That means $125 million out of the $306 million paid for these two companies exceeds any tangible assets, including the value of trademarks. 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. On Friday, the stock closed at 91 cents a share. 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). He was an executive. Sillerman already has 18 acres on the Strip through MJX, a real estate company he controls. Five years later, Clear Channel spun off those concert assets into a separate company, Live Nation, which in 2010 merged with Ticketmaster to become Live Nation Entertainment, the biggest concert promoter in the world. 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. Sillerman told Estopinal he had $1billion to spend on the rollup on an S-1 form announcing the IPO of SFX, Sillerman listed holdings that included online marketplace Beatport, the American-arm of Dutch company ID&T that produced festivals Tomorrowland and Sensation, Electric Zoo founders Made Events, German promoteri-Motion and Australias Stereosonic festival producer Totem Onelove Group. 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. [34], In 2008, Sillerman donated $10 million in order to fund The Sillerman Center for the Advancement of Philanthropy at Brandeis University. The company controlled the rights to booking the venue but did not own it. (Per capita, Canadian Idol is much bigger than its U.S. Industry sources suggested that a possible buyer could be Live Nation. Sillerman stood stone-faced on the cover of Billboard magazine. Offers may be subject to change without notice. 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. 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. 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. The company was sold to Clear Channel in 2000 and became the basis for Live Nation five years later. Mr. Sillermans marketing talents emerged early. Robert F.X. All Rights Reserved. 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. Robert F.X. There were people who told me, Im not doing a deal with this guy, hes going to die, Estopinal says. Anyone can read what you share. 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. "Robert F. X. Sillerman," Wikipedia.org. Its sad how things ended because he really was a bright guy, but in the end he carried a lot of pain. 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. 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. and attractions such as Memphis' Graceland to Robert Sillerman, . 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. He just didnt a fabout anything, said one former business partner who did not want to share their name. That seemed to sum everything up., A daily briefing on what matters in the music industry. In May 2009, Credit Suisse filed a request for summary judgement in New York State Supreme Court, alleging Sillerman had failed to pay the . 19 did some $92 million in revenues last yearwith about a third coming from the Idol showsand earned $12.6 million. 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. As his business world collapses around him, Sillerman seemed relatively relaxed over the phone. That company was also called SFX. SFX CEO Entertainment Robert F.X. Though the Elvis business isnt that big yet, it gives us a window into how Sillerman operates. These are Sillermans strengths: identifying trends in the media business before others, then gathering and deploying capital to make the strategy work. And game shows are the longest-lasting shows on TV. [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. The second floor boasts two main bedroom suites with ensuitemarble bathrooms, woodburning fireplaces and a large planted terrace. During its public run, the company also sold $295 million debt to finance additional acquisitions and fund operating losses. In some ways, thats good news for Sillerman and SFX: the cost of talent is no longer skyrocketing. 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 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. So what he said so eloquently, I say, Foff.'. SFX grew into the nations seventh-largest chain and sold its 71 radio stations for $2.1 billion in 1998. Robert FX Sillerman (born 1949) is an American businessman and media entrepreneur. But isnt American Idol just another reality show that will soon run out of gas? 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. I dont know whether its directed at a specific individual, or a type of individual, or more as my interpretation of Albert Einsteins fabulous quote: No problem can ever be solved from the same level of consciousness that created it. And thats what Ive done my whole life. He refounded SFX Entertainment in 2012 as a promoter of electronic music festivals; that company is now known as LiveStyle. This is a BETA experience. Sillerman, Concert Industry Consolidator, Dies at 71", "American Idol Sillerman Dealt Elvis Default Heartbreak in Vegas", "Will Viggle, the 'Loyalty Program for TV' From Robert F.X. Function (x) Founder Education Robert FX Sillerman studied at Brandeis University. Hes been known to sneak up on people and scare them. 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 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. A costly restaurant venture in Memphis went bust. He often named his companies using some combination of those initials. He sold the company in 1971, and then launched I P+E, a sales marketing and promotion company. Mr. Sillerman largely withdrew in recent years, moving to New Hampshire and dealing with the fallout from the collapse of several businesses. And thats just part of the American Idol money train. Sillerman the former owner of Graceland who consolidated radio stations and concert ticket sales has sold for $7.7 million. 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. In 2001, Britains ITV put Fullers baby, Pop Idol, on the air. I dont want to be like Martha Stewart and talk about what I shouldnt, Lisa says with a chuckle. A year later, Sillerman was pushed into bankruptcy over an unpaid $7.4 million promissory note to React Presents during the SFX rollup. 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. 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.) 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. Earlier this month in Los Angeles county, two female attendees of Live Nation-run event HARD Summer died of apparent drug overdoses. Undervalued? Sillerman, 57, a Wall Street operator with a long history of minting money in the media business. Those companies promised two things. 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. Another show with legs? And the King is content! And there are between 105 and 110 scheduled for next year.. 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. Robert F.X. Fuller is signed up to head 19 Entertainment in a five-year contract. 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. His father, Michael McKinley Sillerman, was a radio executive who went bankrupt when his son was 13. 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. Striking a deal shouldnt be that difficult. The companys chief Michael Rapino declined a request for an interview through a spokesperson. ), Sillerman with Rod Stewart and Dick Grasso at the NYSE.Henny Ray Abrams AFP/Getty Images. Michael Sillerman died in 1980, just when his sons career was taking off. In the sale, SFX kept two small concert promoters, and renamed the company SFX Entertainment (concert promotion, sports agencies), turning SFX Entertainment into the world's largest producer, promoter and presenter of live entertainment. Lisa Marie Presley, Elvis' daughter, had sold the majority of Elvis Presley Enterprises, . [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. Brucie and Bob bought more stations and worked their magic on operations. Clear Channels stock, which hit a high of $95 in 2000, is trading at $32. By then Sillerman was already toiling away on his next project, SFX Entertainment, a company that would own concert venues and other media properties. 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. In February 2016, SFX filed for bankruptcy, brought down in a cash crunch that Estopinal now partially blames on overpaying for the assets that came to make up SFX. LinkedIn has officially entered its cringe era, and its working. PHOTOGRAPH BY GREG MILLER. The New York entrepreneur is most notably known for consolidating a number of U.S.. [7] The company was merged at the end of 1989 with a unit of Westinghouse Broadcasting in a then record-setting transaction worth $727 million. I suppose if you were a psychiatrist you could say I wanted to do well, where my father had had a lack of success, Sillerman says. To Sillerman, Elvis is an underexploited asset, like a poorly managed textile company or a baseball team without a marketing department. EDM Mogul Bob Sillerman Finds a Buyer for His $28 M. Townhouse. Early rewards included gift cards to retail establishments. 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. Another show with legs? So, how much is Robert F.X. He bankrolled Mel BrooksBroadway production of The Producers and was golf partners with NBA legend Michael Jordan. At Ingalls he met a young copywriter, Laura Baudo, who would become his wife. Once Morrow had a beef with the late-night deejay at their Middletown station. It runs in the family: Lisa Marie Presley signs autographs for NASCAR fans at Daytona Speedway this past July. Some of those companies listed werent done deals, Estopinal tells Billboard, adding that Sillerman misrepresented his financing and capitalization as he put SFX together. Man in the middle: Simon Fuller (in back) with Idol stars Kelly Clarkson, Ruben Studdard, and Fantasia Barrino. FORTUNE is a trademark of Fortune Media IP Limited, registered in the U.S. and other countries. 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. And dont forget about the Heartbreak Hotel. As of December 2013, Viggle companies had a combined 17 million monthly users. The listing brokers are Douglas EllimansCaroline Holl, Michael Russell and Stephen Geller. Investor Robert Sillerman, who bought Elvis Presley Enterprises, photographed with Elvis impersonators, 2005. But the companys performance was weak, and its stock price eventually plunged by more than 95 percent. 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. 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. Thats the whole game., Robert F.X. We have to be careful to not deprecate Elviss legacy or to damage our authorized and official Elvis shows.. 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. Robert F.X. The company that emerged would become Clear Channel, which is now known as iHeartRadio. 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. He rides into town and leaves with all the money and the women. Can we monetize that? According to Billboard, Sillerman died of a. With a market value of $1.1 billion, is CKX overvalued? Thats not part of our strategy.. David Lieberman, "'American Idol' Owner CKX Sells To Financial Firm, Ending Robert F.X. 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. Sillerman, the entertainment entrepreneur who helped. The massive property that was assembled from four different plots of land has just hit the market for a staggering $150 million. [9] Once on the Forbes 400 list, . Sillerman's Dream," Deadline Holly- wood, May 10, 2011. "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. 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. 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. I have never had one single boring day., CKX has a 90-year lease on Elviss home.Richard Berkowitz Getty Images, Soden, who will continue running EPE in the new company, enhanced the Elvis business by expanding into merchandising and licensing. 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 declared bankruptcy in 2016, and many of the assets it had amassed were sold off. [22][23][24], On October 9, 2013, SFX went public on the Nasdaq. 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. During its public run, the company also sold $295 million debt to finance additional acquisitions and fund operating losses. I liked him, she says. His cost basis on these shares? [32], From 1993 Sillerman served as the Chancellor of the Southampton College of Long Island University, replacing Angier Biddle Duke. He doesnt want to mess with anything. SFX Broadcasting sold its 71 radio stations for $2.1 billion in 1998. (Photo: Robin Marchant/Getty Images). 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. 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 . Robert F.X. As a subscriber, you have 10 gift articles to give each month. Attracting funds, at least at this point, wont be a limitation. 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. 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. Synergy is not important. Sillerman was also a major shareholder of CKX Inc. In her ruling, McMahon said the buyout offer was likely made to distract attention from the companys poor quarterly financial reports, which showed that SFX was bleeding money and attendance at its events dropping. FORTUNE may receive compensation for some links to products and services on this website. In 2000, the radio chain Clear Channel Communications bought SFX for $4.4 billion. A version of this article was originally published in the December 12, 2005 issue of Fortune. And there are a couple of Sillerman stories that involve nudity. The man who bought Elvis is Robert F.X. Despite this, the 67-year-old CEO said that he is the right man to run the troubled business and that he still wants to own the company even though he reneged on a plan to take it private earlier this month. Sillerman became one of the most intriguingand wealthiestmen in music by twice betting on his vision for the future of mass media. If we can, this will dwarf the first SFX. Robert F.X. Take a walk through Elviss home with the throngs, and the feeling you get is reverential. 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. 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. 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. I thought he was asleep. I ask Lisa about Sillermans plans. Billionaire entertainment mogul Robert F.X. 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. Clear Channel had integration issues with SFX, according to one analyst, and now plans to spin off that business by early next year. Investor and media executive Robert F.X. Im not very knowledgeable about real estate, he reportedly told the New York Post at the time. And Fuller is looking to bring a gritty nighttime soap opera that is popular in Britain to America next summer. 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. 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 February 2014, a lawsuit was filed against Sillerman, for allegedly having defrauded a trio of business partners. Nearly three years ago, Robert F.X. CKX also gets the publishing rights to 650 songs, but owns the more valuable royalty rights to only the few songs Elvis recorded after 1973. He is also the founder of Viggle and the namesake of The Sillerman Center for the Advancement of Philanthropy at Brandeis University. I meet the people whose places we're buying. Todays star- making machinery is half-a-century and light years away from that process. The hotel, Sillerman and Soden say, is just screaming to be expanded, upgraded, and replicated in other locations. 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. He wa And they said they would synergize their content. Sillermans personal stake in the company, which was worth nearly $220 million when it went public, is now valued at less than $35 million. Had a beef with the throngs, and Fantasia Barrino Producers and was golf with... May 10, 2011 2001, Britains ITV put Fullers baby, Pop Idol, on October 9 2013... He refounded SFX Entertainment in 2012 as a subscriber, you have 10 gift to! 19 is the brainchild of Simon Fuller ( in back ) with Idol stars Kelly,! Apparent drug overdoses 2013, Viggle companies had a beef with the late-night deejay at Middletown! Known as iHeartRadio Viggle and the women trademark of fortune media IP Limited, registered the... Was assembled from four different plots of land has just hit the market for a staggering $ million... 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