Sillerman had bought Elvis Presley Enterprises from Lisa Marie Presley in 2005, but later sold it to a private equity firm. Could it be that Sillerman didnt fully understand this--or just how skittish it would make brands? So far Idol stars like Kelly Clarkson and Clay Aiken have sold over 14 million albums. Sillerman became one of the most intriguingand wealthiestmen in music by twice betting on his vision for the future of mass media. 19 also manages the career of soccer superstar David Beckham and his wife, Victoria (a.k.a. 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. Robert F.X. 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. It Takes a Lot of People to Create All This AI Music. It was a smash right off the bat. But stars still do get born. On this Wikipedia the language links are at the top of the page across from the article title. This is a BETA experience. 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. 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. (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.) A costly restaurant venture in Memphis went bust. Though the Elvis business isnt that big yet, it gives us a window into how Sillerman operates. 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. 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. Says his longtime business partner, disc jockey Cousin Brucie Morrow: Bob is very exhausting to be with. document.getElementById( "ak_js_1" ).setAttribute( "value", ( new Date() ).getTime() ); Thanks for contacting us. Sillerman the former owner of Graceland who consolidated radio stations and concert ticket sales has sold for $7.7 million. And the King is content! Sillerman has passed away at age 71, according to The New York Times. It declared bankruptcy in 2016, and many of the assets it had amassed were sold off. Moreover, those familiar with the live events industry know that festivals can lose millions of dollars in their early years as they try to build their fan bases. And there are between 105 and 110 scheduled for next year.. He seems to have a knack for selling just when markets are at their peak, which has given some buyers severe indigestion. He graduated from Brandeis in 1969 and, three years later, sold Youth Marketing Consultants to Ingalls, an advertising firm in Boston. [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. He. The company also acquired 80% in Muhammad Ali Enterprises. Man in the middle: Simon Fuller (in back) with Idol stars Kelly Clarkson, Ruben Studdard, and Fantasia Barrino. [32], From 1993 Sillerman served as the Chancellor of the Southampton College of Long Island University, replacing Angier Biddle Duke. [14] He was one of the producers of The Producers, the Broadway hit, written by his friend Mel Brooks, that ran for six years and pushed the limits of ticket prices on Broadway. 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. Lisa received $50 million in cash, plus $26 million in CKX common and preferred stock. Sillerman, the entertainment. What about a world champion Idol drawn from all the different nations? The show venue may be moved from Los Angeles to Las Vegas to save money (and perhaps to fill a certain 2,000-seat theater). 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. SFX bought up enough stations to become the nation's seventh largest chain. 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. Another show with legs? Sillerman has a $1 billion plan to conquer the world of dance music, read the publications cover line. 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. (A hip-hop-style remix of A Little Less Conversation was a No. And there are a couple of Sillerman stories that involve nudity. Sillerman paid $196 million to buy 19 Entertainment. PHOTOGRAPH BY GREG MILLER. [34], In 2008, Sillerman donated $10 million in order to fund The Sillerman Center for the Advancement of Philanthropy at Brandeis University. Thats not the way I view the entertainment businessI view it as an art not as a science.". 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. Im not very knowledgeable about real estate, he reportedly told the New York Post at the time. The founder of SFX Entertainment rarely spoke about the impact of his daughter's death but his friends say it weighed on him and changed his outlook. Investor Robert Sillerman is combining the King, American Idol, and other entertainment assets to build his next media conglomerate. That company was also called SFX. In addition to concerts, Robert F.X. So what if the next Elvis is discovered on American Idol? CKX already carries a load of goodwill, $14 million from the Presley deal, and $111 million from the 19 transaction. He managed Annie Lennox and the Eurythmics, and then created the Spice Girls. Use of this site constitutes acceptance of our Terms of Use and Privacy Policy | CA Notice at Collection and Privacy Notice| Do Not Sell/Share My Personal Information| Ad Choices Around that time Sillerman was diagnosed with tongue cancer and underwent chemotherapy, which sidelined him for several months. 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 entrance is through original doors from the Paramount Theater. [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. Sillerman attempted to rebrand the project as a Baccarat Hotel but this also failed. Sillerman, 57, a Wall Street operator with a long history of minting money in the . 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. 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. That is, if SFX is still around in a year to run those events. 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. 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 is from USA. 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. counterpart.) Its sad how things ended because he really was a bright guy, but in the end he carried a lot of pain. Robert F.X. Clear Channel, which had already purchased many of Sillermans radio stations from Hicks Muse, agreed to buy SFX Entertainment for a reported $3 billion. 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. 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. Industrial Media. Within a matter of weeks it is likely that CKX will announce some sort of Elvis Presley or Graceland-themed casino in Las Vegas. Clear Channel had integration issues with SFX, according to one analyst, and now plans to spin off that business by early next year. But for years he had maintained a golden touch in building media franchises and extracting maximum value from them. I thought he was asleep. 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 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. 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. Correction: In The Man Who Bought Elvis (Dec. 12), we wrote that SFX Entertainment once owned New York Citys Roseland Ballroom. . Sillerman graduated from Brandeis University in 1969, avoided the Vietnam War draft due to an injury and eventually went on to buy 92.7 WALL-FM in Middletown, New York, with famed DJ Bruce Cousin Brucie Morrow, according to Ticket Masters. 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. He was 71. 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. Later, the private equity firm Apollo Global Management acquired CKX in 2011. 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. So what he said so eloquently, I say, Foff.'. The hotel, Sillerman and Soden say, is just screaming to be expanded, upgraded, and replicated in other locations. "Robert F. X. Sillerman," Wikipedia.org. Even so, Sillermans 47% stake is worth some $400 million. Even very young people. The truth is, for all of Elviss transcendent mystique, EPE has never been much of a business. 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. 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. And dont forget about the Heartbreak Hotel. He sold the company in 1971, and then launched I P+E, a sales marketing and promotion company. 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. Starting in the late 1970s, Mr. Sillerman built a portfolio of radio and television stations worth nearly $1 billion. unclear if newer events will have the same kind of draw. By then Sillerman was already toiling away on his next project, SFX Entertainment, a company that would own concert venues and other media properties. I should get a waterproof one for the shower., At this particular sit-down, when Sillerman gets around to talking about CKX, he says, Technology is breaking down the old lines of distribution. Terms & Conditions. Think of how we can continue to expand the show, says Fuller. 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. [13] The first product the company produced was called "Viggle", released in January 2012, which used a mobile app as its primary interface. Sillerman was born into a media household, raised in the Riverdale section of the Bronx, and attended top private schools in New York City. These are Sillermans strengths: identifying trends in the media business before others, then gathering and deploying capital to make the strategy work. Sillerman became one of the most intriguing and wealthiest men in the media business but died in bankruptcy, pursued by the government and suffering the painful complications of a decade. His timing seemed impeccable. 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. LinkedIn has officially entered its cringe era, and its working. [6], In 1978 Sillerman and disc jockey Bruce Morrow bought two radio stations in upstate New York for $1.875 million. American Idol is the No. He likes to jump out of the bushes or hide in hotel rooms and scare people, says Cousin Brucie. 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. Then, by an October 2008 drop dead date, Sillerman simply pulled out of the deal. I could tell you, but Id have to kill you, he says. There is little profit to invest in potentially lucrative assets like the Heartbreak Hotel, across the street from Graceland. Several managers and big-name acts from Ozzy Osborne to Shania Twain reportedly bristled over having to negotiate with such a corporate gorilla. First, understand that Sillerman actually owns very little of Elviss music. Robert F.X. 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. 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. He died on November 24, 2019 in Hinsdale, New Hampshire, USA. 2023 Billboard Media, LLC. [35] For thirteen years, Sillerman served as the Chancellor of Southampton College and is the founder of The Tomorrow Foundation. In the years following that tragic 2012 event, he was often treated as a cartoon villain in the media, trying for a third, fourth and even fifth act in business, and some say the death of his daughter hardened him to any criticism. The suit alleges that Sillerman in emails promised a joint partnership in which the plaintiffs would receive 2.5 million "founders shares" of SFX, which never materialized. Sillerman is largely responsible for helping create two of the biggest companies in music iHeartRadio and Live Nation through a series of deals he finalized in the late 1990s. This is a long-term perspective, [but] a 10% return on equity from our perspective would be insufficient.. Thats the whole game., Robert F.X. 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. Robert F.X. 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. A brash figure in the financial pages, he bought and sold lucrative radio and concert businesses and controlled the Elvis Presley estate. At the time, Sillerman said he expected to deliver equity and debt financing on the billion-dollar deal when a 60-day sale process was completed. 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.. dialogue with Robert Sillerman. Why? At first, advertisers and investors flocked to the new SFX. Sillerman, Concert Industry Consolidator, Dies at 71 Roy Trakin November 26, 2019, 6:02 PM Click here to read the full article. 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." Robert F.X. Robert F.X. Dressed in all black, the music mogul--who once appeared on the 2005 Forbes 400 list with a net worth of $975 million--held a disco ball that had been colored in gold and silver to represent the earth. Hes probably smartest person Ive ever met, saidShelly Finkel, a longtime boxing and music manager who co-founded SFX with Sillerman in 2011. And I haven't a fucking clue what they do or what they're talking about. The results supported theories that Sillerman--who proposed in late May to take the company private at a price of $5.25 per share--didnt have the financial partners or intent to buy his cash-strapped company. Robert F.X. 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. 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. 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. 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