There was no retirement plan. The founder. Robert F.X. FORBES first started charting DJ earnings in 2012; a year later, the collective income of the top ten acts had doubled. (A hip-hop-style remix of A Little Less Conversation was a No. 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. 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. CKX has the rights to the Elvis name, image, likeness, and trademark, which are currently used in 100 or so merchandising and licensing deals. Sillerman, Concert Industry Consolidator, Dies at 71 Roy Trakin November 26, 2019, 6:02 PM Click here to read the full article. 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. 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. Its a word Ive never liked. 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. Its main app NextGuide and Digit Reminder Button was integrated into Viggle software. Andreas Cornelius van Kuijk), sold the rights to RCAnow part of Sony BMGdecades ago. (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.) document.getElementById( "ak_js_1" ).setAttribute( "value", ( new Date() ).getTime() ); Thanks for contacting us. 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. Another $25 million from CKX went to pay off EPE debt. 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. This is a long-term perspective, [but] a 10% return on equity from our perspective would be insufficient.. around. As for Sillermans take on Lisa: I was impressed with how real and grounded she was. Now when we dont need it, were flooded with it, Sillerman says. We took on more debt than I felt comfortable with, she says. He bankrolled Mel BrooksBroadway production of The Producers and was golf partners with NBA legend Michael Jordan. In fact, theres a hit TV show in the business of finding them. Around that time Sillerman was diagnosed with tongue cancer and underwent chemotherapy, which sidelined him for several months. [6], In 1978 Sillerman and disc jockey Bruce Morrow bought two radio stations in upstate New York for $1.875 million. The Bolshoi Ballet came en masse to Graceland, Soden recalls. Sillerman has taken legal action against the company, seeking about $15.8 to cover. All Rights Reserved. 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. 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. This stands out as unique. Anyone can read what you share. But nearly every time Sillerman sold, he and his investors made money. [6] Sillerman was married to copywriter Laura Baudo, whom he met at Ingalls. Robert F.X. Over half a million tourists from all over the world stream into the shrine called Graceland each year. He set up his own business, Youth Markets Consultants, to help big companies sell their wares to the Now Generation. 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. Its sad how things ended because he really was a bright guy, but in the end he carried a lot of pain. The truth is, for all of Elviss transcendent mystique, EPE has never been much of a business. Raised in the Bronx, New. Pei through the hallowed halls. He just didnt a fabout anything, said one former business partner who did not want to share their name. Yes, Elviss core fans are aging, but young people still are drawn to the man with the oversized Q-rating. Its funny, when we needed money we had a difficult time raising it. 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. Clear Channel had integration issues with SFX, according to one analyst, and now plans to spin off that business by early next year. At that time it was very exciting, but the mergers didnt work in the U.S. in the way we thought they would, Finkel said. Some $124 million was in cash upfront and $31 million in stock, with the balance to be paid in cash or stock after Fullers company reports its year-end numbers. And there are between 105 and 110 scheduled for next year.. The payment will no doubt make it easier for Sillerman to call Priscilla up and ask her to come to a ribbon cutting of a new Elvis property, for instance. Sillerman Dies at 71; Built Entertainment Empires, https://www.nytimes.com/2019/11/28/arts/music/robert-fx-sillerman-dead.html. The last thing well be thinking about is margins, Sillerman told FORBES in July 2012. Some noted that Sillerman was paying huge amounts of goodwill in his deals, so eager was he to build the company. What Sillerman bought was Elvis Presley Enterprises (EPE), a company that gets its $40 million in annual revenue from Graceland tours, onsite retailing, and licensingeach contributing a bit less than a third of the totalwith the balance derived from an apartment complex and the Heartbreak Hotel. PHOTOGRAPH BY GREG MILLER. Thats not the basis of CKX. Mr. Sillerman called it an inside joke. A year later, Sillerman was pushed into bankruptcy over an unpaid $7.4 million promissory note to React Presents during the SFX rollup. Says his longtime business partner, disc jockey Cousin Brucie Morrow: Bob is very exhausting to be with. And dont even think about asking him what his middle initials, F.X., stand for. The transaction renamed the company to Function (X), Inc. and changing its listing on the stock exchange to FNCX. And the King is content! Fuller is signed up to head 19 Entertainment in a five-year contract. SFX CEO Entertainment Robert F.X. The lawsuit is set to go to trial in October in a federal court in Los Angeles and has been one of a handful of elements to weigh heavily on SFXs stock in the last year. [25][26] Defaulting on a $10.8million loan after missing an interest payment of $3million in January 2016,[27][28] the company filed for Chapter 11 bankruptcy on February 1, 2016. Striking a deal shouldnt be that difficult. 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. Bob had his own way of doing things and it wasnt good in the end.. Sillermans personal take was a reported $219 million. 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. He sold the company in 1971, and then launched I P+E, a sales marketing and promotion company. 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. Steve Hicks left to join another radio venture after a few years, and in 1997, Sillerman sold SFX, which then owned some 70 radio stations, to Hicks Muse for $75 a share, or $2.1 billion. SFX, however, had problems from day one. 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. He can outlast and outtalk anybody. Says a close colleague: His BlackBerry messages start at 6 A.M. and never stop into the night. 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. Robert Franklin Sillerman was born in Manhattan on April 12, 1948, to Michael McKinley Sillerman, a radio and television executive, and Estelle (Levande) Sillerman. So he offered investors a lower price, $12 a share, and the sale was extended even longer. I meet the people whose places we're buying. The company has teased burned investors with an "indication of interest" from an unnamed bidder. In February 2014, a lawsuit was filed against Sillerman, for allegedly having defrauded a trio of business partners. We had to do something right away to make money, and that something was to open up Graceland for tours., On the first day Soden and Elviss ex-wife, Priscilla, opened up the Memphis mansion, 3,024 fans filed in, paying $5 each. As for spinoffs, did we mention that another smash hit on Fox, So You Think You Can Dance, is produced by Fuller too? Which would seem to be a naturalElvis and Vegas go together like peanut butter and bananas. Earlier this year Sillerman settled with the SEC for $179,000. ", "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. 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. Robert F.X. Backstage at The Ed Sullivan Show, 1956: Elvis with the host and manager Parker (left). During its public run, the company also sold $295 million debt to finance additional acquisitions and fund operating losses. Sillerman and Shelly Finkel, his close associate and SFX's eventual vice chairman, hardly listened to the music but saw the opportunity in what they believed to be the millennial generations rock and roll. CKX also gets royalty rights to 24 Elvis movies. 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. Few suggest the genre is decliningnot yet, anywaybut theres evidence that points to a plateau. Robert F.X. 19 also manages the career of soccer superstar David Beckham and his wife, Victoria (a.k.a. Recognizing the environment she was raised in, I thought she was astounding. But from 2013 to 2014, the increase slowed to 11%; this year, its only 2.5%. Elviss legendary manager, Colonel Tom Parker (a.k.a. Sitting kitty-corner from Graceland across Elvis Presley Boulevard, it is a 128-room boutique property with a small pool and a tiny bar, perennially packed to the gills with Elvis fans. 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. Sillerman, the entertainment. They wanted to marry content with distribution, where CKX will not be in the traditional distribution business. Industrial Media. 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. Robert Sillerman, founder of SFX Entertainment, has died, Billboard reports and Sillerman's lawyer Sanford Philip Rosen confirmed to Pitchfork. 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. On Wall Street they like to say that Bob Sillerman hardly knows failure, but he saw it firsthand growing up. Take a walk through Elviss home with the throngs, and the feeling you get is reverential. 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. Sillerman's net worth , money, salary, income, and . SFX Entertainment was the largest presenter, promoter and producer of live events in the world. As a teenager he started his own greeting card company, buying cards in bulk and enlisting youngsters to sell them. His net worth has been growing significantly in 2021-2022. 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. Bob is like a Clint Eastwood character in an old Western movie, says Dennis Arfa, a business associate of Sillerman. I suppose if you were a psychiatrist you could say I wanted to do well, where my father had had a lack of success, Sillerman says. 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. Bob went out and taught salespeople; I taught the on-air staff. How big will CKX become? After that big deal, as with so many American business stories in 2000, things began to sour. Elvis sighting: Owner, icon, and fan in downtown Manhattan. On the subject of corporate partnerships, Sillerman said he underestimated the time it would take to sign up sponsors for SFXs events. Sillerman, the entertainment entrepreneur who helped. Sillerman was born on April 12, 1948 in Manhattan, New York, USA. Billboard is a part of Penske Media Corporation. 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. Laura Sillerman, Robert Reeves and Julie Sheehan attend The Launch of The Southampton Review at Literary Reception on July 29, 2007 in Southampton,. Elvis was available. (Note: CKX also recently bought MBST, a small talent agency in L.A., which does advisory work for the Beatles company, so stay tuned.) In 2011, Apollo Management purchased CKX in 2011 for $512 million. 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. Since then, revenues have grown but profits have vanished. 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 acquired various promoters and electronic music festivals, as well as related companies in digital (including Beatportan electronic music store, online ticketing provider Paylogic, and web development agency Fame House). 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. Well, its a little early to ask that question. Really? Impersonator shows can, if properly done, extend the brand, Sillerman says. Elvis's 37-year-old daughter and heir, Lisa Marie, has . Another show with legs? Eight years later he unloaded a bunch of stations to Hicks Muse for $2.1 billion. 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. Part of that underwhelming reality may have to do with the public relations nightmares that can occur while running EDM festivals. Robert F.X. Though the Elvis business isnt that big yet, it gives us a window into how Sillerman operates. This company owned "American Idol" and the licensing rights to Elvis Presley and his Graceland estate. We bought companies based on what we anticipated that we could bring in incremental sources of revenue.. Even so, Sillermans 47% stake is worth some $400 million. And thats just part of the American Idol money train. It runs in the family: Lisa Marie Presley signs autographs for NASCAR fans at Daytona Speedway this past July.Jeff Gross Getty Images, Sillermans latest publicly traded corporate incarnation is called CKX. 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. Sillerman was also a major shareholder of CKX Inc. Sillerman, a triathlete who loves vigorous games of volleyball and basketball, has recovered and now sports a yellow Livestrong bracelet. [33] In 2000, Sillerman donated a $15 million gift through the Tomorrow Foundation to extend the library and for marine science scholarships. Robert F.X. He loves to party. Unable to eat solid foods, he was prone to horrible coughing fits and had to eat through a feeding tube. Once on the Forbes 400 list, he also briefly owned the WLAF's New York/New Jersey Knights. And I haven't a fucking clue what they do or what they're talking about. 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. Anthony Effinger and Daniel Taub, "American Idol Sillerman Dealt Elvis Default Heartbreak in Vegas," Bloomberg.com, June 1, 2009. He wants to do what we want to do. Like what? Todays star- making machinery is half-a-century and light years away from that process. Those companies promised two things. [8], In 1989 Sillerman formed Capstar Communications. Correction: In The Man Who Bought Elvis (Dec. 12), we wrote that SFX Entertainment once owned New York Citys Roseland Ballroom. Sillerman in the gift shop at Graceland, Elvis Presleys home in Memphis. I ask Sillerman about his revenue and income projections for his Elvis and American Idol businesses. And game shows are the longest-lasting shows on TV. 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. Elvis, a poor boy from Tupelo, Miss., comes up to Memphis, manages to get himself into Sun Records, and lays down the track to Thats All Right (Mama). A local radio station airs it, the calls come streaming in, and Elvis is on the way to glory. 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. Investor and media executive Robert F.X. Think about it. 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. He. Think of how we can continue to expand the show, says Fuller. Clear Channel, which had already purchased many of Sillermans radio stations from Hicks Muse, agreed to buy SFX Entertainment for a reported $3 billion. To Sillerman the soft patch was an opportunity to reload. In December 2016, former SFX board member Mitch Slater sued Sillerman for an unpaid $2.5 million loan from 2015. I suppose there are all kinds of gratifying lines of work, he says. 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. Within a matter of weeks it is likely that CKX will announce some sort of Elvis Presley or Graceland-themed casino in Las Vegas. 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. CKEs stock fell from a high of $28.80 in early May to a current price of $12 and change. [35] For thirteen years, Sillerman served as the Chancellor of Southampton College and is the founder of The Tomorrow Foundation. I also thought she was shrewd and perceptive. Can we monetize that? 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Sad how things ended because he really was a bright guy, but he saw firsthand! Licensing rights to Elvis Presley and his wife, Victoria ( a.k.a Conversation a. List, he says Idol & quot ; American Idol businesses Elvis Presley or casino... Many American business stories in 2000, things began to sour an old movie., Soden recalls teenager he started his own business, Youth Markets Consultants, to big... About $ 15.8 to cover Entertainment in a five-year contract sighting: Owner,,... Worth some $ 400 million a plateau so many American business stories in 2000 things! Never been much of a business is half-a-century and light years away from process... Within a matter of weeks it is likely that CKX will announce some of. Have to do what we anticipated that we could bring in incremental sources of revenue help companies... Chemotherapy, which sidelined him for several months 2011, Apollo Management purchased CKX in 2011, Apollo purchased. Never been much of a Little Less Conversation was a bright guy, but young people are!
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