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. His brother, Michael, confirmed his death but gave no other details. In 1989 he sold a group of radio stations to Westinghouse (now Viacom) for $389 million. Elvis sighting: Owner, icon, and fan in downtown Manhattan. We thought there were only three rock groups worth owning, says a source in Sillermans camp, Elvis, the Beatles, and the Stones. Another show with legs? Robert F.X. Thats the whole game., Robert F.X. Robert Francis Xavier Sillerman (April 12, 1948 November 24, 2019)[1] was an American businessman and media entrepreneur. Thats not the way I view the entertainment businessI view it as an art not as a science.". 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. Sillerman has a $1 billion plan to conquer the world of dance music, read the publications cover line. 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. Its easy to say that in hindsight, Sillerman told Billboard in a June 9, 2016article. Around that time Sillerman was diagnosed with tongue cancer and underwent chemotherapy, which sidelined him for several months. But the flattening rates for top acts may be symptomatic of demand, a signal that EDM more broadly is approaching a saturation pointand that pouring more money into creating more festivals, Sillermans plan all along, is not a viable strategy anymore. As a subscriber, you have 10 gift articles to give each month. How Trust In Institutions Determines COVID Vaccination Rates In The EU, Clubhouses Future Depends On Data - How To Build A TikTok Like Algorithm. What kind of person would grow up to have business dreams like these? 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. Dressed in all black, the music mogul--who once appeared on the 2005 Forbes 400 list with a. Yes, Elviss core fans are aging, but young people still are drawn to the man with the oversized Q-rating. Sillerman, 57, a Wall Street operator with a long history of minting money in the media business. Lately Sillerman has become more guarded, though. This company owned "American Idol" and the licensing rights to Elvis Presley and his Graceland estate. (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.) Synergy is not important. Late last year Lisa Presley flew to New York to meet Sillerman face to face. Sillerman is largely responsible for helping create two of the biggest companies in music iHeartRadio and Live Nation through a series of deals he finalized in the late 1990s. In 2001, Britains ITV put Fullers baby, Pop Idol, on the air. 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. The last thing well be thinking about is margins, Sillerman told FORBES in July 2012. 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). In 2017, he almost lost the home after defaulting on a $12.5 million loan, The Post reported at the time. Within a matter of weeks it is likely that CKX will announce some sort of Elvis Presley or Graceland-themed casino in Las Vegas. Sillerman in the gift shop at Graceland, Elvis Presleys home in Memphis. 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. SFX CEO Entertainment Robert F.X. And sad. Clear Channel would later spin off its concert holdings into Live Nation in 2005 with CEO Michael Rapino at the helm, which grewinto the most dominate company in music, with $15 billion in revenue reported in 2019. I ask Sillerman about his revenue and income projections for his Elvis and American Idol businesses. Maybe, but maybe not. Elviss legendary manager, Colonel Tom Parker (a.k.a. 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. He doesnt want to mess with anything. I also thought she was shrewd and perceptive. After selling SFX Entertainment, Mr. Sillerman pursued various entertainment projects. Sillerman stood stone-faced on the cover of Billboard magazine. On the subject of corporate partnerships, Sillerman said he underestimated the time it would take to sign up sponsors for SFXs events. Before 157 West 57th Street became One57, that glassy billionaire's priapism which has come to stand for a whole battery of class . [9] Now that Im a part of CKX, I have the resources to do three or four. Sillerman hopes thats a positive, not a negative. We've received your submission. Though the Elvis business isnt that big yet, it gives us a window into how Sillerman operates. According to Billboard, Sillerman died of a. I have a million ideas all the time, says Fuller, but before I could only do one a year. Backstage at The Ed Sullivan Show, 1956: Elvis with the host and manager Parker (left). 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. (Photo: Robin Marchant/Getty Images). 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.. Sillerman was a significant player on Broadway. Robert F.X. Sillerman Dies at 71; Built Entertainment Empires, https://www.nytimes.com/2019/11/28/arts/music/robert-fx-sillerman-dead.html. F 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 for illegally. 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. We cured him. By 1985 the pair had accumulated some 70 stations, which they sold for some $50 million. 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. 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. Sillerman was known for pushing the envelope. And there are between 105 and 110 scheduled for next year.. 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. Its a word Ive never liked. The second floor boasts two main bedroom suites with ensuitemarble bathrooms, woodburning fireplaces and a large planted terrace. (Hicks Muse agreed to spin this business off to SFX shareholders.) Fullers company doesnt get a direct share of ad revenues from Fox; rather, it receives a $1.2 million fee per episode. 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 just didnt a fabout anything, said one former business partner who did not want to share their name. [21], In 2012, Sillerman rebooted SFX Entertainment, this time with a focus on the electronic dance music industry. Lawsuits increasingly became a common part of his life, including a suit from a luxury real estate firm for breach of contract after he allegedly cut the firm out of a $114 million real estate deal withoutpaying their commissions. Some of those companies listed werent done deals, Estopinal tells Billboard, adding that Sillerman misrepresented his financing and capitalization as he put SFX together. Mr. Sillerman gained control of the Presley estate. The studio of course had a glass wall. Even so, Sillermans 47% stake is worth some $400 million. 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. Terms & Conditions. On Wall Street they like to say that Bob Sillerman hardly knows failure, but he saw it firsthand growing up. This year, there are 88 festivals that we anticipate doing, said Sillerman. American Idol is much more like a game show than a reality show, says Fuller. [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 already has 18 acres on the Strip through MJX, a real estate company he controls. The company that emerged would become Clear Channel, which is now known as iHeartRadio. How big will CKX become? He sold the company SFX Entertainment to Clear Channel for $4.4 billion in 2000. Now that Sillerman's deal is dead, SFX is in a mad dash to find a new buyer. But when I took it to America, almost everyone rejected it, Fuller recalls. 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. 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. At the time of the companys formation, Sillerman boasted of his ability to go toe-to-toe with Live Nation Entertainment, the live events behemoth which was formed out of the firm he sold to Clear Channel for $4.4 billion in 2000. 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. Read the original story on The New York . In fact, theres a hit TV show in the business of finding them. 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. He replied with an email that said, Can I borrow a dollar? Estopinal said. There was no retirement plan. We have to be careful to not deprecate Elviss legacy or to damage our authorized and official Elvis shows.. Sillerman. By the time Mr. Sillerman began buying radio stations in the late 1970s, he was using a new name: Robert F.X. 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 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. 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. 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. Since then, revenues have grown but profits have vanished. Just months before he died, he was sued by the Securities and Exchange Commission for allegedly diverting investor proceeds for his own use. Investor Robert Sillerman is combining the King, American Idol, and other entertainment assets to build his next media conglomerate. Another show with legs? 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. Industry sources suggested that a possible buyer could be Live Nation. 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? 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. 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. He was an executive. Robert F.X. Why? His timing seemed impeccable. By then Sillerman was already toiling away on his next project, SFX Entertainment, a company that would own concert venues and other media properties. Sillerman's net worth , money, salary, income, and . Sillerman, Concert Industry Consolidator, Dies at 71 By Roy Trakin Mark Chilvers/The Independent/Shutterstock Robert F.X. 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. 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 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. "[9], On February 8, 2011, Sillerman announced an agreement to acquire control of Gateway Industries, Inc. (GWAY.PK). Because American Idol is whats known as event programming, meaning that because its a contest, you almost have to watch it live. That didnt work out, but when we started talking, Insomniacs acquistion price was $10 million, he said. The company has teased burned investors with an "indication of interest" from an unnamed bidder. And they said they would synergize their content. Eight years later he unloaded a bunch of stations to Hicks Muse for $2.1 billion. Sillerman had bought Elvis Presley Enterprises from Lisa Marie Presley in 2005, but later sold it to a private equity firm. 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. 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. (Per capita, Canadian Idol is much bigger than its U.S. [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. Today about 600,000 visitors make the pilgrimage to Graceland each year (30% from abroad), paying between $22 and $55 apiece. His cost basis on these shares? PHOTOGRAPH BY GREG MILLER. Recognizing the environment she was raised in, I thought she was astounding. Sillerman was also a major shareholder of CKX Inc. 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. 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. Billboard is a part of Penske Media Corporation. Additionally, Robert FX Sillerman has had 6 past jobs including Founder at Live Nation. He is also the founder of Viggle and the namesake of The Sillerman Center for the Advancement of Philanthropy at Brandeis University. SFX Entertainment was the largest presenter, promoter and producer of live events in the world. The entrance is through original doors from the Paramount Theater. In 2000, the radio chain Clear Channel Communications bought SFX for $4.4 billion. Robert FX Sillerman is the Founder at Function (x). 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. Elvis's 37-year-old daughter and heir, Lisa Marie, has . 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.) . It was a very good, good combination, says Morrow. He likes to jump out of the bushes or hide in hotel rooms and scare people, says Cousin Brucie. 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. "Robert F. X. Sillerman," Wikipedia.org. Raised in the Bronx, New. The New York entrepreneur is most notably known for consolidating a number of U.S.. Sillerman, the former CEO of Function (x), Inc., with orchestrating an offering fraud and diverting offering proceeds to repay loans he had previously made to the company. But if you walk down the street, youll be hard-pressed to find somebody who doesnt know what it is. They wanted to marry content with distribution, where CKX will not be in the traditional distribution business. Todays star- making machinery is half-a-century and light years away from that process. There is little profit to invest in potentially lucrative assets like the Heartbreak Hotel, across the street from Graceland. FORTUNE may receive compensation for some links to products and services on this website. Once on the Forbes 400 list, he also briefly owned the WLAF's New York/New Jersey Knights. 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. Sillerman has passed away at age 71, according to The New York Times. 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. Industrial Media. At the time it was the largest gift ever received by an alumnus to the university. 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. CKX has the rights to the Elvis name, image, likeness, and trademark, which are currently used in 100 or so merchandising and licensing deals. This stands out as unique. 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). 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. 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. What we wanted to do was to take this to another level. Lisa says that she, her mother, and Soden had spoken for years about bringing in outside investors and/or management, but nothing clicked. Well, its a little early to ask that question. Really? He was married to Laura Baudo. Mr. Sillerman called it an inside joke. It was a smash right off the bat. Now when we dont need it, were flooded with it, Sillerman says. Bear Stearns analyst R. Glen Reid says to also look for a 2,000-seat Elvis theater in Vegas. 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. 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. That means $125 million out of the $306 million paid for these two companies exceeds any tangible assets, including the value of trademarks. . Once on the Forbes 400 list, . [36] Sillerman was also a donor and fundraiser for the Democratic Party in the United States. Attracting funds, at least at this point, wont be a limitation. 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. Sillerman has taken legal action against the company, seeking about $15.8 to cover. He also made money on Broadway as an executive producer for Mel Brooks' musical The Producers. 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. During its public run, the company also sold $295 million debt to finance additional acquisitions and fund operating losses. [4] After graduating from the Collegiate School, he attended Brandeis University. Sillerman, the entertainment entrepreneur who helped. [38] The dispute was settled out of court for an undisclosed amount. When asked if Bob was dishonest about the companys health, Finkel told Billboard, It was more complicated than that. Then, by an October 2008 drop dead date, Sillerman simply pulled out of the deal. The hotel, Sillerman and Soden say, is just screaming to be expanded, upgraded, and replicated in other locations. 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. On Saturday, however, Sillerman was fielding questions on whether the company would go bankrupt--he said there was a zero percent chance--and admitting that he didnt work with the right people. Its also unclear if he was ever the right man for the job. He seems to have a knack for selling just when markets are at their peak, which has given some buyers severe indigestion. 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. 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). He bankrolled Mel BrooksBroadway production of The Producers and was golf partners with NBA legend Michael Jordan. Try A Different OS, Get Vaccinated? In 2011, he tried to replicate his past success by capitalizing on the dance music craze, consolidating the EDM business into what he hoped would be a Live Nation-style powerhouse. On Jun 7, 2012, Function (X), Inc. was renamed Viggle, which changed the company stock listing to VGGL. 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. Sillerman was born on April 12, 1948 in Manhattan, New York, USA. DJ Afrojack (left) and Sillerman at the NASDAQ MarketSite in New York in 2013. The companys chief Michael Rapino declined a request for an interview through a spokesperson. 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. 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. 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. Businessman and media entrepreneur Bob was dishonest about the companys chief Michael Rapino a! A part of CKX, I have the resources to do three or four Entertainment... 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King, American Idol, on the electronic dance music industry up to have business dreams like these what is! Founder at Live Nation with distribution, where CKX will announce some sort of Elvis Presley Enterprises Lisa... Quot ; Wikipedia.org ] now that Im a part of CKX, I have the resources to do to! This to another level in July 2012 I ask Sillerman about his revenue and income projections for his and... Daughter and heir, Lisa Marie, has come streaming in, and in., confirmed his death but gave no other details investors with an `` indication of ''! Environment she was astounding Live Nation just when markets are at their peak, which is now known as.... Million loan, the music mogul -- who once appeared on the Forbes! Business isnt that big yet, it receives a $ 12.5 million loan, the calls come streaming,.