In February 1982 the probate judge told the trustees of the estate that he feared it would go bankrupt because of taxes and legal fees, says Jack Soden, a Kansas City money manager brought in to advise the Presley family. Im also confident that we will create a better experience for the fans, Mr. Sillerman said in an interview with The New York Times. Young Sillerman graduated magna cum laude from Brandeis in 1969 after becoming immersed in counterculture politics and rock & roll. Sillerman, the founder of SFX Entertainment, has died at the age of 71 due to respiratory illness. CKX raised $251 million at its IPO earlier this year, which it used to pay back $150 million in loans from Bear Stearnsthe rest it paid directly to 19 Entertainment or kept as capital. Sillerman, Self: 60 Minutes. 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. Few suggest the genre is decliningnot yet, anywaybut theres evidence that points to a plateau. 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. In May 2009, Credit Suisse filed a request for summary judgement in New York State Supreme Court, alleging Sillerman had failed to pay the . 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. He sold the company in 1972 to the Boston ad firm, Ingalls. He refounded SFX Entertainment in 2012 as a promoter of electronic music festivals; that company is now known as LiveStyle. He sold the company SFX Entertainment to Clear Channel for $4.4 billion in 2000. Robert F.X. In 2000 he sold a company that owned concert venues to Clear Channel for a reported $3 billion. (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.) [14] Profanity was part of a larger schtick punctuated with sexist, racist and generally inappropriate language that was softened by Sillermans own self-deprecating jokes with his Jewish heritage being the punchline. Michael Sillerman died in 1980, just when his sons career was taking off. PHOTOGRAPH BY GREG MILLER. Its sad how things ended because he really was a bright guy, but in the end he carried a lot of pain. Terms & Conditions. [39], On November 24, 2019, Sillerman died at the age of 71 after a respiratory illness.[40]. In February 2014, a lawsuit was filed against Sillerman, for allegedly having defrauded a trio of business partners. Though the Elvis business isnt that big yet, it gives us a window into how Sillerman operates. At first, advertisers and investors flocked to the new SFX. Why? 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. The company was sold to Clear Channel in 2000 and became the basis for Live Nation five years later. Bob had his own way of doing things and it wasnt good in the end.. Elvis's 37-year-old daughter and heir, Lisa Marie, has been unhappy . Mr. Sillerman called it an inside joke. Robert F.X. With so many formats vying for consumers attention, content is king. 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. I have a million ideas all the time, says Fuller, but before I could only do one a year. 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. Sillerman was known for pushing the envelope. Before Bob, the whole scene was a giant Ponzi scheme.. 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. 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. It was a smash right off the bat. Sillerman, the entertainment. Not a clue. Robert FX Sillerman is the Founder at Function (x). The house, formerly owned by Robert Sillerman, includes a 12,000. 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. 19 did some $92 million in revenues last yearwith about a third coming from the Idol showsand earned $12.6 million. He set up his own business, Youth Markets Consultants, to help big companies sell their wares to the Now Generation. Over half a million tourists from all over the world stream into the shrine called Graceland each year. 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. [6] Sillerman was married to copywriter Laura Baudo, whom he met at Ingalls. This is a long-term perspective, [but] a 10% return on equity from our perspective would be insufficient.. You may find him a bit quirky. 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. But if you walk down the street, youll be hard-pressed to find somebody who doesnt know what it is. He rides into town and leaves with all the money and the women. 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. And Fuller is looking to bring a gritty nighttime soap opera that is popular in Britain to America next summer. A year later, Sillerman was pushed into bankruptcy over an unpaid $7.4 million promissory note to React Presents during the SFX rollup. Elviss legendary manager, Colonel Tom Parker (a.k.a. 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. (Photo: Robin Marchant/Getty Images). 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. Their daughter, Mackinley, died in 2012. As a teenager he started his own greeting card company, buying cards in bulk and enlisting youngsters to sell them. Robert F.X. Powered and implemented by Interactive Data Managed Solutions. Thats not the basis of CKX. [4][5] His father founded the Keystone Radio Network. 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. He replied with an email that said, Can I borrow a dollar? Estopinal said. 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. 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. Sillerman's Dream," Deadline Holly- wood, May 10, 2011. To Sillerman the soft patch was an opportunity to reload. 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. 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. [35] For thirteen years, Sillerman served as the Chancellor of Southampton College and is the founder of The Tomorrow Foundation. Mr. Sillerman gained control of the Presley estate. Even so, says Lisa Presley, theres only so far you can take a family-run business. 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. What kind of person would grow up to have business dreams like these? 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. (A spokesman for Lisa Presley declined to comment. 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). document.getElementById( "ak_js_1" ).setAttribute( "value", ( new Date() ).getTime() ); Thanks for contacting us. And there are a couple of Sillerman stories that involve nudity. In 1993 he founded SFX Broadcasting with a partner, R. Steven Hicks. During its public run, the company also sold $295 million debt to finance additional acquisitions and fund operating losses. The company controlled the rights to booking the venue but did not own it. 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 company has teased burned investors with an "indication of interest" from an unnamed bidder. 19 also manages the career of soccer superstar David Beckham and his wife, Victoria (a.k.a. So what if the next Elvis is discovered on American Idol? 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. The orginal goal was to buy Pasquale RotellasInsomniac, explained Estopinal. EDM Mogul Bob Sillerman Finds a Buyer for His $28 M. Townhouse. I ask Lisa about Sillermans plans. The company that emerged would become Clear Channel, which is now known as iHeartRadio. A limestone mansion once owned by the late entertainment mogul Robert F.X. The Securities and Exchange Commission today charged New Hampshire resident 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. When SFX began bursting at the seams, in no small part because of his mismanagement, Sillerman again reneged. How Trust In Institutions Determines COVID Vaccination Rates In The EU, Clubhouses Future Depends On Data - How To Build A TikTok Like Algorithm. 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. [4] After graduating from the Collegiate School, he attended Brandeis University. In fact, theres a hit TV show in the business of finding them. The truth is, for all of Elviss transcendent mystique, EPE has never been much of a business. 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. Viggle registers the television show a person is watching, and engages the users with a loyalty program for viewing particular programs. 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. At Fridays price of 91 cents, SFXs shares are down 93% from its IPO price. Earlier this month in Los Angeles county, two female attendees of Live Nation-run event HARD Summer died of apparent drug overdoses. It had earlier been trading on the NASDAQ exchange. [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. 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. 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. Details surrounding the companys formation remain disputed, and today Sillerman faces a lawsuit from acquaintances who allege that they are cofounders. Sillerman, 57, a Wall Street operator with a long history of minting money in the media business. Sillerman has passed away at age 71, according to The New York Times. 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. Once Morrow had a beef with the late-night deejay at their Middletown station. His father, Michael McKinley Sillerman, was a radio executive who went bankrupt when his son was 13. This is a BETA experience. ), Sillerman with Rod Stewart and Dick Grasso at the NYSE.Henny Ray Abrams AFP/Getty Images. A version of this article was originally published in the December 12, 2005 issue of Fortune. Part of that underwhelming reality may have to do with the public relations nightmares that can occur while running EDM festivals. All rights reserved. Correction: In The Man Who Bought Elvis (Dec. 12), we wrote that SFX Entertainment once owned New York Citys Roseland Ballroom. Several managers and big-name acts from Ozzy Osborne to Shania Twain reportedly bristled over having to negotiate with such a corporate gorilla. Sillerman, Concert Industry Consolidator, Dies at 71 By Roy Trakin Mark Chilvers/The Independent/Shutterstock Robert F.X. In the mid-1980s the Federal Communications Commission was beginning to loosen its restrictions on the number of radio stations that could be owned by a single operator. SFX now has a market capitalization of $88 million. 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. 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. Didnt work. Okay, so come on, Bob, what does F.X. By then Sillerman was already toiling away on his next project, SFX Entertainment, a company that would own concert venues and other media properties. That is, if SFX is still around in a year to run those events. (Hicks Muse agreed to spin this business off to SFX shareholders.) 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. 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. 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. 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.. CKEs stock fell from a high of $28.80 in early May to a current price of $12 and change. 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. Not bad for a years work. Sillerman has a $1 billion plan to conquer the world of dance music, read the publications cover line. On Friday, the stock closed at 91 cents a share. Yes, Elviss core fans are aging, but young people still are drawn to the man with the oversized Q-rating. 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. He died on November 24, 2019 in Hinsdale, New Hampshire, USA. During the interview, he juggled responses to FORBES questions with babysitting duties, as his four godchildren begged him to go to the pool as soon as the conversation ended. ), 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. The suit alleges that Sillerman in emails promised a joint partnership in which the plaintiffs would receive 2.5 million "founders shares" of SFX, which never materialized. The Bolshoi Ballet came en masse to Graceland, Soden recalls. Sillerman, Transform Television? 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. [2][3], Sillerman was born to a Jewish family in New York City, and was raised in the Riverdale neighborhood of the Bronx, the son of Estelle (Levande) and Michael McKinley Sillerman. When the King died in 1977, his estate was a mess. I dont want to say anything negative about someone who wasgood to me, but there were a lot of issues.. In each case Sillerman assembled a collection of media propertiesall in distributionat low prices and then unloaded the bundle for a higher price. 2023 Billboard Media, LLC. Additionally, Robert FX Sillerman has had 6 past jobs including Founder at Live Nation. 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. That means $125 million out of the $306 million paid for these two companies exceeds any tangible assets, including the value of trademarks. 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. Its main app NextGuide and Digit Reminder Button was integrated into Viggle software. 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. After selling SFX Entertainment, Mr. Sillerman pursued various entertainment projects. The guy didnt have any energy, says Morrow. 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. 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. Could it be that Sillerman didnt fully understand this--or just how skittish it would make brands? On Saturday, Sillerman gave an interview to FORBES and said that he takes full responsibility for the issues within his SFX Entertainment. Robert F.X. CKX already carries a load of goodwill, $14 million from the Presley deal, and $111 million from the 19 transaction. Moreno claims that Sillerman was mainly brought in to help organize financing for the business and that he had presented his plan to others, like billionaire Ron Burkle, before choosing Sillerman. 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. 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). An October IPO on the NASDAQ raised $260 million for the company with shares priced at $13, but in the space of two-and-a-half years, the price of the company dropped to a penny a share. CKX Inc. has been flying under the radar despite owning stakes in some of the biggest pop culture icons of our time, including "American Idol," Elvis Presley . [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. Sillerman stood stone-faced on the cover of Billboard magazine. 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. 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. Robert F.X. The second floor boasts two main bedroom suites with ensuitemarble bathrooms, woodburning fireplaces and a large planted terrace. These are Sillermans strengths: identifying trends in the media business before others, then gathering and deploying capital to make the strategy work. We were misinformed by an SFX spokesman. 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. Brucie and Bob bought more stations and worked their magic on operations. Sillerman, Concert Industry Consolidator, Dies at 71", "American Idol Sillerman Dealt Elvis Default Heartbreak in Vegas", "Will Viggle, the 'Loyalty Program for TV' From Robert F.X. 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. Fuller is signed up to head 19 Entertainment in a five-year contract. With reporting from Sue Radlauer and Zack O'Malley Greenburg in Jersey City, N.J. FORBES first started charting DJ earnings in 2012; a year later, the collective income of the top ten acts had doubled. 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. But Mr. Sillermans success ran out in recent years when he tried to repeat his concert model with a new version of SFX Entertainment, this time going after electronic dance music, or EDM a bull market in 2012, when Mr. Sillerman opened the company with a $1 billion war chest. While he pointed to lucrative deals with Anheuser Busch, MasterCard and T-Mobile and those companies increased yearly ad spend, the SFX CEO admitted that his earlier business models anticipated greater participation from brands. 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. 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). Robert Franklin Sillerman was born in Manhattan on April 12, 1948, to Michael McKinley Sillerman, a radio and television executive, and Estelle (Levande) Sillerman. When presented to the public--and later, Wall Street--the plan for SFX Entertainment seemed simple enough: roll up local EDM event organizers under one umbrella organization that could drive profits by providing structure and efficiency. That show is American Idol, and as with Elvis, Sillerman is convinced he can make it an even bigger deal than it already is. As for spinoffs, did we mention that another smash hit on Fox, So You Think You Can Dance, is produced by Fuller too? Just months before he died, he was sued by the Securities and Exchange Commission for allegedly diverting investor proceeds for his own use. Their daughter, Mackinley, died in 2012. 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