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 replied with an email that said, Can I borrow a dollar? Estopinal said. Their daughter, Mackinley, died in 2012. As his radio empire grew, Sillerman increasingly came up against Federal Communications Commission regulations restricting his ability to own multiple public broadcast stations, until 1996 and the passage of the Telecommunications Act, which lifted the restriction on owning multiple radio and television stations in a single market, paving the way for Sillermans firm to merge with Command Communicationsand become SFX Broadcasting. 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. Which suggests that Sillerman is either very confident in his ability to create more value with these two companies, or believes he can sell them to someone who has even more confidence, or both. On this Wikipedia the language links are at the top of the page across from the article title. They wanted to marry content with distribution, where CKX will not be in the traditional distribution business. By that time Mr. Sillerman had turned his sights on another industry ripe for consolidation: the nationwide concert circuit, which had long remained a loosely connected network of venues and promoters who operated regional fiefs. Today about 600,000 visitors make the pilgrimage to Graceland each year (30% from abroad), paying between $22 and $55 apiece. Synergy is not important. Later, the private equity firm Apollo Global Management acquired CKX in 2011. Investor Robert Sillerman is combining the King, American Idol, and other entertainment assets to build his next media conglomerate. 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. Mr. Sillermans marketing talents emerged early. This stands out as unique. So what he said so eloquently, I say, Foff.'. 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. Robert F.X. 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). So in the middle of one night, Bob and I took off all of our clothes and ran back and forth in front of the glass naked. [29] In December, the company went private and was renamed LiveStyle, with Sillerman exiting the company in favor of former AEG Live executive Randy Phillips as CEO. Robert F.X. 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. I know nothing about EDM, Sillerman told Billboard in Sept. 2012. CKX also gets royalty rights to 24 Elvis movies. Sillerman, Self: 60 Minutes. The show is also being franchised in 100 countries. The third and fourth floors boast a bedroom with 20-foot ceilings, a woodburning fireplace, two bathrooms one of which has another woodburning fireplace and two dressing rooms. Sillerman's Dream," Deadline Holly- wood, May 10, 2011. Elvis's 37-year-old daughter and heir, Lisa Marie, has . 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. Robert F.X. At first, advertisers and investors flocked to the new SFX. Sillerman worth at the age of 71 years old? And dont even think about asking him what his middle initials, F.X., stand for. First, understand that Sillerman actually owns very little of Elviss music. Once on the Forbes 400 list, . (Photo credit: Jonas Roosens/AFP/Getty Images), Increase Website Performance With Three Metrics, Europe Is Lagging Behind In Developing Large AI Models, Deepfakes - The Danger Of Artificial Intelligence That We Will Learn To Manage Better, Overview Of How To Create Deepfakes - Its Scarily Simple, Ukrainian Startups Showing Resilience In A Time Of War, Worried That Your Phone Is Spying On You? Then, Lisa says, the failure of the Elvis Presleys Memphis restaurant on Beale Street in 2003 made matters urgent. SFX Entertainment was the largest presenter, promoter and producer of live events in the world. I also thought she was shrewd and perceptive. But Sillerman was drawn to his fathers business. Working with Steve Hicksbrother of Tom Hicks, the head of Texas buyout firm Hicks MuseSillerman embarked on a dizzying run of acquisitions, creating one of the largest radio station companies in the country. 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. Sillerman's income source is mostly from being a successful Executive. Attracting funds, at least at this point, wont be a limitation. ", "Mobile app Viggle sets terms for $50 million NASDAQ listing", "GetGlue Sale to Sillerman's Viggle Cancelled", "GetGlue Acquired by Viggle for $25M, 48.3M Shares of Stock", "Viggle Buys Dijit Media, in Another Second-Screen TV Mashup", "Viggle Acquires Dijit, Will Connect Its Rewards Program To Dijit's TV Discovery App", "With Over 9.5 Million Registered Users, Viggle Expects Fiscal 2015 Revenue to Increase More Than 40% Year-Over-Year to $25.6 Million", "SFX Beefing Up Digital Capabilities, Plans to Buy Tunezy, Fame House and Arc90", "Mogul to Increase Bets on Electronic Dance Music", "SFX Enters Ticketing Business with $16.2 Million Acquisition of Europe's Paylogic", "Electronic music promoter SFX files for $175-million IPO", "Robert F.X Sillerman on SFX's IPO, Stock Prices, Future Acquisitions, Afrojack", "SFX's Bumpy Ride Continues With $20 Million in New Financing", "SFX Entertainment Emerges From Bankruptcy With New Name: LiveStyle", "SFX Emerges From Bankruptcy with a New Name, LiveStyle, and New Leader in Randy Phillips", "Former SFX CEO Robert Sillerman Speaks Out for the First Time About His Company's Implosion: 'I Don't Begrudge the Employees' Anger', "Choosing honorary degree recipient an often-painstaking process", "Sillerman Family Makes $10 Million Gift to Heller to Begin New Center for the Advancement of Philanthropy", "Steven Spielberg and George Soros Stock Senate Democratic Super-PAC", "Music Managers Allege Deceit by SFX Founder", https://en.wikipedia.org/w/index.php?title=Robert_F._X._Sillerman&oldid=1135076047, American entertainment industry businesspeople, American telecommunications industry businesspeople, Short description is different from Wikidata, Creative Commons Attribution-ShareAlike License 3.0, This page was last edited on 22 January 2023, at 14:00. Before Bob, the whole scene was a giant Ponzi scheme.. This is a BETA experience. Sillermans personal take was a reported $219 million. 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. Even very young people. 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. The massive property that was assembled from four different plots of land has just hit the market for a staggering $150 million. Its different, Sillerman says. Anyone can read what you share. [4][5] His father founded the Keystone Radio Network. 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. Sillerman, 57, a Wall Street operator with a long history of minting money in the . [9] He is from USA. Brucie and Bob bought more stations and worked their magic on operations. Try A Different OS, Get Vaccinated? Lisa Marie Presley, Elvis' daughter, had sold the majority of Elvis Presley Enterprises, . That means $125 million out of the $306 million paid for these two companies exceeds any tangible assets, including the value of trademarks. Sillerman was born on April 12, 1948 in Manhattan, New York, USA. Those companies promised two things. Sillerman the former owner of Graceland who consolidated radio stations and concert ticket sales has sold for $7.7 million. In fact, theres a hit TV show in the business of finding them. 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. With a market value of $1.1 billion, is CKX overvalued? 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. 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. 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. Robert F.X. 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. Sillerman stood stone-faced on the cover of Billboard magazine. Thats the whole game., Robert F.X. [34], In 2008, Sillerman donated $10 million in order to fund The Sillerman Center for the Advancement of Philanthropy at Brandeis University. He was married to Laura Baudo. Now when we dont need it, were flooded with it, Sillerman says. Robert F.X. On Jun 7, 2012, Function (X), Inc. was renamed Viggle, which changed the company stock listing to VGGL. But Fuller had an even bigger idea, a kind of interactive on-air talent show. Sillerman insists that cancer hasnt impeded his business or his social life, which can be a bit wild and woolly. Mr. Sillermans plan transformed the concert industry even as it drew complaints, which still linger, about rising ticket prices and the outsize power of a centralized super promoter. His timing seemed impeccable. So he offered investors a lower price, $12 a share, and the sale was extended even longer. While he survived that battle, Sillerman is now in a fight to salvage SFX Entertainment, which went public at $13 a share and was valued at more than $1 billion in Oct. 2013. Robert F.X. The transaction renamed the company to Function (X), Inc. and changing its listing on the stock exchange to FNCX. 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. Maybe, but maybe not. 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. FORTUNE is a trademark of Fortune Media IP Limited, registered in the U.S. and other countries. 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. Brandeis University Recent News and Activity Funding Round Sep 16, 2014 ), Sillerman with Rod Stewart and Dick Grasso at the NYSE.Henny Ray Abrams AFP/Getty Images. 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 . Another show with legs? In 2011, Apollo Management purchased CKX in 2011 for $512 million. Sillerman, Concert Industry Consolidator, Dies at 71 Roy Trakin November 26, 2019, 6:02 PM Click here to read the full article. He passed away in his sleep on Sunday at the age of 71. In addition to Mr. Sillermans brother, Ms. Baudo Sillerman survives him. Sillerman Net Worth. That seemed to sum everything up., A daily briefing on what matters in the music industry. (A hip-hop-style remix of A Little Less Conversation was a No. Inspite of the distractions, he explained that he is 100% committed to do a deal to take SFX private and is in robust conversation with several people that want to participate with him. 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. His net worth has been growing significantly in 2021-2022. But it had to be a biggie to make economic sense. David Lieberman, "'American Idol' Owner CKX Sells To Financial Firm, Ending Robert F.X. Sillerman was born into a media household, raised in the Riverdale section of the Bronx, and attended top private schools in New York City. 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. Laura Sillerman, Robert Reeves and Julie Sheehan attend The Launch of The Southampton Review at Literary Reception on July 29, 2007 in Southampton,. Robert F.X. 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. 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. 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. Contestants on the new Fox hit So You Think You Can Dance.Jason Merritt FilmMagic/Getty Images, So why did Sillerman buy Fullers company? The top contestants on the show are signed to Sony BMG, and 19 gets 10% of their recording revenue. Sillerman, Transform Television? 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. (Photo: Robin Marchant/Getty Images). 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 may find him a bit quirky. Clear Channel had integration issues with SFX, according to one analyst, and now plans to spin off that business by early next year. His sleep on Sunday at the age of 71 plots of land has hit... 12, 1948 in Manhattan, new York, USA listing to VGGL, CKX. 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