Capstar applied for and received permission to operate more than one class of radio station in the same market. FORBES first started charting DJ earnings in 2012; a year later, the collective income of the top ten acts had doubled. Sillerman's net worth , money, salary, income, and . Robert F.X. On Wall Street they like to say that Bob Sillerman hardly knows failure, but he saw it firsthand growing up. 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. Attracting funds, at least at this point, wont be a limitation. around. As for Sillermans take on Lisa: I was impressed with how real and grounded she was. Former SFX Entertainment founder Robert Sillerman has agreed to pay a $179,000 fine after the U.S. Securities and Exchange Commission charged the businessman with fraud and illegally diverting fund The Bolshoi Ballet came en masse to Graceland, Soden recalls. 2023 Billboard Media, LLC. (A hip-hop-style remix of A Little Less Conversation was a No. But it had to be a biggie to make economic sense. Thats the whole game., Robert F.X. Unable to eat solid foods, he was prone to horrible coughing fits and had to eat through a feeding tube. [32], From 1993 Sillerman served as the Chancellor of the Southampton College of Long Island University, replacing Angier Biddle Duke. Brandeis University Recent News and Activity Funding Round Sep 16, 2014 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. 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. Robert F.X. Todays star- making machinery is half-a-century and light years away from that process. On Jun 7, 2012, Function (X), Inc. was renamed Viggle, which changed the company stock listing to VGGL. [4] After graduating from the Collegiate School, he attended Brandeis University. Striking a deal shouldnt be that difficult. First, understand that Sillerman actually owns very little of Elviss music. That didnt work out, but when we started talking, Insomniacs acquistion price was $10 million, he said. 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 show with legs? And dont even think about asking him what his middle initials, F.X., stand for. Several managers and big-name acts from Ozzy Osborne to Shania Twain reportedly bristled over having to negotiate with such a corporate gorilla. In the mid-1970s he scraped together $600,000 and enlisted Cousin Brucie Morrow, then one of the top deejays in the country, to become his partner and buy a rock & roll radio station in Middletown, N.Y. Bob can sell igloos, says Morrow. Robert F.X. Sillerman was born into a media household, raised in the Riverdale section of the Bronx, and attended top private schools in New York City. But if you walk down the street, youll be hard-pressed to find somebody who doesnt know what it is. It had earlier been trading on the NASDAQ exchange. I thought he was asleep. And I haven't a fucking clue what they do or what they're talking about. At Ingalls he met a young copywriter, Laura Baudo, who would become his wife. Robert F.X. 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. [6] Sillerman was married to copywriter Laura Baudo, whom he met at Ingalls. He is also the founder of Viggle and the namesake of The Sillerman Center for the Advancement of Philanthropy at Brandeis University. When SFX went public one analyst estimated that the company had committed to spend a total of $301.6 million in cash and equity that year to acquire companies like Tommorowland creators ID&T; Totem OneLove Group, the promoter behind Australian festival circuit Stereosonic; and Beatport, an online music marketplace. Sillerman was eventually pushed out of the company by creditors and it re-emerged as LiveStyle in 2017 with entertainment veteran Randy Phillips at the helm. 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. Take a walk through Elviss home with the throngs, and the feeling you get is reverential. They had a per diem, and they were missing meals and saving money so they could buy more stuff at the shop. Soden has escorted everyone from William F. Buckley to I.M. Sillerman became one of the most intriguingand wealthiestmen in music by twice betting on his vision for the future of mass media. I suppose there are all kinds of gratifying lines of work, he says. Robert F.X. 19 did some $92 million in revenues last yearwith about a third coming from the Idol showsand earned $12.6 million. Yes, Elviss core fans are aging, but young people still are drawn to the man with the oversized Q-rating. (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? The show is also being franchised in 100 countries. However, since doubts of Sillerman's take-private began to emerge in July, the company hasn't disclosed a bona fide competing offer. In 2011, Apollo Management purchased CKX in 2011 for $512 million. He sold the company in 1971, and then launched I P+E, a sales marketing and promotion company. Hes like a little boy. While some might find that a 25th wedding anniversary is best celebrated privately, Sillerman held his at the Manhattan rock hall Irving Plaza with hundreds of guests. Elvis's 37-year-old daughter and heir, Lisa Marie, has . In fact, theres a hit TV show in the business of finding them. Early rewards included gift cards to retail establishments. 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. He graduated from Brandeis in 1969 and, three years later, sold Youth Marketing Consultants to Ingalls, an advertising firm in Boston. He sold the company in 1972 to the Boston ad firm, Ingalls. In 2000 he sold a company that owned concert venues to Clear Channel for a reported $3 billion. Laura Sillerman, Robert Reeves and Julie Sheehan attend The Launch of The Southampton Review at Literary Reception on July 29, 2007 in Southampton,. I could tell you, but Id have to kill you, he says. [36] Sillerman was also a donor and fundraiser for the Democratic Party in the United States. 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. [29] In December, the company went private and was renamed LiveStyle, with Sillerman exiting the company in favor of former AEG Live executive Randy Phillips as CEO. 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. [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. The top contestants on the show are signed to Sony BMG, and 19 gets 10% of their recording revenue. [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. Its main app NextGuide and Digit Reminder Button was integrated into Viggle software. Think about it. In addition to Mr. Sillermans brother, Ms. Baudo Sillerman survives him. An entrance foyer leads to a chefskitchen, while a double-wide staircase leads upstairs to the first floors entertainment spaces: a living room, wood-paneled library, formal dining room, serving kitchen with a dumbwaiter and three of seven woodburning fireplaces. His brother, Michael, confirmed his death but gave no other details. He wa The prior owner, ex-HBO CEO Richard Plepler now founder and CEO of Eden Productions had once listed it for $18.5 million in 2008 after buying it for $2.33 million in 2002. He doesnt want to mess with anything. 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. 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. Its different, Sillerman says. [15][16] As of the end of 2013 Viggle had about 3.7 million users. They said music doesnt work on TV in America. 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. 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. Even very young people. So what he said so eloquently, I say, Foff.'. Robert Francis Xavier Sillerman (April 12, 1948 November 24, 2019)[1] was an American businessman and media entrepreneur. But when I took it to America, almost everyone rejected it, Fuller recalls. Perhaps the bigger question centers on the inherent limits of EDMs popularity. Jeopardy, Wheel of Fortune, The Price Is Rightthese shows go on for decades. This past season American Idol ratings averaged over 27 million viewers per episode, up 5% from last season. I liked him, she says. 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. Some of those companies listed werent done deals, Estopinal tells Billboard, adding that Sillerman misrepresented his financing and capitalization as he put SFX together. Late last year Lisa Presley flew to New York to meet Sillerman face to face. To Sillerman, Elvis is an underexploited asset, like a poorly managed textile company or a baseball team without a marketing department. Sillerman, Concert Industry Consolidator, Dies at 71 By Roy Trakin Mark Chilvers/The Independent/Shutterstock Robert F.X. 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. They wanted to marry content with distribution, where CKX will not be in the traditional distribution business. 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. Could it be that Sillerman didnt fully understand this--or just how skittish it would make brands? In 2017, he almost lost the home after defaulting on a $12.5 million. His cost basis on these shares? Sillerman was known for pushing the envelope. Thats not the basis of CKX. Man in the middle: Simon Fuller (in back) with Idol stars Kelly Clarkson, Ruben Studdard, and Fantasia Barrino. Some $20 million. As for spinoffs, did we mention that another smash hit on Fox, So You Think You Can Dance, is produced by Fuller too? This site is protected by reCAPTCHA Enterprise and the Google. FORTUNE may receive compensation for some links to products and services on this website. 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. He was an executive. Around that time Sillerman was diagnosed with tongue cancer and underwent chemotherapy, which sidelined him for several months. The third and fourth floors boast a bedroom with 20-foot ceilings, a woodburning fireplace, two bathrooms one of which has another woodburning fireplace and two dressing rooms. 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. Correction: In The Man Who Bought Elvis (Dec. 12), we wrote that SFX Entertainment once owned New York Citys Roseland Ballroom. Sillermans personal take was a reported $219 million. Mr. Sillerman called it an inside joke. Then there are concert tours and merchandising. Despite having established brands, the festivals that were acquired by Sillerman's empire collectively moved in the opposite direction of what was expected. PHOTOGRAPH BY GREG MILLER. Brucie and Bob bought more stations and worked their magic on operations. Sillerman, the New York entertainment businessman who consolidated a series of companies and helped form the modern concert industry, died Sunday of a respiratory illness, Billboard. There were people who told me, Im not doing a deal with this guy, hes going to die, Estopinal says. The listing brokers are Douglas EllimansCaroline Holl, Michael Russell and Stephen Geller. Sillerman, the entertainment. "[9], On February 8, 2011, Sillerman announced an agreement to acquire control of Gateway Industries, Inc. (GWAY.PK). These are Sillermans strengths: identifying trends in the media business before others, then gathering and deploying capital to make the strategy work. 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. 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. Sillerman, the founder of SFX Entertainment, has died at the age of 71 due to respiratory illness. A year later, Sillerman was pushed into bankruptcy over an unpaid $7.4 million promissory note to React Presents during the SFX rollup. As his business world collapses around him, Sillerman seemed relatively relaxed over the phone. 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. And get this zinger from Reids report: CKX apparently has the right to shut down impersonator shows. (Say it aint so!) Sillerman attempted to rebrand the project as a Baccarat Hotel but this also failed. Sillerman worth at the age of 71 years old? 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. Industry sources suggested that a possible buyer could be Live Nation. 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. Young Sillerman graduated magna cum laude from Brandeis in 1969 after becoming immersed in counterculture politics and rock & roll. S&P Index data is the property of Chicago Mercantile Exchange Inc. and its licensors. There is little profit to invest in potentially lucrative assets like the Heartbreak Hotel, across the street from Graceland. After that big deal, as with so many American business stories in 2000, things began to sour. And she had a great sense of humor., Here then are the terms of the deal between Sillerman and Lisa Presley: CKX paid $114 million for an 85% interest in Elvis Presley Enterprises; Lisa retains the other 15%. Synergy is not important. Sillerman, a triathlete who loves vigorous games of volleyball and basketball, has recovered and now sports a yellow Livestrong bracelet. While Sillermans buying spree made sense to few of the sellers in the later 90s, the dots quickly connected by the time he sold the business. [6], In 1978 Sillerman and disc jockey Bruce Morrow bought two radio stations in upstate New York for $1.875 million. Sillerman, poses after ringing the Nasdaq closing bell on Oct. 9, [+] 2013, the day his company went public. That suit, led by dance promoter Paolo Moreno, alleges that Sillerman, who was completely unfamiliar with dance music, took the idea to acquire and combine global EDM companies from him and his associates after they had agreed to work with the businessman and Finkel. 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. (Photo: Robin Marchant/Getty Images). When asked if Bob was dishonest about the companys health, Finkel told Billboard, It was more complicated than that. 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. A limestone mansion once owned by the late entertainment mogul Robert F.X. 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. on fraud charges for his work with Function (X). Once Morrow had a beef with the late-night deejay at their Middletown station. Now when we dont need it, were flooded with it, Sillerman says. At Fridays price of 91 cents, SFXs shares are down 93% from its IPO price. What kind of person would grow up to have business dreams like these? On Friday, the stock closed at 91 cents a share. Within a matter of weeks it is likely that CKX will announce some sort of Elvis Presley or Graceland-themed casino in Las Vegas. Bob had his own way of doing things and it wasnt good in the end.. Over half a million tourists from all over the world stream into the shrine called Graceland each year. SFX bought up enough stations to become the nation's seventh largest chain. 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). It comes with five bedrooms and 5 bathrooms. 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. Backstage at The Ed Sullivan Show, 1956: Elvis with the host and manager Parker (left). (Photo credit: Jonas Roosens/AFP/Getty Images). Im also confident that we will create a better experience for the fans, Mr. Sillerman said in an interview with The New York Times. Robert F.X. Almost immediately after Sillerman closed on the Elvis deal, he opened his wallet again and purchased 19 Entertainment, a business with even more moving parts than Elvis. In 2000, the radio chain Clear Channel Communications bought SFX for $4.4 billion. I meet the people whose places we're buying. I have never had one single boring day., CKX has a 90-year lease on Elviss home.Richard Berkowitz Getty Images, Soden, who will continue running EPE in the new company, enhanced the Elvis business by expanding into merchandising and licensing. The founder. 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. Mr. Posh Spice). Lisa received $50 million in cash, plus $26 million in CKX common and preferred stock. [14] The second floor boasts two main bedroom suites with ensuitemarble bathrooms, woodburning fireplaces and a large planted terrace. 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. Sillerman paid $196 million to buy 19 Entertainment. And game shows are the longest-lasting shows on TV. 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. Sillerman was born on April 12, 1948 in Manhattan, New York, USA. 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. This company owned "American Idol" and the licensing rights to Elvis Presley and his Graceland estate. ), 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. But the companys performance was weak, and its stock price eventually plunged by more than 95 percent. 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. (Per capita, Canadian Idol is much bigger than its U.S. He refounded SFX Entertainment in 2012 as a promoter of electronic music festivals; that company is now known as LiveStyle. . [39], On November 24, 2019, Sillerman died at the age of 71 after a respiratory illness.[40]. [35] For thirteen years, Sillerman served as the Chancellor of Southampton College and is the founder of The Tomorrow Foundation. Mr. Sillerman, right, at the New York Stock Exchange in 1999 with its chairman, Richard Grasso, and the singer Rod Stewart shortly after stock in Mr. Sillermans company, SFX Entertainment, began being traded on the exchange. And the show garners the highest ad rates on network TV, between $660,000 and $705,000 for a 30-second spot, which is higher than CSI or Desperate Housewives. 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. Use of this site constitutes acceptance of our Terms of Use and Privacy Policy | CA Notice at Collection and Privacy Notice| Do Not Sell/Share My Personal Information| Ad Choices Sillerman has a $1 billion plan to conquer the world of dance music, read the publications cover line. [38] The dispute was settled out of court for an undisclosed amount. Sony Pictures Television Nonfiction (formerly known as CKX, Inc., CORE Media Group, Inc. and Industrial Media, LLC) is an American company founded on February 7, 2005, that owns and develops entertainment content and intellectual property . 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. It runs in the family: Lisa Marie Presley signs autographs for NASCAR fans at Daytona Speedway this past July. He set up his own business, Youth Markets Consultants, to help big companies sell their wares to the Now Generation. And there are between 105 and 110 scheduled for next year.. As a subscriber, you have 10 gift articles to give each month. Revenues at the company that manages his affairs, Elvis Presley Enterprises, have been flat at $40 million for five years. CKX also gets the publishing rights to 650 songs, but owns the more valuable royalty rights to only the few songs Elvis recorded after 1973. Additionally, Robert FX Sillerman has had 6 past jobs including Founder at Live Nation. Investor Robert Sillerman is combining the King, American Idol, and other entertainment assets to build his next media conglomerate. And Fuller is looking to bring a gritty nighttime soap opera that is popular in Britain to America next summer. He seems to have a knack for selling just when markets are at their peak, which has given some buyers severe indigestion. 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. And they said they would synergize their content. That greatly reduces the number of viewers who DVR it and skip the commercials. Meet the Women in Music Honoree Who Escaped the IronCurtain, Manson Accusers Recantation Cant Be Used for Now in Case Against Evan Rachel Wood, JudgeSays, Fadia Kader Joins Venice Music as EVP &GM. Robert F.X. 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. Can we monetize that? In characteristic form, Sillerman wont give investors any firm commitments. Sillerman announced in early June that he'd be making a return to the live entertainment industry, and today he made his second purchase toward that. "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. and attractions such as Memphis' Graceland to Robert Sillerman, . Bob is like a Clint Eastwood character in an old Western movie, says Dennis Arfa, a business associate of Sillerman. Ive tried to get him drunk to get him to tell me, says Brucie. Clear Channel for a reported $ 219 million the radio chain Clear Channel for a reported 3... And services on this website had to be a limitation dreams like these bring a nighttime... Live Nation of what was expected are Sillermans strengths: identifying trends in the business of them... Bathrooms, woodburning fireplaces and a large planted terrace 1.875 million in 100 countries suggested a! 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