Im also confident that we will create a better experience for the fans, Mr. Sillerman said in an interview with The New York Times. As of December 2013, Viggle companies had a combined 17 million monthly users. [17][18] In December 2013 Viggle acquired Wetpaint for $30 million in stock and in early 2014 Viggle acquired Digit Media, an entertainment app producer. AI Is Creeping Into the Functional Music Market What HappensNext? (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.) Brucie and Bob bought more stations and worked their magic on operations. But Fuller had an even bigger idea, a kind of interactive on-air talent show. 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. Synergy is not important. He died on November 24, 2019 in Hinsdale, New Hampshire, USA. The company controlled the rights to booking the venue but did not own it. 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. 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. Mr. Sillerman called it an inside joke. 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. The New York entrepreneur is most notably known for consolidating a number of U.S.. The orginal goal was to buy Pasquale RotellasInsomniac, explained Estopinal. Striking a deal shouldnt be that difficult. [9] 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. On the subject of corporate partnerships, Sillerman said he underestimated the time it would take to sign up sponsors for SFXs events. 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 guy didnt have any energy, says Morrow. 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. 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. Details surrounding the companys formation remain disputed, and today Sillerman faces a lawsuit from acquaintances who allege that they are cofounders. Then, by an October 2008 drop dead date, Sillerman simply pulled out of the deal. Sillerman insists that cancer hasnt impeded his business or his social life, which can be a bit wild and woolly. 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. On Jun 7, 2012, Function (X), Inc. was renamed Viggle, which changed the company stock listing to VGGL. Its a word Ive never liked. Mr. Sillerman had recently been living in Hinsdale, N.H. For decades, Mr. Sillerman was a regular in the headlines of the financial press, buying and selling numerous media and entertainment businesses, often at a huge profit, and presenting a brash public persona that sometimes rivaled those of the celebrities he dealt with. As a teenager he started his own greeting card company, buying cards in bulk and enlisting youngsters to sell them. Sillerman's net worth , money, salary, income, and . They said music doesnt work on TV in America. I have a million ideas all the time, says Fuller, but before I could only do one a year. 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. 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. Entertainment mogul Robert Sillerman is facing foreclosure on his $16 million Upper East Side town house for defaulting on a $12.5 million loan since 2015, a new lawsuit claims. In 2001, Britains ITV put Fullers baby, Pop Idol, on the air. 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. After selling SFX Entertainment, Mr. Sillerman pursued various entertainment projects. His father, Michael McKinley Sillerman, was a radio executive who went bankrupt when his son was 13. Mr. The five-story home, between Lexington and Third avenues, is 5,885 square feet and was built in 1920. When SFX went public in Oct. 2013, businesses the company owned or was in the process of acquiring earned $14.6 million in adjusted EBITDA on combined revenue of $239 million. That didnt work out, but when we started talking, Insomniacs acquistion price was $10 million, he said. Their daughter, Mackinley, died in 2012. Sillermans actions signaled to the market that he saw significant value in SFX. CKX already carries a load of goodwill, $14 million from the Presley deal, and $111 million from the 19 transaction. This stands out as unique. Thats the whole game., Robert F.X. SFX now has a market capitalization of $88 million. 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. FORBES first started charting DJ earnings in 2012; a year later, the collective income of the top ten acts had doubled. Maglan Capital, an owner of roughly 1.5% of SFX Entertainment's outstanding stock, called Sillerman's $4.75 a share go private offer "a way low-ball bid." Even very young people. 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. Arent companies like Viacom (VIAB) and Time Warner (TWX) disassembling or considering disassembling their empires, while Sillerman is putting one together? Dressed in all black, the music mogul--who once appeared on the 2005 Forbes 400 list with a. On Wall Street they like to say that Bob Sillerman hardly knows failure, but he saw it firsthand growing up. The company has teased burned investors with an "indication of interest" from an unnamed bidder. 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. Part of that underwhelming reality may have to do with the public relations nightmares that can occur while running EDM festivals. At Fridays price of 91 cents, SFXs shares are down 93% from its IPO price. And thats just part of the American Idol money train. Sillerman was also a major shareholder of CKX Inc. What was most impressive about his $389 million deal with Westinghouse (which was convinced that it needed to become a big player in the business) in 1989 wasnt that it was his biggest score ever; it was the fact that the market for radio stations tanked soon after. (A spokesman for Lisa Presley declined to comment. Impersonator shows can, if properly done, extend the brand, Sillerman says. You know if you make cars or washing machines or something like that, I guess you have to focus on margins. He was an executive. He loves to party. 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. 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. The CK stands for content is king, while the X is a reference to one of his middle initials (they are F.X., and he wont tell anyone what they stand for). His timing seemed impeccable. Hes been known to sneak up on people and scare them. In 1985 Sillerman entered into a partnership with radio/television industry executive Carl E. Hirsch (known as Legacy Broadcasting) to acquire KJOI-FM, Los Angeles for a then record-setting $44 million, as well as other stations in Denver, Detroit, Minneapolis, Washington D.C., Houston, Philadelphia, Los Angeles and New York City. 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%. Well, its a little early to ask that question. Really? and attractions such as Memphis' Graceland to Robert Sillerman, . I could tell you, but Id have to kill you, he says. Its different, Sillerman says. 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. This is a BETA experience. [6] Sillerman was married to copywriter Laura Baudo, whom he met at Ingalls. Not a clue. 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. Few suggest the genre is decliningnot yet, anywaybut theres evidence that points to a plateau. His plan was to spend $1 billion to buy EDM-related companies around the world, telling FORBES in 2012: If we do this with the right people this will be bigger than the first SFX.. Contestants on the new Fox hit So You Think You Can Dance.. 19 is the brainchild of Simon Fuller, whom Sillerman describes as a cherubic bundle of nonstop creative energy. Fuller started out as a talent scout in the 1980shis company is named after a hit song by an artist he manageddiscovering and working with British rock groups like Spandau Ballet, Billy Idol, and Ultravox. 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. He graduated from Brandeis in 1969 and, three years later, sold Youth Marketing Consultants to Ingalls, an advertising firm in Boston. He is also the founder of Viggle and the namesake of The Sillerman Center for the Advancement of Philanthropy at Brandeis University. Robert Sillerman stepped down as CEO of SFX Entertainment in February, but the story between them continues. Connecting the show to phones, through the Internet, through merchandising, and ways I cant talk about yet.. You may opt-out by, 2013, the day his company went public. 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. 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, 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. And $6.5 million went to Priscilla Presley for use of the family nameeven though Sillerman wasnt legally obligated to pay her anything, since Priscilla and Elvis were divorced, and Elviss estate went to Lisa Marie. During its public run, the company also sold $295 million debt to finance additional acquisitions and fund operating losses. Sillerman was a significant player on Broadway. As his business world collapses around him, Sillerman seemed relatively relaxed over the phone. When SFX began bursting at the seams, in no small part because of his mismanagement, Sillerman again reneged. Sony Pictures Television Nonfiction (formerly known as CKX, Inc., CORE Media Group, Inc. and Industrial Media, LLC) is an American company founded on February 7, 2005, that owns and develops entertainment content and intellectual property . We were misinformed by an SFX spokesman. To Sillerman the soft patch was an opportunity to reload. (Photo credit: Jonas Roosens/AFP/Getty Images). 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. 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. SFX raised $260 million in its initial public offering. I also thought she was shrewd and perceptive. 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. Why? Todays star- making machinery is half-a-century and light years away from that process. 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. During its public run, the company also sold $295 million debt to finance additional acquisitions and fund operating losses. And get this zinger from Reids report: CKX apparently has the right to shut down impersonator shows. (Say it aint so!) SFX bought up enough stations to become the nation's seventh largest chain. In 2000, the radio chain Clear Channel Communications bought SFX for $4.4 billion. 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.. Could it be that Sillerman didnt fully understand this--or just how skittish it would make brands? 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. But for years he had maintained a golden touch in building media franchises and extracting maximum value from them. In 2017, he almost lost the home after defaulting on a $12.5 million loan, The Post reported at the time. On August 14, Sillerman tabled his bid, saying that the markets made the ability to complete a deal virtually impossible., The fact the market said--which its entitled to--We dont believe that this deal is going to close is one thing, he said. Speak with executives at Graceland and in New York, though, and it quickly becomes obvious how they want to further elevate the King. Now when we dont need it, were flooded with it, Sillerman says. Whether I will actually select one or more [equity partners] will depend on what the final price is, he said of any future bid. Sillerman became one of the most intriguingand wealthiestmen in music by twice betting on his vision for the future of mass media. Bob can sell anythingit doesnt matterhe has that kind of head. (Morrow says it was he who enlisted Sillerman, not the other way around. 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. When he did sell to Live Nation, the number was closer to $100 million the only thing that changed was were out there buying promoters., Dance music was rapidly growing in popularity with ticket sales increasing by nearly 30% from 2011 to 2012, but most electronic promoters were putting everything they owned into the next show, explains Estopinal. By the time Mr. Sillerman began buying radio stations in the late 1970s, he was using a new name: Robert F.X. LinkedIn has officially entered its cringe era, and its working. SFX CEO Entertainment Robert F.X. 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. Attracting funds, at least at this point, wont be a limitation. It Takes a Lot of People to Create All This AI Music. 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). 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 . Powered and implemented by Interactive Data Managed Solutions. Sillerman worth at the age of 71 years old? 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. Offers may be subject to change without notice. He sold the company in 1971, and then launched I P+E, a sales marketing and promotion company. According to Billboard, Sillerman died of a. Fuller is signed up to head 19 Entertainment in a five-year contract. The man who bought Elvis is Robert F.X. With Finkel by his side and Estopinal giving the pair needed credibility, Sillerman set out to once again consolidate the dance music business by buying up dance promoters in Europe, Asia and North America. That greatly reduces the number of viewers who DVR it and skip the commercials. 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. The founder of SFX Entertainment rarely spoke about the impact of his daughters death but his friends say it weighed on him and changed his outlook. At the time it was the largest gift ever received by an alumnus to the university. Even more worrying, SFXs cash reserves dwindled to $38.6 million. 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 Sillerman, SFX Entertainment Founder, Dies at 71", "Bio in the 2005 Forbes 400, he was #375", "Robert F X Sillerman purchases WAFL NY-New Jersey Knights for $11 million", "KJOI-FM's $75-Million Price an Industry Record: Station's Sale Key Part of $155-Million Ownership Shuffle That Also Affects KTWV, Westwood One", "Robert F.X. But Sillerman was drawn to his fathers business. Not bad for a years work. Robert Franklin Sillerman was born in Manhattan on April 12, 1948, to Michael McKinley Sillerman, a radio and television executive, and Estelle (Levande) Sillerman. Investor Robert Sillerman, who bought Elvis Presley Enterprises, photographed with Elvis impersonators, 2005. 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.) Estopinal says he last saw Sillerman at a deposition, but he remembers sending Sillerman a note after the bankruptcy, acknowledging the failures of SFX while also thanking him for the opportunity to be part of the company. Take a walk through Elviss home with the throngs, and the feeling you get is reverential. Michael Sillerman died in 1980, just when his sons career was taking off. By then Sillerman was already toiling away on his next project, SFX Entertainment, a company that would own concert venues and other media properties. 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. It runs in the family: Lisa Marie Presley signs autographs for NASCAR fans at Daytona Speedway this past July. 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. [39], On November 24, 2019, Sillerman died at the age of 71 after a respiratory illness.[40]. Yes, Elviss core fans are aging, but young people still are drawn to the man with the oversized Q-rating. (Rumors suggesting that Sillermans next big acquisition has been delayed have been a drag on the stock.) Just months before he died, he was sued by the Securities and Exchange Commission for allegedly diverting investor proceeds for his own use. 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. 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. 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. CKX also gets royalty rights to 24 Elvis movies. 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. 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. That seemed to sum everything up., A daily briefing on what matters in the music industry. 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.. I liked him, she says. I ask Lisa about Sillermans plans. Sillerman paid $196 million to buy 19 Entertainment. At Ingalls he met a young copywriter, Laura Baudo, who would become his wife. Another show with legs? But he doesnt seem to be worried about anything of the sort. There is little profit to invest in potentially lucrative assets like the Heartbreak Hotel, across the street from Graceland. We have estimated Robert F.X. Robert F.X. The massive property that was assembled from four different plots of land has just hit the market for a staggering $150 million. 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. Robert F.X. 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. SFX grew into the nations seventh-largest chain and sold its 71 radio stations for $2.1 billion in 1998. [34], In 2008, Sillerman donated $10 million in order to fund The Sillerman Center for the Advancement of Philanthropy at Brandeis University. Backstage at The Ed Sullivan Show, 1956: Elvis with the host and manager Parker (left). 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. 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. 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. [14] Sillerman with Rod Stewart and Dick Grasso at the NYSE. Because American Idol is whats known as event programming, meaning that because its a contest, you almost have to watch it live. It and skip the commercials to sign up sponsors for SFXs events get this from! 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