, is now valued at less than $35 million. 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. 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. Sillerman already has 18 acres on the Strip through MJX, a real estate company he controls. [7] The company was merged at the end of 1989 with a unit of Westinghouse Broadcasting in a then record-setting transaction worth $727 million. Once on the Forbes 400 list, . 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. Sillerman stood stone-faced on the cover of Billboard magazine. At first, advertisers and investors flocked to the new SFX. Once on the Forbes 400 list, he also briefly owned the WLAF's New York/New Jersey Knights. CKX also gets royalty rights to 24 Elvis movies. Robert F.X. (Photo: Robin Marchant/Getty Images). Lisa Marie Presley, Elvis' daughter, had sold the majority of Elvis Presley Enterprises, . But nearly every time Sillerman sold, he and his investors made money. I liked him, she says. Earlier this year Sillerman settled with the SEC for $179,000. We were misinformed by an SFX spokesman. [32], From 1993 Sillerman served as the Chancellor of the Southampton College of Long Island University, replacing Angier Biddle Duke. Mr. But for years he had maintained a golden touch in building media franchises and extracting maximum value from them. Even more worrying, SFXs cash reserves dwindled to $38.6 million. PHOTOGRAPH BY GREG MILLER. That is, if SFX is still around in a year to run those events. (Rumors suggesting that Sillermans next big acquisition has been delayed have been a drag on the stock.) 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. As his business world collapses around him, Sillerman seemed relatively relaxed over the phone. 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