The top contestants on the show are signed to Sony BMG, and 19 gets 10% of their recording revenue. What would be the ultimate winning scenario for Sillerman? [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. While he survived that battle, Sillerman is now in a fight to salvage SFX Entertainment, which went public at $13 a share and was valued at more than $1 billion in Oct. 2013. 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. In fact, theres a hit TV show in the business of finding them. 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. As his business world collapses around him, Sillerman seemed relatively relaxed over the phone. Robert F.X. 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. "[9], On February 8, 2011, Sillerman announced an agreement to acquire control of Gateway Industries, Inc. (GWAY.PK). Even more worrying, SFXs cash reserves dwindled to $38.6 million. 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.. Fuller is signed up to head 19 Entertainment in a five-year contract. Terms & Conditions. 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. Another show with legs? around. As for Sillermans take on Lisa: I was impressed with how real and grounded she was. [8], In 1989 Sillerman formed Capstar Communications. But where did it go wrong for SFX? The entrance is through original doors from the Paramount Theater. Sillerman already has 18 acres on the Strip through MJX, a real estate company he controls. 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. Within a matter of weeks it is likely that CKX will announce some sort of Elvis Presley or Graceland-themed casino in Las Vegas. So he offered investors a lower price, $12 a share, and the sale was extended even longer. Young Sillerman graduated magna cum laude from Brandeis in 1969 after becoming immersed in counterculture politics and rock & roll. Even so, says Lisa Presley, theres only so far you can take a family-run business. 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. This year, there are 88 festivals that we anticipate doing, said Sillerman. Though these unfortunate events have more to do with the young generation experimenting with different ways of altering their consciousness while listening to music than the music itself, MDMA-based drugs have a certainly become a part of EDM culture. Can we monetize that? On Jun 7, 2012, Function (X), Inc. was renamed Viggle, which changed the company stock listing to VGGL. Dressed in all black, the music mogul--who once appeared on the 2005 Forbes 400 list with a net worth of $975 million--held a disco ball that had been colored in gold and silver to represent the earth. In 2010, he re-emerged with a second strings-attached take-private bid, but CKXs board chose to sell the company to Apollo Global for $5.50 a share, a bruising result for investors. He just didnt a fabout anything, said one former business partner who did not want to share their name. It had earlier been trading on the NASDAQ exchange. Hes obviously smart, and he doesnt b.s. 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. Perhaps the bigger question centers on the inherent limits of EDMs popularity. 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. [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. Now that Sillerman's deal is dead, SFX is in a mad dash to find a new buyer. The hotel, Sillerman and Soden say, is just screaming to be expanded, upgraded, and replicated in other locations. 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. Fullers company doesnt get a direct share of ad revenues from Fox; rather, it receives a $1.2 million fee per episode. 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. How Trust In Institutions Determines COVID Vaccination Rates In The EU, Clubhouses Future Depends On Data - How To Build A TikTok Like Algorithm. There are so many ways to exploit that level of awareness. The Securities and Exchange Commission today charged New Hampshire resident Robert F.X. In short order Sillerman went on a billion-dollar shopping spree, buying dozens of concert hallslike Roseland in New York and the Fillmore West in San Franciscoin major cities across the country. It comes with five bedrooms and 5 bathrooms. He set up his own business, Youth Markets Consultants, to help big companies sell their wares to the Now Generation. And thats just part of the American Idol money train. 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. ), Sillerman with Rod Stewart and Dick Grasso at the NYSE.Henny Ray Abrams AFP/Getty Images. His brother, Michael, confirmed his death but gave no other details. Why? [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. I ask Lisa about Sillermans plans. He followed the 1998 sale with a Feb. 29, 2000, deal that Playbill called a quantum leap on the first Leap Day of the century, selling his concert and theatrical production firm SFX Entertainment to Clear Channel for $3.2billion. On the subject of corporate partnerships, Sillerman said he underestimated the time it would take to sign up sponsors for SFXs events. 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. The New York entrepreneur is most notably known for consolidating a number of U.S.. And I love it. 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. 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. Its different, Sillerman says. 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). 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. 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. It wasnt a plan too dissimilar to Sillermans moves with the original SFX where he spent more than $1.2 billion to gobble up regional rock promoters, venues and management companies in the late 90s. 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. In some ways, thats good news for Sillerman and SFX: the cost of talent is no longer skyrocketing. 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. 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. Bob is like a Clint Eastwood character in an old Western movie, says Dennis Arfa, a business associate of Sillerman. The transaction renamed the company to Function (X), Inc. and changing its listing on the stock exchange to FNCX. As a subscriber, you have 10 gift articles to give each month. His net worth has been growing significantly in 2021-2022. The orginal goal was to buy Pasquale RotellasInsomniac, explained Estopinal. [14] 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. Contestants on the new Fox hit So You Think You Can Dance.Jason Merritt FilmMagic/Getty Images, So why did Sillerman buy Fullers company? That show is American Idol, and as with Elvis, Sillerman is convinced he can make it an even bigger deal than it already is. The man who bought Elvis is Robert F.X. As the genre has grown in popularity, so too has the quantity of reports of drug-induced injuries and deaths at concerts. Despite having established brands, the festivals that were acquired by Sillerman's empire collectively moved in the opposite direction of what was expected. I thought he was asleep. Though the Elvis business isnt that big yet, it gives us a window into how Sillerman operates. It Takes a Lot of People to Create All This AI Music. 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%. (Photo: Robin Marchant/Getty Images). Thats $4.3 millionlessthat what Sillerman and his wife Laura had paid for the residence at 151 E. 72nd St. when they bought it for $12 million in 2013. I dont want to be like Martha Stewart and talk about what I shouldnt, Lisa says with a chuckle. A costly restaurant venture in Memphis went bust. He also made money on Broadway as an executive producer for Mel Brooks' musical The Producers. Down the road EPE may construct more Graceland-like properties in places such as Dubai and Macau, and perhaps develop a concept similar to the Hard Rock Cafs in Europe. They wanted to marry content with distribution, where CKX will not be in the traditional distribution business. His father, Michael McKinley Sillerman, was a radio executive who went bankrupt when his son was 13. But Fuller had an even bigger idea, a kind of interactive on-air talent show. Dressed in all black, the music mogul--who once appeared on the 2005 Forbes 400 list with a. And the King is content! He doesnt want to mess with anything. He sold the company SFX Entertainment to Clear Channel for $4.4 billion in 2000. 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 . American Idol is much more like a game show than a reality show, says Fuller. He wants to do what we want to do. Like what? There were people who told me, Im not doing a deal with this guy, hes going to die, Estopinal says. On Friday, the stock closed at 91 cents a share. Mr. Sillerman, founder of the electronic dance music conglomerate SFX Entertainment, has listed his eight-bedroom oceanfront home in Southampton, top right, for $39 million with Tim Davis of the. Billionaire entertainment mogul Robert F.X. 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. 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. 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. We have estimated Robert F.X. Because American Idol is whats known as event programming, meaning that because its a contest, you almost have to watch it live. Raised in the Bronx, New. 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. He has unbounded energy when it comes to business. He was a good guy, but he knew he did bad things, Estopinal tells Billboard, noting that Sillerman was suffering from the complications of throat surgery through all of the SFX misadventure. He managed Annie Lennox and the Eurythmics, and then created the Spice Girls. They said music doesnt work on TV in America. He declined to comment for this story via email. On this Wikipedia the language links are at the top of the page across from the article title. We've received your submission. Billboard is a part of Penske Media Corporation. Their daughter, Mackinley, died in 2012. 19 also manages the career of soccer superstar David Beckham and his wife, Victoria (a.k.a. Sillermans personal stake in the company, which was worth nearly $220 million when it went public, is now valued at less than $35 million. Think about it. S&P Index data is the property of Chicago Mercantile Exchange Inc. and its licensors. Earlier this month in Los Angeles county, two female attendees of Live Nation-run event HARD Summer died of apparent drug overdoses. He is from USA. What was most impressive about his $389 million deal with Westinghouse (which was convinced that it needed to become a big player in the business) in 1989 wasnt that it was his biggest score ever; it was the fact that the market for radio stations tanked soon after. When SFX began bursting at the seams, in no small part because of his mismanagement, Sillerman again reneged. Now when we dont need it, were flooded with it, Sillerman says. The Bolshoi Ballet came en masse to Graceland, Soden recalls. That means $125 million out of the $306 million paid for these two companies exceeds any tangible assets, including the value of trademarks. 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. That company was also called SFX. 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. 19 is currently renegotiating the fee for next season, and some think the ante could be upped to $2 million per episode (though a reported flap over American Idol judge Simon Cowells compensation could be complicating matters). 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. At the time it was the largest gift ever received by an alumnus to the university. This company owned "American Idol" and the licensing rights to Elvis Presley and his Graceland estate. Investor and media executive Robert F.X. 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. Once on the Forbes 400 list, . Sillerman Dies at 71; Built Entertainment Empires, https://www.nytimes.com/2019/11/28/arts/music/robert-fx-sillerman-dead.html. Not bad for a years work. To Sillerman, Elvis is an underexploited asset, like a poorly managed textile company or a baseball team without a marketing department. 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. Sillerman, poses after ringing the Nasdaq closing bell on Oct. 9, [+] 2013, the day his company went public. By the time Mr. Sillerman began buying radio stations in the late 1970s, he was using a new name: Robert F.X. Robert F.X. 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. Sillerman, Transform Television? FORTUNE may receive compensation for some links to products and services on this website. At Ingalls he met a young copywriter, Laura Baudo, who would become his wife. Offers may be subject to change without notice. NEW YORK CITY, NY - SEPTEMBER 18: (L-R) Jody Morrow, Bruce "Cousin Brucie" Morrow, Laura Baudo Sillerman and Robert Sillerman attend NEW YORKERS FOR CHILDREN 2007 Fall Gala at 583 Park Avenue on September 18, 2007 in New York City. But for years he had maintained a golden touch in building media franchises and extracting maximum value from them. Sillermans personal take was a reported $219 million. . Lisa received $50 million in cash, plus $26 million in CKX common and preferred stock. Sillerman, the founder of SFX Entertainment, has died at the age of 71 due to respiratory illness. During its public run, the company also sold $295 million debt to finance additional acquisitions and fund operating losses. This stands out as unique. It was a smash right off the bat. Man in the middle: Simon Fuller (in back) with Idol stars Kelly Clarkson, Ruben Studdard, and Fantasia Barrino. But from 2013 to 2014, the increase slowed to 11%; this year, its only 2.5%. There is little profit to invest in potentially lucrative assets like the Heartbreak Hotel, across the street from Graceland. But when the so-called "go shop" ended, Sillerman didnt have the financing to cover his bid. It runs in the family: Lisa Marie Presley signs autographs for NASCAR fans at Daytona Speedway this past July. 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. We bought companies based on what we anticipated that we could bring in incremental sources of revenue.. Sillerman, a triathlete who loves vigorous games of volleyball and basketball, has recovered and now sports a yellow Livestrong bracelet. It didnt scale and this round was young promoters that werent as established as the promoters from the first round of buyouts in the 1990s. CKX also gets royalty rights to 24 Elvis movies. 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. Some $20 million. Synergy is not important. All rights reserved. Like Martha Stewart and Dick Grasso at the age of 71 due respiratory... Doesnt work on TV in America subscriber, you have 10 gift articles to give each.... Other locations to $ 38.6 million I dont want to share their name sell their to. Lucrative assets like the Heartbreak hotel, Sillerman with Rod Stewart and about! And Dick Grasso at the NYSE.Henny Ray Abrams AFP/Getty Images old Western movie, says Presley! 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