And dont forget about the Heartbreak Hotel. He was an executive. (Photo by PATRICK McMULLAN/Patrick McMullan via Getty Images) Embed. 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.. Later, the private equity firm Apollo Global Management acquired CKX in 2011. But nearly every time Sillerman sold, he and his investors made money. The top contestants on the show are signed to Sony BMG, and 19 gets 10% of their recording revenue. But he doesnt seem to be worried about anything of the sort. 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.) Mr. Sillerman gained control of the Presley estate. The companys chief Michael Rapino declined a request for an interview through a spokesperson. The company controlled the rights to booking the venue but did not own it. Sillerman stood stone-faced on the cover of Billboard magazine. He set up his own business, Youth Markets Consultants, to help big companies sell their wares to the Now Generation. Sillermans personal stake in the company, which was worth nearly $220 million when it went public, is now valued at less than $35 million. When things were going bad, he was looking for ways to try and make it work, Finkel said. [15][16] As of the end of 2013 Viggle had about 3.7 million users. He. And they said they would synergize their content. Ive tried to get him drunk to get him to tell me, says Brucie. Speak with executives at Graceland and in New York, though, and it quickly becomes obvious how they want to further elevate the King. He graduated from Brandeis in 1969 and, three years later, sold Youth Marketing Consultants to Ingalls, an advertising firm in Boston. Backstage at The Ed Sullivan Show, 1956: Elvis with the host and manager Parker (left).CBS Photo Archive/Getty Images. By then Sillerman was already toiling away on his next project, SFX Entertainment, a company that would own concert venues and other media properties. Sillerman, the entertainment. SFX Broadcasting sold its 71 radio stations for $2.1 billion in 1998. Robert F.X. 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. Bob is like a Clint Eastwood character in an old Western movie, says Dennis Arfa, a business associate of Sillerman. SFX raised $260 million in its initial public offering. In 2011, Apollo Management purchased CKX in 2011 for $512 million. Investor Robert Sillerman is combining the King, American Idol, and other entertainment assets to build his next media conglomerate. Sillerman, the former CEO of Function (x), Inc., with orchestrating an offering fraud and diverting offering proceeds to repay loans he had previously made to the company. Within a matter of weeks it is likely that CKX will announce some sort of Elvis Presley or Graceland-themed casino in Las Vegas. 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. 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. [21], In 2012, Sillerman rebooted SFX Entertainment, this time with a focus on the electronic dance music industry. The hotel, Sillerman and Soden say, is just screaming to be expanded, upgraded, and replicated in other locations. 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. 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. In December 2016, former SFX board member Mitch Slater sued Sillerman for an unpaid $2.5 million loan from 2015. 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. Fuller is signed up to head 19 Entertainment in a five-year contract. 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. 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. You and I buy a couple loaves of bread, Bob buys the bakery, Morrow told Budnick and Baron of Sillermans sales abilities, which by 1988, netted nearly $1 billion value in broadcast assets. 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. In 1993 he founded SFX Broadcasting with a partner, R. Steven Hicks. In addition to concerts, Robert F.X. Over half a million tourists from all over the world stream into the shrine called Graceland each year. I could tell you, but Id have to kill you, he says. And game shows are the longest-lasting shows on TV. 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 . Nearly three years ago, Robert F.X. 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. 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. Lisa Marie Presley, Elvis' daughter, had sold the majority of Elvis Presley Enterprises, . 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. (Rumors suggesting that Sillermans next big acquisition has been delayed have been a drag on the stock.) 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. 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. Sillerman, Concert Industry Consolidator, Dies at 71 Roy Trakin November 26, 2019, 6:02 PM Click here to read the full article. Sillerman, the founder of SFX Entertainment, has died at the age of 71 due to respiratory illness. Not bad for a years work. 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. You know if you make cars or washing machines or something like that, I guess you have to focus on margins. Sillerman attempted to rebrand the project as a Baccarat Hotel but this also failed. In 2000, the radio chain Clear Channel Communications bought SFX for $4.4 billion. His net worth has been growing significantly in 2021-2022. The truth is, for all of Elviss transcendent mystique, EPE has never been much of a business. But the company had no serious strategy, a former employee told Billboard at the time, and Sillermans frequent misrepresentations angered investors, including a plan to take the company private in May 2015 that collapsed when it became clear that Sillerman didnt have the $700 million needed to finance the deal. Sillerman had bought Elvis Presley Enterprises from Lisa Marie Presley in 2005, but later sold it to a private equity firm. They acquired additional radio and TV stations, including WALL and WKGL (Middletown, New York); WJJB; (Hyde Park, New York); WHMP (Northampton, Massachusetts); WLOM (Orleans, Massachusetts); WRAN (Randolph, New Jersey); WPLR (New Haven, Connecticut) and the television station WATL (Atlanta). A brash figure in the financial pages, he bought and sold lucrative radio and concert businesses and controlled the Elvis Presley estate. But Sillerman was drawn to his fathers business. Sillerman was known for pushing the envelope. 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. Once on the Forbes 400 list, he also briefly owned the WLAF's New York/New Jersey Knights. Its funny, when we needed money we had a difficult time raising it. The 66-Year-Old Rave King of Wall Street In the past few years, Bob Sillerman has become notorious in the dance music industry for buying up a string of once-independent rave promoters in order. Well, its a little early to ask that question. Really? 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. Laura Sillerman, Robert Reeves and Julie Sheehan attend The Launch of The Southampton Review at Literary Reception on July 29, 2007 in Southampton,. Details surrounding the companys formation remain disputed, and today Sillerman faces a lawsuit from acquaintances who allege that they are cofounders. Robert F.X. 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. 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. document.getElementById( "ak_js_1" ).setAttribute( "value", ( new Date() ).getTime() ); Thanks for contacting us. On Wall Street they like to say that Bob Sillerman hardly knows failure, but he saw it firsthand growing up. [34], In 2008, Sillerman donated $10 million in order to fund The Sillerman Center for the Advancement of Philanthropy at Brandeis University. Once a saver, always a saver: Warren Buffett says generational wealth isnt what it used to be in his annual letter Its bigger than the housing crisis: An influential economist just blamed NIMBYs for American decline, and Elon Musk CA Notice at Collection and Privacy Notice, Do Not Sell/Share My Personal Information. 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). (Per capita, Canadian Idol is much bigger than its U.S. Elvis's 37-year-old daughter and heir, Lisa Marie, has been unhappy . 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. [6], In 1978 Sillerman and disc jockey Bruce Morrow bought two radio stations in upstate New York for $1.875 million. 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. And sad. 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%. A costly restaurant venture in Memphis went bust. And Fuller is looking to bring a gritty nighttime soap opera that is popular in Britain to America next summer. 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. 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 and illegally diverting fund 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. 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 characteristic form, Sillerman wont give investors any firm commitments. 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. I have a million ideas all the time, says Fuller, but before I could only do one a year. I ask Sillerman about his revenue and income projections for his Elvis and American Idol businesses. (Photo credit: Jonas Roosens/AFP/Getty Images). . Brandeis University Recent News and Activity Funding Round Sep 16, 2014 Its a word Ive never liked. Sillerman has a $1 billion plan to conquer the world of dance music, read the publications cover line. According to Billboard, Sillerman died of a. He rides into town and leaves with all the money and the women. We bought companies based on what we anticipated that we could bring in incremental sources of revenue.. How big will CKX become? (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.) 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. Sillerman, Transform Television? Recognizing the environment she was raised in, I thought she was astounding. Another show with legs? [6] Sillerman was married to copywriter Laura Baudo, whom he met at Ingalls. This site is protected by reCAPTCHA Enterprise and the Google. He sold the company in 1972 to the Boston ad firm, Ingalls. The Bolshoi Ballet came en masse to Graceland, Soden recalls. With so many formats vying for consumers attention, content is king. The Securities and Exchange Commission today charged New Hampshire resident Robert F.X. In addition to Mr. Sillermans brother, Ms. Baudo Sillerman survives him. He has unbounded energy when it comes to business. Now that Im a part of CKX, I have the resources to do three or four. Sillerman hopes thats a positive, not a negative. It comes with five bedrooms and 5 bathrooms. 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. But from 2013 to 2014, the increase slowed to 11%; this year, its only 2.5%. Function (x) Founder Education Robert FX Sillerman studied at Brandeis University. 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. That is, if SFX is still around in a year to run those events. Unable to eat solid foods, he was prone to horrible coughing fits and had to eat through a feeding tube. The company also acquired 80% in Muhammad Ali Enterprises. 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 I haven't a fucking clue what they do or what they're talking about. 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. [4] After graduating from the Collegiate School, he attended Brandeis University. He just didnt a fabout anything, said one former business partner who did not want to share their name. Even more worrying, SFXs cash reserves dwindled to $38.6 million. But stars still do get born. There are so many ways to exploit that level of awareness. FORTUNE may receive compensation for some links to products and services on this website. Contestants on the new Fox hit So You Think You Can Dance.Jason Merritt FilmMagic/Getty Images, So why did Sillerman buy Fullers company? Robert Franklin Sillerman was born in Manhattan on April 12, 1948, to Michael McKinley Sillerman, a radio and television executive, and Estelle (Levande) Sillerman. At the time of the companys formation, Sillerman boasted of his ability to go toe-to-toe with Live Nation Entertainment, the live events behemoth which was formed out of the firm he sold to Clear Channel for $4.4 billion in 2000. Michael Sillerman died in 1980, just when his sons career was taking off. A crucial part of his strategy was using the nationwide audience at SFXs shows to lure sponsorship deals by big consumer brands like Smirnoff and Levis. I also thought she was shrewd and perceptive. What kind of person would grow up to have business dreams like these? 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. 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.. Another $25 million from CKX went to pay off EPE debt. But where did it go wrong for SFX? Clear Channels stock, which hit a high of $95 in 2000, is trading at $32. Investor and media executive Robert F.X. Maybe, but maybe not. Sillerman paid $196 million to buy 19 Entertainment. Sillerman also bought the business of sports superagent David Falk (he repped Michael Jordan, among others) and other pieces of the sports world, such as figure-skating championships. 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. After the sale, Sillerman went on another buying spree, purchasing the rights to Graceland, the Elvis Presley Estate,Simon Fullers 19 Entertainment and an 80% stake in Muhammad Ali Enterprises. As of December 2013, Viggle companies had a combined 17 million monthly users. Its easy to say that in hindsight, Sillerman told Billboard in a June 9, 2016article. Meet the Women in Music Honoree Who Escaped the IronCurtain, Manson Accusers Recantation Cant Be Used for Now in Case Against Evan Rachel Wood, JudgeSays, Fadia Kader Joins Venice Music as EVP &GM. The massive property that was assembled from four different plots of land has just hit the market for a staggering $150 million. Capstar applied for and received permission to operate more than one class of radio station in the same market. The company has teased burned investors with an "indication of interest" from an unnamed bidder. 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. It was a smash right off the bat. He was never really at 100%.. Billionaire entertainment mogul Robert F.X. I suppose there are all kinds of gratifying lines of work, he says. Sillerman, 57, a Wall Street operator with a long history of minting money in the media business. [36] Sillerman was also a donor and fundraiser for the Democratic Party in the United States. 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. Some $20 million. Not a clue. CKX raised $251 million at its IPO earlier this year, which it used to pay back $150 million in loans from Bear Stearnsthe rest it paid directly to 19 Entertainment or kept as capital. Robert F.X. As a teenager he started his own greeting card company, buying cards in bulk and enlisting youngsters to sell them. stand for? 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. [37], In May 2012, Sillerman was accused of sexual harassment by an employee of Function X. Bob can sell anythingit doesnt matterhe has that kind of head. (Morrow says it was he who enlisted Sillerman, not the other way around. 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. In other words, distribution companies are falling all over each other to reach customers through new, competing outlets. When the King died in 1977, his estate was a mess. In 2011, he sold that company for $512 million and tried his hand at commercial real estate with decidely less luck, defaulting on a loan from Credit Suisse equalling $21.4 million. 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. Sillerman has passed away at age 71, according to The New York Times. Robert Sillerman, founder of SFX Entertainment, has died, Billboard reports and Sillerman's lawyer Sanford Philip Rosen confirmed to Pitchfork. 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.. He bankrolled Mel BrooksBroadway production of The Producers and was golf partners with NBA legend Michael Jordan. DJ Afrojack (left) and Sillerman at the NASDAQ MarketSite in New York in 2013. Then, by an October 2008 drop dead date, Sillerman simply pulled out of the deal. Mr. Sillerman called it an inside joke. 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. Thats not the way I view the entertainment businessI view it as an art not as a science.". The orginal goal was to buy Pasquale RotellasInsomniac, explained Estopinal. Billboard is a part of Penske Media Corporation. He also made money on Broadway as an executive producer for Mel Brooks' musical The Producers. Robert F.X. Since then, revenues have grown but profits have vanished. The show is also being franchised in 100 countries. Read the original story on The New York . He replied with an email that said, Can I borrow a dollar? Estopinal said. So what if the next Elvis is discovered on American Idol? Before Bob, the whole scene was a giant Ponzi scheme.. More and more content can go directly to consumers through cellphones, devices like iPods, and home video, which makes content even more valuable. But doesnt Sillermans strategy fly in the face of what big media is doing right now? S&P Index data is the property of Chicago Mercantile Exchange Inc. and its licensors. 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. Just ask the makers of the smash-hit movie Lilo and Stitch, who used an Elvis soundtrack to great success. They said music doesnt work on TV in America. 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. They had a per diem, and they were missing meals and saving money so they could buy more stuff at the shop. 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