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. The company that emerged would become Clear Channel, which is now known as iHeartRadio. Robert Sillerman, founder of SFX Entertainment, has died, Billboard reports and Sillerman's lawyer Sanford Philip Rosen confirmed to Pitchfork. Once on the Forbes 400 list, . [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. Bob had his own way of doing things and it wasnt good in the end.. Backstage at The Ed Sullivan Show, 1956: Elvis with the host and manager Parker (left). 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. His brother, Michael, confirmed his death but gave no other details. At least so says a Wall Street entrepreneur who is hoping to make Elvis the centerpiece of his burgeoning media companynot only extending the Kings reign but also taking advantage of technological and demographic changes rocking the media and entertainment industries. In fact, theres a hit TV show in the business of finding them. Billionaire entertainment mogul Robert F.X. Some $20 million. 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. 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. Sillermans personal take was a reported $219 million. That didnt work out, but when we started talking, Insomniacs acquistion price was $10 million, he said. I suppose there are all kinds of gratifying lines of work, he says. Robert F.X. The orginal goal was to buy Pasquale RotellasInsomniac, explained Estopinal. Sillerman worth at the age of 71 years old? Before Bob, the whole scene was a giant Ponzi scheme.. Sillerman, the entertainment. 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. 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. At various points heated negotiations and lawsuits ensued between Sillerman and the likes of PaineWebber, Steinhardt Partners, and W.R. Huff, who alleged that Sillerman was trying to shortchange investors. 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. Young Sillerman graduated magna cum laude from Brandeis in 1969 after becoming immersed in counterculture politics and rock & roll. And dont even think about asking him what his middle initials, F.X., stand for. Even very young people. Correction: In The Man Who Bought Elvis (Dec. 12), we wrote that SFX Entertainment once owned New York Citys Roseland Ballroom. [13] The first product the company produced was called "Viggle", released in January 2012, which used a mobile app as its primary interface. With so many formats vying for consumers attention, content is king. Powered and implemented by Interactive Data Managed Solutions. As a subscriber, you have 10 gift articles to give each month. 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. He also acquired a majority of the Presley estate, with the right to operate Graceland, the Presley home in Memphis; took over the company behind the long-running television hit American Idol; and acquired the rights to Muhammad Alis name and likeness. But Sillerman was drawn to his fathers business. But the companys performance was weak, and its stock price eventually plunged by more than 95 percent. (Photo: Robin Marchant/Getty Images). In 2000 he sold a company that owned concert venues to Clear Channel for a reported $3 billion. Some noted that Sillerman was paying huge amounts of goodwill in his deals, so eager was he to build the company. Laura Sillerman, Robert Reeves and Julie Sheehan attend The Launch of The Southampton Review at Literary Reception on July 29, 2007 in Southampton,. Ive tried to get him drunk to get him to tell me, says Brucie. Connecting the show to phones, through the Internet, through merchandising, and ways I cant talk about yet.. He also made money on Broadway as an executive producer for Mel Brooks' musical The Producers. Whether I will actually select one or more [equity partners] will depend on what the final price is, he said of any future bid. Mr. [33] In 2000, Sillerman donated a $15 million gift through the Tomorrow Foundation to extend the library and for marine science scholarships. [37], In May 2012, Sillerman was accused of sexual harassment by an employee of Function X. 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. Not a clue. ), Sillerman with Rod Stewart and Dick Grasso at the NYSE.Henny Ray Abrams AFP/Getty Images. Not bad for a years work. Sillerman insists that cancer hasnt impeded his business or his social life, which can be a bit wild and woolly. Maybe, but maybe not. Earlier this year Sillerman settled with the SEC for $179,000. 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. This is a long-term perspective, [but] a 10% return on equity from our perspective would be insufficient.. So far Idol stars like Kelly Clarkson and Clay Aiken have sold over 14 million albums. Another show with legs? 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. He sold the company in 1972 to the Boston ad firm, Ingalls. According to Billboard, Sillerman died of a. He set up his own business, Youth Markets Consultants, to help big companies sell their wares to the Now Generation. Arent companies like Viacom (VIAB) and Time Warner (TWX) disassembling or considering disassembling their empires, while Sillerman is putting one together? Robert F.X. When SFX began bursting at the seams, in no small part because of his mismanagement, Sillerman again reneged. 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. Industry sources suggested that a possible buyer could be Live Nation. We've received your submission. SFX raised $260 million in its initial public offering. There were people who told me, Im not doing a deal with this guy, hes going to die, Estopinal says. Clear Channel, which had already purchased many of Sillermans radio stations from Hicks Muse, agreed to buy SFX Entertainment for a reported $3 billion. Bob can sell anythingit doesnt matterhe has that kind of head. (Morrow says it was he who enlisted Sillerman, not the other way around. We took on more debt than I felt comfortable with, she says. Within a matter of weeks it is likely that CKX will announce some sort of Elvis Presley or Graceland-themed casino in Las Vegas. Robert F.X. 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. That means $125 million out of the $306 million paid for these two companies exceeds any tangible assets, including the value of trademarks. In the sale, SFX kept two small concert promoters, and renamed the company SFX Entertainment (concert promotion, sports agencies), turning SFX Entertainment into the world's largest producer, promoter and presenter of live entertainment. Additionally, Robert FX Sillerman has had 6 past jobs including Founder at Live Nation. DJ Afrojack (left) and Sillerman at the NASDAQ MarketSite in New York in 2013. I just love it.". In 2001, Britains ITV put Fullers baby, Pop Idol, on the air. He can outlast and outtalk anybody. Says a close colleague: His BlackBerry messages start at 6 A.M. and never stop into the night. A costly restaurant venture in Memphis went bust. He sold the company in 1971, and then launched I P+E, a sales marketing and promotion company. Robert F.X. Their daughter, Mackinley, died in 2012. He was an executive. There was no retirement plan. He was 71. FORTUNE is a trademark of Fortune Media IP Limited, registered in the U.S. and other countries. Lawsuits increasingly became a common part of his life, including a suit from a luxury real estate firm for breach of contract after he allegedly cut the firm out of a $114 million real estate deal withoutpaying their commissions. Robert F.X. 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. But where did it go wrong for SFX? 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. His father, Michael McKinley Sillerman, was a radio executive who went bankrupt when his son was 13. The second floor boasts two main bedroom suites with ensuitemarble bathrooms, woodburning fireplaces and a large planted terrace. Bob is like a Clint Eastwood character in an old Western movie, says Dennis Arfa, a business associate of Sillerman. But nearly every time Sillerman sold, he and his investors made money. 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. (A spokesman for Lisa Presley declined to comment. All Rights Reserved. I have never had one single boring day., CKX has a 90-year lease on Elviss home.Richard Berkowitz Getty Images, Soden, who will continue running EPE in the new company, enhanced the Elvis business by expanding into merchandising and licensing. This year, there are 88 festivals that we anticipate doing, said Sillerman. And the King is content! [36] Sillerman was also a donor and fundraiser for the Democratic Party in the United States. Sillerman paid $196 million to buy 19 Entertainment. (Photo: Robin Marchant/Getty Images). But in making his push for the new version of SFX in 2012, he spoke with boundless optimism about the potential for his new company. 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. 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 main app NextGuide and Digit Reminder Button was integrated into Viggle software. Starting in the late 1970s, Mr. Sillerman built a portfolio of radio and television stations worth nearly $1 billion. Revenues at the company that manages his affairs, Elvis Presley Enterprises, have been flat at $40 million for five years. But instead of a billion-dollar acquistion, Sillerman wiped out hundreds of millions in investor money and eventually had to file for bankruptcy. Impersonator shows can, if properly done, extend the brand, Sillerman says. (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.) Recognizing the environment she was raised in, I thought she was astounding. Sillerman, a triathlete who loves vigorous games of volleyball and basketball, has recovered and now sports a yellow Livestrong bracelet. The show is also being franchised in 100 countries. But stars still do get born. SFX grew into the nations seventh-largest chain and sold its 71 radio stations for $2.1 billion in 1998. Backstage at The Ed Sullivan Show, 1956: Elvis with the host and manager Parker (left).CBS Photo Archive/Getty Images. We have to be careful to not deprecate Elviss legacy or to damage our authorized and official Elvis shows.. But when the so-called "go shop" ended, Sillerman didnt have the financing to cover his bid. Its easy to say that in hindsight, Sillerman told Billboard in a June 9, 2016article. I know nothing about EDM, Sillerman told Billboard in Sept. 2012. Elviss legendary manager, Colonel Tom Parker (a.k.a. Thats not part of our strategy.. As big as Sillermans ambitions, perhaps. In just the past few weeks weve seen a flurry of deals by companies seeking to profit from this tumult: TV networks are offering shows for sale, AOL is selling vintage programs online, and cellphones and iPods can now deliver music, video, and TV. While attending Brandeis University, he founded Youth Market Consultants, which sold magazine subscriptions to students and in turn advised companies on how to reach that market. Bob went out and taught salespeople; I taught the on-air staff. 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. So, how much is Robert F.X. Despite having established brands, the festivals that were acquired by Sillerman's empire collectively moved in the opposite direction of what was expected. Sillerman intends to buy more high-profile properties like these (think athletes and rock groups, for instanceSillerman is tightlipped about possible deals), find new ways to distribute them, and increase their value. It runs in the family: Lisa Marie Presley signs autographs for NASCAR fans at Daytona Speedway this past July. 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. 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. 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. Sillerman, Concert Industry Consolidator, Dies at 71 Roy Trakin November 26, 2019, 6:02 PM Click here to read the full article. Nearly three years ago, Robert F.X. In each case Sillerman assembled a collection of media propertiesall in distributionat low prices and then unloaded the bundle for a higher price. But if you walk down the street, youll be hard-pressed to find somebody who doesnt know what it is. He just didnt a fabout anything, said one former business partner who did not want to share their name. Didnt work. Okay, so come on, Bob, what does F.X. 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. 2023 Fortune Media IP Limited. 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. For its money, CKX got a 90-year lease on Graceland, stipulating, among other things, that the premises may not be used as a massage parlor, a mortuary, or [for] the manufacture, sale, or distribution of feminine hygiene products. (Gives you an idea of how much attention Lisa and Soden pay to protecting Elviss image.) The guy didnt have any energy, says Morrow. And game shows are the longest-lasting shows on TV. Eight years later he unloaded a bunch of stations to Hicks Muse for $2.1 billion. In 1993 he founded SFX Broadcasting with a partner, R. Steven Hicks. Even more worrying, SFXs cash reserves dwindled to $38.6 million. Now when we dont need it, were flooded with it, Sillerman says. I ask Lisa about Sillermans plans. The man who bought Elvis is Robert F.X. Terms & Conditions. Yes, Elviss core fans are aging, but young people still are drawn to the man with the oversized Q-rating. Robert F.X. The company also acquired 80% in Muhammad Ali Enterprises. [21], In 2012, Sillerman rebooted SFX Entertainment, this time with a focus on the electronic dance music industry. All Rights Reserved. Sillerman has taken legal action against the company, seeking about $15.8 to cover. 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. Take a walk through Elviss home with the throngs, and the feeling you get is reverential. Sillerman with Rod Stewart and Dick Grasso at the NYSE. 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%. He also carried heavy personal pain after the suicide of his 18-year-old daughter Mackinley in 2012, losing his only child in the home he shared with his wife Laura Baudo Sillerman. Just ask the makers of the smash-hit movie Lilo and Stitch, who used an Elvis soundtrack to great success. We dont have enough time on this call to talk about the mistakes I made, said Sillerman during a 30-minute phone conversation from his New York City home, his voice gravelly and occasionally interrupted by a breathing apparatus due to a past bout with tongue cancer. So what if the next Elvis is discovered on American Idol? around. As for Sillermans take on Lisa: I was impressed with how real and grounded she was. (Photo by PATRICK McMULLAN/Patrick McMullan via Getty Images) Embed. It Takes a Lot of People to Create All This AI Music. In addition to Mr. Sillermans brother, Ms. Baudo Sillerman survives him. 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. 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. This is a BETA experience. It had earlier been trading on the NASDAQ exchange. Robert F.X. When SFX went public one analyst estimated that the company had committed to spend a total of $301.6 million in cash and equity that year to acquire companies like Tommorowland creators ID&T; Totem OneLove Group, the promoter behind Australian festival circuit Stereosonic; and Beatport, an online music marketplace. The stock cratered. 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. 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. The company also held a stake in Morra, Brezner, Steinberg & Tenenbaum Entertainment, the management company for Woody Allen, Robin Williams and Billy Crystal. So what he said so eloquently, I say, Foff.'. I thought he was asleep. Almost immediately after Sillerman closed on the Elvis deal, he opened his wallet again and purchased 19 Entertainment, a business with even more moving parts than Elvis. Sillerman, 57, a Wall Street operator with a long history of minting money in the media business. In December 2016, former SFX board member Mitch Slater sued Sillerman for an unpaid $2.5 million loan from 2015. Sillerman told Estopinal he had $1billion to spend on the rollup on an S-1 form announcing the IPO of SFX, Sillerman listed holdings that included online marketplace Beatport, the American-arm of Dutch company ID&T that produced festivals Tomorrowland and Sensation, Electric Zoo founders Made Events, German promoteri-Motion and Australias Stereosonic festival producer Totem Onelove Group. He has unbounded energy when it comes to business. Pei through the hallowed halls. CKX also gets the publishing rights to 650 songs, but owns the more valuable royalty rights to only the few songs Elvis recorded after 1973. The last thing well be thinking about is margins, Sillerman told FORBES in July 2012. 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