Some $20 million. Embattled music executive Robert Sillerman, who founded the company that would eventually become ticketing and concert giant Live Nation, has died at the age of 71. Robert F.X. And they said they would synergize their content. 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. Ive tried to get him drunk to get him to tell me, says Brucie. 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. 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. Sillerman, the entertainment. And dont forget about the Heartbreak Hotel. Connecting the show to phones, through the Internet, through merchandising, and ways I cant talk about yet.. In 19, Sillerman saw a small but dynamic media company with one of the hottest TV shows on the planet. Sillerman graduated from Brandeis University in 1969, avoided the Vietnam War draft due to an injury and eventually went on to buy 92.7 WALL-FM in Middletown, New York, with famed DJ Bruce Cousin Brucie Morrow, according to Ticket Masters. Thats not the way I view the entertainment businessI view it as an art not as a science.". counterpart.) In characteristic form, Sillerman wont give investors any firm commitments. In 1993 he founded SFX Broadcasting with a partner, R. Steven Hicks. Sillerman was born on April 12, 1948 in Manhattan, New York, USA. After that big deal, as with so many American business stories in 2000, things began to sour. Robert Franklin Sillerman was born in Manhattan on April 12, 1948, to Michael McKinley Sillerman, a radio and television executive, and Estelle (Levande) Sillerman. 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. 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. 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. We cured him. By 1985 the pair had accumulated some 70 stations, which they sold for some $50 million. 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. In September 2012, Sillerman announced his biggest project to date on the cover of Billboard, sporting a black leather jacket, a global-shaped disco ball and a handkerchief in his pocket that famously read FOff., Its a universal statement, Sillerman told Billboard writer Kerri Mason. He passed away in his sleep on Sunday at the age of 71. Pei through the hallowed halls. He just didnt a fabout anything, said one former business partner who did not want to share their name. Sillerman was a significant player on Broadway. He seems to have a knack for selling just when markets are at their peak, which has given some buyers severe indigestion. A megayacht-turned-ultra-luxury cruise ship is heading for Once a dining hotspot, this shuttered NYC restaurant owes the city $32M in rent, Mary-Kate and Ashley Olsen's 'It Takes Two' abandoned mansion demolished, Inside the 1,700-acre Murdaugh family murder farm now on sale for $3.9M, Fking heartless Kristin Cavallari admits to recently dumping guy via text, The Selena Gomez and Kylie Jenner eyebrow drama, explained, Lisa Hochstein confirms shes dating great Jody Glidden amid Lenny divorce, Good luck 'worming' your way out of this one, Meghan Markle, Prince Harry have first night out since bombshell 'Spare' released, 11-year-old reads aloud from 'pornographic' book he checked out from library at school board meeting. To Sillerman the soft patch was an opportunity to reload. Even so, says Lisa Presley, theres only so far you can take a family-run business. Just ask the makers of the smash-hit movie Lilo and Stitch, who used an Elvis soundtrack to great success. Sillerman worth at the age of 71 years old? 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. He sold the company in 1972 to the Boston ad firm, Ingalls. ", "Mobile app Viggle sets terms for $50 million NASDAQ listing", "GetGlue Sale to Sillerman's Viggle Cancelled", "GetGlue Acquired by Viggle for $25M, 48.3M Shares of Stock", "Viggle Buys Dijit Media, in Another Second-Screen TV Mashup", "Viggle Acquires Dijit, Will Connect Its Rewards Program To Dijit's TV Discovery App", "With Over 9.5 Million Registered Users, Viggle Expects Fiscal 2015 Revenue to Increase More Than 40% Year-Over-Year to $25.6 Million", "SFX Beefing Up Digital Capabilities, Plans to Buy Tunezy, Fame House and Arc90", "Mogul to Increase Bets on Electronic Dance Music", "SFX Enters Ticketing Business with $16.2 Million Acquisition of Europe's Paylogic", "Electronic music promoter SFX files for $175-million IPO", "Robert F.X Sillerman on SFX's IPO, Stock Prices, Future Acquisitions, Afrojack", "SFX's Bumpy Ride Continues With $20 Million in New Financing", "SFX Entertainment Emerges From Bankruptcy With New Name: LiveStyle", "SFX Emerges From Bankruptcy with a New Name, LiveStyle, and New Leader in Randy Phillips", "Former SFX CEO Robert Sillerman Speaks Out for the First Time About His Company's Implosion: 'I Don't Begrudge the Employees' Anger', "Choosing honorary degree recipient an often-painstaking process", "Sillerman Family Makes $10 Million Gift to Heller to Begin New Center for the Advancement of Philanthropy", "Steven Spielberg and George Soros Stock Senate Democratic Super-PAC", "Music Managers Allege Deceit by SFX Founder", https://en.wikipedia.org/w/index.php?title=Robert_F._X._Sillerman&oldid=1135076047, American entertainment industry businesspeople, American telecommunications industry businesspeople, Short description is different from Wikidata, Creative Commons Attribution-ShareAlike License 3.0, This page was last edited on 22 January 2023, at 14:00. 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. These are Sillermans strengths: identifying trends in the media business before others, then gathering and deploying capital to make the strategy work. unclear if newer events will have the same kind of draw. Sillerman in the gift shop at Graceland, Elvis Presleys home in Memphis. We thought there were only three rock groups worth owning, says a source in Sillermans camp, Elvis, the Beatles, and the Stones. 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. The show is also being franchised in 100 countries. Inspite of the distractions, he explained that he is 100% committed to do a deal to take SFX private and is in robust conversation with several people that want to participate with him. And the King is content! It comes with five bedrooms and 5 bathrooms. 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. Because American Idol is whats known as event programming, meaning that because its a contest, you almost have to watch it live. 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. [6], In 1978 Sillerman and disc jockey Bruce Morrow bought two radio stations in upstate New York for $1.875 million. 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. 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. I thought he was asleep. All these ballet dancers from Russia were huge Elvis fans, and [their handlers] were asking for our help to get them out of here and back to rehearsal. Backstage at The Ed Sullivan Show, 1956: Elvis with the host and manager Parker (left). Lisa received $50 million in cash, plus $26 million in CKX common and preferred stock. Function (x) Founder Education Robert FX Sillerman studied at Brandeis University. He was 71. "Robert F. X. Sillerman," Wikipedia.org. Its different, Sillerman says. 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. He made billions of dollars in two huge sales, but died in bankruptcy, pursued by the government and suffering the painful complications of a decade of throat cancer, eating out of a feeding tube and findingit increasingly difficult tobreathe. 19 also manages the career of soccer superstar David Beckham and his wife, Victoria (a.k.a. Revenues at the company that manages his affairs, Elvis Presley Enterprises, have been flat at $40 million for five years. (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.) She also criticized the investors and analysts watching the company, saying they spent much of 2015 ignoring all indications that the Company was in a poor financial state and ignored key developments like a decision by Moodys to downgrade SFXs credit rating a development that under normal circumstances would be a significant red flag for investors. But when I took it to America, almost everyone rejected it, Fuller recalls. Robert F.X. Sillerman, Self: 60 Minutes. Im also confident that we will create a better experience for the fans, Mr. Sillerman said in an interview with The New York Times. Some of those companies listed werent done deals, Estopinal tells Billboard, adding that Sillerman misrepresented his financing and capitalization as he put SFX together. 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. 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. Thats not part of our strategy.. 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. How big will CKX become? 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. Perhaps the bigger question centers on the inherent limits of EDMs popularity. You may find him a bit quirky. 19 did some $92 million in revenues last yearwith about a third coming from the Idol showsand earned $12.6 million. Impersonator shows can, if properly done, extend the brand, Sillerman says. Even when he was being sued in the end and was broke, hacking and wheezing with a hole in his throat and eating through a feeding tube, he was cracking blowjob jokes and talking about how he was going to f this guy and how this other guy was a scumbag.. 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 attempted to rebrand the project as a Baccarat Hotel but this also failed. And sad. Sillerman, 57, a Wall Street operator with a long history of minting money in the . Sillerman had bought Elvis Presley Enterprises from Lisa Marie Presley in 2005, but later sold it to a private equity firm. Robert F.X. So what he said so eloquently, I say, Foff.'. The hotel, Sillerman and Soden say, is just screaming to be expanded, upgraded, and replicated in other locations. on fraud charges for his work with Function (X). 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. But Sillerman was drawn to his fathers business. (Photo credit: Jonas Roosens/AFP/Getty Images). The Securities and Exchange Commission today charged New Hampshire resident Robert F.X. 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. His father, Michael McKinley Sillerman, was a radio executive who went bankrupt when his son was 13. Didnt work. Okay, so come on, Bob, what does F.X. "[9], On February 8, 2011, Sillerman announced an agreement to acquire control of Gateway Industries, Inc. (GWAY.PK). 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. Viggle registers the television show a person is watching, and engages the users with a loyalty program for viewing particular programs. 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. To Sillerman, Elvis is an underexploited asset, like a poorly managed textile company or a baseball team without a marketing department. Since then, revenues have grown but profits have vanished. The founder. 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. When SFX went public in Oct. 2013, businesses the company owned or was in the process of acquiring earned $14.6 million in adjusted EBITDA on combined revenue of $239 million. Investor and media executive Robert F.X. Robert F.X. The studio of course had a glass wall. (Per capita, Canadian Idol is much bigger than its U.S. Robert F.X. His net worth has been growing significantly in 2021-2022. Sillerman was the owner of a range of television and radio stations during the 1970s and 1980s, In 1993 he formed SFX Broadcasting, and then built SFX Entertainmenta concert and stage performance promoter that was sold to Clear Channel in 2000 for $4.4 billion. This site is protected by reCAPTCHA Enterprise and the Google. Another $25 million from CKX went to pay off EPE debt. . 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. They wanted to marry content with distribution, where CKX will not be in the traditional distribution business. (Photo: Robin Marchant/Getty Images). 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. (The balance is transaction costs.). Sillerman was born into a media household, raised in the Riverdale section of the Bronx, and attended top private schools in New York City. So, how much is Robert F.X. 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. You either have to grow or go down. In other words, Elvis is a classic buying opportunity: The underlying fundamentals are sound, but current management has been unable to take the business to the next level. 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. 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. We bought companies based on what we anticipated that we could bring in incremental sources of revenue.. Brucie and Bob bought more stations and worked their magic on operations. Mr. Sillerman largely withdrew in recent years, moving to New Hampshire and dealing with the fallout from the collapse of several businesses. But stars still do get born. While attending Brandeis University, he founded Youth Market Consultants, which sold magazine subscriptions to students and in turn advised companies on how to reach that market. As for spinoffs, did we mention that another smash hit on Fox, So You Think You Can Dance, is produced by Fuller too? A brash figure in the financial pages, he bought and sold lucrative radio and concert businesses and controlled the Elvis Presley estate. 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. In 2017, he almost lost the home after defaulting on a $12.5 million loan, The Post reported at the time. Sillerman, Concert Industry Consolidator, Dies at 71 By Roy Trakin Mark Chilvers/The Independent/Shutterstock Robert F.X. document.getElementById( "ak_js_1" ).setAttribute( "value", ( new Date() ).getTime() ); Thanks for contacting us. 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? As a subscriber, you have 10 gift articles to give each month. 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. Synergy is not important. Sillerman has a $1 billion plan to conquer the world of dance music, read the publications cover line. 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 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. Arent companies like Viacom (VIAB) and Time Warner (TWX) disassembling or considering disassembling their empires, while Sillerman is putting one together? 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. All rights reserved. [13] The first product the company produced was called "Viggle", released in January 2012, which used a mobile app as its primary interface. Mr. So he offered investors a lower price, $12 a share, and the sale was extended even longer. Today about 600,000 visitors make the pilgrimage to Graceland each year (30% from abroad), paying between $22 and $55 apiece. Mr. Sillerman gained control of the Presley estate. Once on the Forbes 400 list, . He has unbounded energy when it comes to business. Sillermans new frontier was to be EDM, a genre whose live events like Electric Daisy Carnival and Belgiums Tomorrowland were drawing millions of neon-wearing, glow stick-flashing young adults to festival grounds around the world. Maglan Capital, an owner of roughly 1.5% of SFX Entertainment's outstanding stock, called Sillerman's $4.75 a share go private offer "a way low-ball bid." Starting in the late 1970s, Mr. Sillerman built a portfolio of radio and television stations worth nearly $1 billion. I could tell you, but Id have to kill you, he says. 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. This is a long-term perspective, [but] a 10% return on equity from our perspective would be insufficient.. Robert F.X. He set up what became his signature company, SFX, which he took public in 1993 at $15 a share. The massive property that was assembled from four different plots of land has just hit the market for a staggering $150 million. Only Mike Darnell [at Fox] got it straight away., Man in the middle: Simon Fuller (in back) with Idol stars Kelly Clarkson, Ruben Studdard, and Fantasia Barrino.Ray Mickshaw WireImage/Getty Images. SFX now has a market capitalization of $88 million. 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. Robert F.X. 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. And then in early 2000, lightning struck again. SFX Broadcasting sold its 71 radio stations for $2.1 billion in 1998. I have a million ideas all the time, says Fuller, but before I could only do one a year. 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