In 2000, the radio chain Clear Channel Communications bought SFX for $4.4 billion. 2023 Fortune Media IP Limited. 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. Its main app NextGuide and Digit Reminder Button was integrated into Viggle software. [6], In 1978 Sillerman and disc jockey Bruce Morrow bought two radio stations in upstate New York for $1.875 million. He died on November 24, 2019 in Hinsdale, New Hampshire, USA. Clear Channel, which had already purchased many of Sillermans radio stations from Hicks Muse, agreed to buy SFX Entertainment for a reported $3 billion. 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. His brother, Michael, confirmed his death but gave no other details. Investor Robert Sillerman, who bought Elvis Presley Enterprises, photographed with Elvis impersonators, 2005. It was a very good, good combination, says Morrow. The app will also display the social media activity for other shows at the same time, along with what rewards are available for changing the channel to competing programs. Unable to eat solid foods, he was prone to horrible coughing fits and had to eat through a feeding tube. Posh Spice). (The balance is transaction costs.). "Robert F. X. Sillerman," Wikipedia.org. The duos tactics could be unorthodox. AI Is Creeping Into the Functional Music Market What HappensNext? But nearly every time Sillerman sold, he and his investors made money. Elvis's 37-year-old daughter and heir, Lisa Marie, has been unhappy . On Friday, the stock closed at 91 cents a share. Another show with legs? Mr. Sillerman was the founder, a major shareholder and served as Executive Chairman of SFX Entertainment from its inception in 1997 until its sale to Clear Channel Communications in August 2000. He seems to have a knack for selling just when markets are at their peak, which has given some buyers severe indigestion. In 2011, Apollo Management purchased CKX in 2011 for $512 million. But he doesnt seem to be worried about anything of the sort. On this Wikipedia the language links are at the top of the page across from the article title. 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 his record company rereleased Elvis singles to promote his latest greatest-hits compilation in 2002, 19 of them became top five hits in Britain. 2023 Billboard Media, LLC. Not bad for a years work. On Saturday, however, Sillerman was fielding questions on whether the company would go bankrupt--he said there was a zero percent chance--and admitting that he didnt work with the right people. Its also unclear if he was ever the right man for the job. 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. SFX Broadcasting sold its 71 radio stations for $2.1 billion in 1998. Read the original story on The New York . (Hicks Muse agreed to spin this business off to SFX shareholders.) He can outlast and outtalk anybody. Says a close colleague: His BlackBerry messages start at 6 A.M. and never stop into the night. 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. and attractions such as Memphis' Graceland to Robert Sillerman, . 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). 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. But for years he had maintained a golden touch in building media franchises and extracting maximum value from them. [30][31], In an interview with Billboard, Sillerman admitted that there were "no easy answers" surrounding why the company collapsed, but added that he didn't "begrudge the disappointment and anger" of his staff because he was just as disappointed over the company's performance. On Saturday, Sillerman gave an interview to FORBES and said that he takes full responsibility for the issues within his SFX Entertainment. 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.. (A spokesman for Lisa Presley declined to comment. Sillerman, Concert Industry Consolidator, Dies at 71 Roy Trakin November 26, 2019, 6:02 PM Click here to read the full article. And then in early 2000, lightning struck again. Sillermans actions signaled to the market that he saw significant value in SFX. 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. While he pointed to lucrative deals with Anheuser Busch, MasterCard and T-Mobile and those companies increased yearly ad spend, the SFX CEO admitted that his earlier business models anticipated greater participation from brands. It Takes a Lot of People to Create All This AI Music. Sillerman Dies at 71; Built Entertainment Empires, https://www.nytimes.com/2019/11/28/arts/music/robert-fx-sillerman-dead.html. He was 71. 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. dialogue with Robert Sillerman. Thats the whole game., Robert F.X. Sillerman was a significant player on Broadway. Billionaire entertainment mogul Robert F.X. Robert F.X. 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. LinkedIn has officially entered its cringe era, and its working. But if you walk down the street, youll be hard-pressed to find somebody who doesnt know what it is. It runs in the family: Lisa Marie Presley signs autographs for NASCAR fans at Daytona Speedway this past July. Todays star- making machinery is half-a-century and light years away from that process. So what if the next Elvis is discovered on American Idol? But it had to be a biggie to make economic sense. He was an executive. FORTUNE may receive compensation for some links to products and services on this website. 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. Fullers company doesnt get a direct share of ad revenues from Fox; rather, it receives a $1.2 million fee per episode. SFX, however, had problems from day one. I meet the people whose places we're buying. 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). Im not very knowledgeable about real estate, he reportedly told the New York Post at the time. Robert F.X. Over half a million tourists from all over the world stream into the shrine called Graceland each year. By the time Mr. Sillerman began buying radio stations in the late 1970s, he was using a new name: 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. Improved top-line growth did little to stave off a panic from investors, who were troubled to see the company once again fall short of the profits it had promised. But isnt American Idol just another reality show that will soon run out of gas? Its different, Sillerman says. 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. Besides buying Elvis Presley Enterprises from Lisa Marie Presley last February, Sillerman and his lieutenants have purchased the smash-hit TV show American Idol and other properties from a company called 19 Entertainment, which was owned by British pop impresario Simon Fuller. Another show with legs? 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." Contestants on the new Fox hit So You Think You Can Dance.. 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). Sillerman stood stone-faced on the cover of Billboard magazine. So far Idol stars like Kelly Clarkson and Clay Aiken have sold over 14 million albums. In that spirit, he named Kermit the Frog as the 1996 commencement speaker: 31 newspapers picked up the story, a free marketing bonanza that raised the college's profile and drew hundreds of new admissions. The company was sold to Clear Channel in 2000 and became the basis for Live Nation five years later. [10], Leading CKX, Inc., Sillerman bought majority rights to Graceland, the Elvis Presley estate;[11] as well as the assets of Simon Fuller's 19 Entertainment, whose assets include TV hit American Idol and managed clients including football player David Beckham. CKEs stock fell from a high of $28.80 in early May to a current price of $12 and change. Sillerman, poses after ringing the Nasdaq closing bell on Oct. 9, [+] 2013, the day his company went public. Later, the private equity firm Apollo Global Management acquired CKX in 2011. He is from USA. 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. That company was also called SFX. [14] Even so, Sillermans 47% stake is worth some $400 million. Some noted that Sillerman was paying huge amounts of goodwill in his deals, so eager was he to build the company. CKX also gets royalty rights to 24 Elvis movies. In 2017, he almost lost the home after defaulting on a $12.5 million. Sillerman, 57, a Wall Street operator with a long history of minting money in the media business. This stands out as unique. Perhaps the bigger question centers on the inherent limits of EDMs popularity. Andreas Cornelius van Kuijk), sold the rights to RCAnow part of Sony BMGdecades ago. Thats not part of our strategy.. Sillerman attempted to rebrand the project as a Baccarat Hotel but this also failed. But the companys performance was weak, and its stock price eventually plunged by more than 95 percent. 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. S&P Index data is the property of Chicago Mercantile Exchange Inc. and its licensors. 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.) [36] Sillerman was also a donor and fundraiser for the Democratic Party in the United States. In characteristic form, Sillerman wont give investors any firm commitments. Anyone can read what you share. Bob can sell anythingit doesnt matterhe has that kind of head. (Morrow says it was he who enlisted Sillerman, not the other way around. This company owned "American Idol" and the licensing rights to Elvis Presley and his Graceland estate. That seemed to sum everything up., A daily briefing on what matters in the music industry. Robert F.X. During its public run, the company also sold $295 million debt to finance additional acquisitions and fund operating losses. 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). 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. A year later, Sillerman was pushed into bankruptcy over an unpaid $7.4 million promissory note to React Presents during the SFX rollup. Robert Francis Xavier Sillerman was born on April 12, 1948, in the Bronx neighborhood of Riverdale in a very typical, liberal, educated Jewish household, according to the 2011 book Ticket Masters: The Rise of the Concert Industry and How the Public Got Scalpedby Dean Budnick and Josh Baron, which secured an interview with Sillerman. Mr. Sillerman called it an inside joke. Terms & Conditions. He managed Annie Lennox and the Eurythmics, and then created the Spice Girls. 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). 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. He set up his own business, Youth Markets Consultants, to help big companies sell their wares to the Now Generation. Among them was former Beatport CEO Matthew Adell, who stepped down less than two years after selling his company for $50 million in early 2013. Pei through the hallowed halls. This is a BETA experience. Late last year Lisa Presley flew to New York to meet Sillerman face to face. Earlier this month in Los Angeles county, two female attendees of Live Nation-run event HARD Summer died of apparent drug overdoses. Elvis left the building 28 years ago, but as a pop icon hes still hot. 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. Striking a deal shouldnt be that difficult. Sillerman worth at the age of 71 years old? EDM Mogul Bob Sillerman Finds a Buyer for His $28 M. Townhouse. 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. Well, its a little early to ask that question. Really? Can we monetize that? 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. 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. Maybe, but maybe not. Robert F.X. 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. The guy didnt have any energy, says Morrow. We have to be careful to not deprecate Elviss legacy or to damage our authorized and official Elvis shows.. You know if you make cars or washing machines or something like that, I guess you have to focus on margins. 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. Once on the Forbes 400 list, . 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. Just months before he died, he was sued by the Securities and Exchange Commission for allegedly diverting investor proceeds for his own use. Mr. Contestants on the new Fox hit So You Think You Can Dance.Jason Merritt FilmMagic/Getty Images, So why did Sillerman buy Fullers company? 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. Im also confident that we will create a better experience for the fans, Mr. Sillerman said in an interview with The New York Times. He declined to comment for this story via email. In 2017, he almost lost the home after defaulting on a $12.5 million loan, The Post reported at the time. Robert Sillerman stepped down as CEO of SFX Entertainment in February, but the story between them continues. 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. Robert FX Sillerman (born 1949) is an American businessman and media entrepreneur. 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. Brucie and Bob bought more stations and worked their magic on operations. Robert F.X. Those companies promised two things. Robert F.X. [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's net worth , money, salary, income, and . ), Sillerman, who had extensive exposure to the rock & roll business as a radio executive and concert promoter, realized that owning the rights to a rock act could be a great business. 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. (Per capita, Canadian Idol is much bigger than its U.S. 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. 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. His timing seemed impeccable. The company also acquired 80% in Muhammad Ali Enterprises. SFX raised $260 million in its initial public offering. 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. 1 hit in more than two dozen countries, including the U.S.) And Elvis impersonators are still fixtures in everything from movies to corporate events. I ask Lisa about Sillermans plans. FORTUNE is a trademark of Fortune Media IP Limited, registered in the U.S. and other countries. Earlier this year Sillerman settled with the SEC for $179,000. Sillerman was born into a media household, raised in the Riverdale section of the Bronx, and attended top private schools in New York City. In some ways, thats good news for Sillerman and SFX: the cost of talent is no longer skyrocketing. 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. Even very young people. 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. 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. stand for? Robert F.X. The company that emerged would become Clear Channel, which is now known as iHeartRadio. Michael Sillerman died in 1980, just when his sons career was taking off. Between Elviss legendary free spending and the fact that he didnt own his songs, the situation was dire. 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. Though these unfortunate events have more to do with the young generation experimenting with different ways of altering their consciousness while listening to music than the music itself, MDMA-based drugs have a certainly become a part of EDM culture. With a market value of $1.1 billion, is CKX overvalued? Several managers and big-name acts from Ozzy Osborne to Shania Twain reportedly bristled over having to negotiate with such a corporate gorilla. 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. And they said they would synergize their content. Anthony Effinger and Daniel Taub, "American Idol Sillerman Dealt Elvis Default Heartbreak in Vegas," Bloomberg.com, June 1, 2009. Didnt work. Okay, so come on, Bob, what does F.X. All Rights Reserved. Early rewards included gift cards to retail establishments. Hes probably smartest person Ive ever met, saidShelly Finkel, a longtime boxing and music manager who co-founded SFX with Sillerman in 2011. A costly restaurant venture in Memphis went bust. Sillerman, Concert Industry Consolidator, Dies at 71 By Roy Trakin Mark Chilvers/The Independent/Shutterstock Robert F.X. Brandeis University Recent News and Activity Funding Round Sep 16, 2014 Lately Sillerman has become more guarded, though. How Trust In Institutions Determines COVID Vaccination Rates In The EU, Clubhouses Future Depends On Data - How To Build A TikTok Like Algorithm. Backstage at The Ed Sullivan Show, 1956: Elvis with the host and manager Parker (left).CBS Photo Archive/Getty Images. (Photo by PATRICK McMULLAN/Patrick McMullan via Getty Images) Embed. Sillerman with Rod Stewart and Dick Grasso at the NYSE. 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. Eight years later he unloaded a bunch of stations to Hicks Muse for $2.1 billion. In 19, Sillerman saw a small but dynamic media company with one of the hottest TV shows on the planet. (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.) In February 2014, a lawsuit was filed against Sillerman, for allegedly having defrauded a trio of business partners. When SFX began bursting at the seams, in no small part because of his mismanagement, Sillerman again reneged. Robert F.X. And I haven't a fucking clue what they do or what they're talking about. Clear Channel would later spin off its concert holdings into Live Nation in 2005 with CEO Michael Rapino at the helm, which grewinto the most dominate company in music, with $15 billion in revenue reported in 2019. Simon Fuller, whom Sillerman describes as a Baccarat Hotel but this also failed 4.4 billion then in may... ; rather, it receives a $ 1.2 million fee per episode Ozzy to... On the planet Channel in 2000 and became the basis for Live Nation five years later he unloaded bunch... Began bursting at the time Music manager who co-founded SFX with Sillerman in.! 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