That show is American Idol, and as with Elvis, Sillerman is convinced he can make it an even bigger deal than it already is. That is, if SFX is still around in a year to run those events. When asked if Bob was dishonest about the companys health, Finkel told Billboard, It was more complicated than that. [32], From 1993 Sillerman served as the Chancellor of the Southampton College of Long Island University, replacing Angier Biddle Duke. Sillerman was known for pushing the envelope. Nearly three years ago, Robert F.X. Earlier this month in Los Angeles county, two female attendees of Live Nation-run event HARD Summer died of apparent drug overdoses. 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. Striking a deal shouldnt be that difficult. The man who bought Elvis is Robert F.X. 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. 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. Raised in the Bronx, New. Pei through the hallowed halls. (Rumors suggesting that Sillermans next big acquisition has been delayed have been a drag on the stock.) The second floor boasts two main bedroom suites with ensuitemarble bathrooms, woodburning fireplaces and a large planted terrace. Sillerman, 57, a Wall Street operator with a long history of minting money in the media business. 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. Impersonator shows can, if properly done, extend the brand, Sillerman says. Five years later, Clear Channel spun off those concert assets into a separate company, Live Nation, which in 2010 merged with Ticketmaster to become Live Nation Entertainment, the biggest concert promoter in the world. Sillerman, Transform Television? Sillerman had bought Elvis Presley Enterprises from Lisa Marie Presley in 2005, but later sold it to a private equity firm. [22][23][24], On October 9, 2013, SFX went public on the Nasdaq. 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. Mr. Sillermans marketing talents emerged early. Today, that blueprint to take over the electronic dance music (EDM) world is in shambles, the result of poor management, suspect financial planning and a certain hubris that Sillerman, who corporatized the live music industry in the 1990s, could do it all over again. (Hicks Muse agreed to spin this business off to SFX shareholders.) If we can, this will dwarf the first SFX. 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. 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. But it had to be a biggie to make economic sense. Elvis's 37-year-old daughter and heir, Lisa Marie, has . Dressed in all black, the music mogul--who once appeared on the 2005 Forbes 400 list with a. Starting in the late 1970s, Mr. Sillerman built a portfolio of radio and television stations worth nearly $1 billion. We bought companies based on what we anticipated that we could bring in incremental sources of revenue.. But where did it go wrong for SFX? 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. We want to make money both by selling tickets and by putting a live audience in front of Madison Avenue, he said in an interview in 1998. 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. But if you walk down the street, youll be hard-pressed to find somebody who doesnt know what it is. 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. Well, its a little early to ask that question. Really? Could it be that Sillerman didnt fully understand this--or just how skittish it would make brands? 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. 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. Sillerman, poses after ringing the Nasdaq closing bell on Oct. 9, [+] 2013, the day his company went public. 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. Posh Spice). Before Bob, the whole scene was a giant Ponzi scheme.. The studio of course had a glass wall. I ask Sillerman about his revenue and income projections for his Elvis and American Idol businesses. To Sillerman, Elvis is an underexploited asset, like a poorly managed textile company or a baseball team without a marketing department. "[9], On February 8, 2011, Sillerman announced an agreement to acquire control of Gateway Industries, Inc. (GWAY.PK). 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. 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. 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. Sillerman had bought Elvis Presley Enterprises from Lisa Marie Presley in 2005, but later sold it to a private equity firm. That greatly reduces the number of viewers who DVR it and skip the commercials. 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. Later, the private equity firm Apollo Global Management acquired CKX in 2011. He graduated from Brandeis in 1969 and, three years later, sold Youth Marketing Consultants to Ingalls, an advertising firm in Boston. The listing brokers are Douglas EllimansCaroline Holl, Michael Russell and Stephen Geller. In fact, theres a hit TV show in the business of finding them. 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. His brother, Michael, confirmed his death but gave no other details. SFX grew into the nations seventh-largest chain and sold its 71 radio stations for $2.1 billion in 1998. Robert F.X. Viggle registers the television show a person is watching, and engages the users with a loyalty program for viewing particular programs. In 2013, the year after the companys creation, the organizers of industry conference International Music Summit estimated the global market associated with EDM to be about $4.5 billion in sales. Young Sillerman graduated magna cum laude from Brandeis in 1969 after becoming immersed in counterculture politics and rock & roll. Sillerman Net Worth. And get this zinger from Reids report: CKX apparently has the right to shut down impersonator shows. (Say it aint so!) And then in early 2000, lightning struck again. He set up what became his signature company, SFX, which he took public in 1993 at $15 a share. [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. Sillerman was a significant player on Broadway. 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. All Rights Reserved. He loves to party. That lit a fire under the radio business, and Sillerman plunged back in, buying more radio stations, leveraging up his new company, and securing investments from the Bass family and Security Pacific bank, among others. The orginal goal was to buy Pasquale RotellasInsomniac, explained Estopinal. CKX also gets royalty rights to 24 Elvis movies. stand for? Perhaps the bigger question centers on the inherent limits of EDMs popularity. Investor and media executive 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. [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. (Photo: Robin Marchant/Getty Images). Billionaire entertainment mogul Robert F.X. counterpart.) We cured him. By 1985 the pair had accumulated some 70 stations, which they sold for some $50 million. Now that Sillerman's deal is dead, SFX is in a mad dash to find a new buyer. PHOTOGRAPH BY GREG MILLER. But Sillerman was drawn to his fathers business. The transaction renamed the company to Function (X), Inc. and changing its listing on the stock exchange to FNCX. Robert F.X. SFX CEO Entertainment Robert F.X. The entrance is through original doors from the Paramount Theater. Bob is like a Clint Eastwood character in an old Western movie, says Dennis Arfa, a business associate of Sillerman. Just months before he died, he was sued by the Securities and Exchange Commission for allegedly diverting investor proceeds for his own use. Robert Francis Xavier Sillerman (April 12, 1948 November 24, 2019)[1] was an American businessman and media entrepreneur. The Securities and Exchange Commission today charged New Hampshire resident Robert F.X. 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. dialogue with Robert Sillerman. Brucie and Bob bought more stations and worked their magic on operations. His net worth has been growing significantly in 2021-2022. 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.. 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. 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. Laura Sillerman, Robert Reeves and Julie Sheehan attend The Launch of The Southampton Review at Literary Reception on July 29, 2007 in Southampton,. 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. As for spinoffs, did we mention that another smash hit on Fox, So You Think You Can Dance, is produced by Fuller too? 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. 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. Their daughter, Mackinley, died in 2012. Sillerman worth at the age of 71 years old? Sillerman, 57, a Wall Street operator with a long history of minting money in the . Once Morrow had a beef with the late-night deejay at their Middletown station. 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. Robert F.X. Obviously the market had spoken loud and clear that it believed the five-and-a-quarter deal was never coming, said Sillerman in one of his first interviews since announcing the privatization plan. We've received your submission. The company that emerged would become Clear Channel, which is now known as iHeartRadio. unclear if newer events will have the same kind of draw. Industry sources suggested that a possible buyer could be Live Nation. Elvis sighting: Owner, icon, and fan in downtown Manhattan. Details surrounding the companys formation remain disputed, and today Sillerman faces a lawsuit from acquaintances who allege that they are cofounders. The stock cratered. Besides buying Elvis Presley Enterprises from Lisa Marie Presley last February, Sillerman and his lieutenants have purchased the smash-hit TV show American Idol and other properties from a company called 19 Entertainment, which was owned by British pop impresario Simon Fuller. All Rights Reserved. [15][16] As of the end of 2013 Viggle had about 3.7 million users. And game shows are the longest-lasting shows on TV. It was a smash right off the bat. 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. Revenues at the company that manages his affairs, Elvis Presley Enterprises, have been flat at $40 million for five years. Bear Stearns analyst R. Glen Reid says to also look for a 2,000-seat Elvis theater in Vegas. So what he said so eloquently, I say, Foff.'. Elvis left the building 28 years ago, but as a pop icon hes still hot. Robert 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. [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. Sillermans personal take was a reported $219 million. Sillerman's net worth , money, salary, income, and . 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. 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. He refounded SFX Entertainment in 2012 as a promoter of electronic music festivals; that company is now known as LiveStyle. 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. In 2001, Britains ITV put Fullers baby, Pop Idol, on the air. He doesnt want to mess with anything. (Per capita, Canadian Idol is much bigger than its U.S. And I haven't a fucking clue what they do or what they're talking about. 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. These are Sillermans strengths: identifying trends in the media business before others, then gathering and deploying capital to make the strategy work. In September 2012, Sillerman announced his biggest project to date on the cover of Billboard, sporting a black leather jacket, a global-shaped disco ball and a handkerchief in his pocket that famously read FOff., Its a universal statement, Sillerman told Billboard writer Kerri Mason. 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. Even more worrying, SFXs cash reserves dwindled to $38.6 million. But when I took it to America, almost everyone rejected it, Fuller recalls. In other words, distribution companies are falling all over each other to reach customers through new, competing outlets. 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. ", "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. Sillerman, the New York businessman who consolidated a number of U.S. concert promoters in the 1990s and created the company that would eventually become Live Nation, died Sunday.. No, I dont think the mistakes I made had anything to do with my lack of background on this particular type of music, he said. Now when we dont need it, were flooded with it, Sillerman says. Says a top Wall Street banker: Hes a very smart guy, but I dont think you want to be sitting on the other side of the negotiating table from him.. The man who bought Elvis is Robert F.X. [33] In 2000, Sillerman donated a $15 million gift through the Tomorrow Foundation to extend the library and for marine science scholarships. Sillerman has a $1 billion plan to conquer the world of dance music, read the publications cover line. During its public run, the company also sold $295 million debt to finance additional acquisitions and fund operating losses. Function (x) Founder Education Robert FX Sillerman studied at Brandeis University. Terms & Conditions. [8], In 1989 Sillerman formed Capstar Communications. Speak with executives at Graceland and in New York, though, and it quickly becomes obvious how they want to further elevate the King. Robert Franklin Sillerman was born in Manhattan on April 12, 1948, to Michael McKinley Sillerman, a radio and television executive, and Estelle (Levande) Sillerman. In characteristic form, Sillerman wont give investors any firm commitments. Once on the Forbes 400 list, he also briefly owned the WLAF's New York/New Jersey Knights. Take a walk through Elviss home with the throngs, and the feeling you get is reverential.
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