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Robert F.X. If we can, this will dwarf the first SFX. He managed Annie Lennox and the Eurythmics, and then created the Spice Girls. He replied with an email that said, Can I borrow a dollar? Estopinal said. His timing seemed impeccable. It was a smash right off the bat. [6] Sillerman was married to copywriter Laura Baudo, whom he met at Ingalls. And thats just part of the American Idol money train. 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. His cost basis on these shares? A year later, Sillerman was pushed into bankruptcy over an unpaid $7.4 million promissory note to React Presents during the SFX rollup. [14] The prior owner, ex-HBO CEO Richard Plepler now founder and CEO of Eden Productions had once listed it for $18.5 million in 2008 after buying it for $2.33 million in 2002. No question we could build a convention-sized hotel here, says Soden. But Sillerman was drawn to his fathers business. around. As for Sillermans take on Lisa: I was impressed with how real and grounded she was. 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. 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. Now when we dont need it, were flooded with it, Sillerman says. Earlier this year Sillerman settled with the SEC for $179,000. And dont forget about the Heartbreak Hotel. Ive tried to get him drunk to get him to tell me, says Brucie. 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. There were people who told me, Im not doing a deal with this guy, hes going to die, Estopinal says. Some of those companies listed werent done deals, Estopinal tells Billboard, adding that Sillerman misrepresented his financing and capitalization as he put SFX together. They wanted to marry content with distribution, where CKX will not be in the traditional distribution business. The Bolshoi Ballet came en masse to Graceland, Soden recalls. Powered and implemented by Interactive Data Managed Solutions. Hes probably smartest person Ive ever met, saidShelly Finkel, a longtime boxing and music manager who co-founded SFX with Sillerman in 2011. 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. 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As the genre has grown in popularity, so too has the quantity of reports of drug-induced injuries and deaths at concerts. As his business world collapses around him, Sillerman seemed relatively relaxed over the phone. stand for? 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. In some ways, thats good news for Sillerman and SFX: the cost of talent is no longer skyrocketing. (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.) Sillerman had bought Elvis Presley Enterprises from Lisa Marie Presley in 2005, but later sold it to a private equity firm. Sillerman. SFX raised $260 million in its initial public offering. With a market value of $1.1 billion, is CKX overvalued? We bought companies based on what we anticipated that we could bring in incremental sources of revenue.. Thats $4.3 millionlessthat what Sillerman and his wife Laura had paid for the residence at 151 E. 72nd St. when they bought it for $12 million in 2013. 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. By the time Mr. Sillerman began buying radio stations in the late 1970s, he was using a new name: Robert F.X. Arent companies like Viacom (VIAB) and Time Warner (TWX) disassembling or considering disassembling their empires, while Sillerman is putting one together? [8], In 1989 Sillerman formed Capstar Communications. Offers may be subject to change without notice. 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 on fraud charges for his work with Function (X). Sillerman, 57, a Wall Street operator with a long history of minting money in the . 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. [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. 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 . Sillerman, the founder of SFX Entertainment, has died at the age of 71 due to respiratory illness. But isnt American Idol just another reality show that will soon run out of gas? How Trust In Institutions Determines COVID Vaccination Rates In The EU, Clubhouses Future Depends On Data - How To Build A TikTok Like Algorithm. 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. American Idol is much more like a game show than a reality show, says Fuller. 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. 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. 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. We've received your submission. Sillerman was born on April 12, 1948 in Manhattan, New York, USA. Young Sillerman graduated magna cum laude from Brandeis in 1969 after becoming immersed in counterculture politics and rock & roll. Elvis's 37-year-old daughter and heir, Lisa Marie, has been unhappy . 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. 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. How big will CKX become? The guy didnt have any energy, says Morrow. 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. [21], In 2012, Sillerman rebooted SFX Entertainment, this time with a focus on the electronic dance music industry. Those companies promised two things. (Hicks Muse agreed to spin this business off to SFX shareholders.) His brother, Michael, confirmed his death but gave no other details. He declined to comment for this story via email. The entrance is through original doors from the Paramount Theater. Part of that underwhelming reality may have to do with the public relations nightmares that can occur while running EDM festivals. Clear Channel had integration issues with SFX, according to one analyst, and now plans to spin off that business by early next year. Mr. FORTUNE is a trademark of Fortune Media IP Limited, registered in the U.S. and other countries. That is, if SFX is still around in a year to run those events. Robert FX Sillerman (born 1949) is an American businessman and media entrepreneur. Fullers company doesnt get a direct share of ad revenues from Fox; rather, it receives a $1.2 million fee per episode. At various points heated negotiations and lawsuits ensued between Sillerman and the likes of PaineWebber, Steinhardt Partners, and W.R. Huff, who alleged that Sillerman was trying to shortchange investors. During its public run, the company also sold $295 million debt to finance additional acquisitions and fund operating losses. In December 2016, former SFX board member Mitch Slater sued Sillerman for an unpaid $2.5 million loan from 2015. Between Elviss legendary free spending and the fact that he didnt own his songs, the situation was dire. 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. 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. I ask Lisa about Sillermans plans. The company that emerged would become Clear Channel, which is now known as iHeartRadio. 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. Elvis's 37-year-old daughter and heir, Lisa Marie, has . 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 2000 he sold a company that owned concert venues to Clear Channel for a reported $3 billion. They said music doesnt work on TV in America. Take a walk through Elviss home with the throngs, and the feeling you get is reverential. [15][16] As of the end of 2013 Viggle had about 3.7 million users. You may find him a bit quirky. 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. Attracting funds, at least at this point, wont be a limitation. David Lieberman, "'American Idol' Owner CKX Sells To Financial Firm, Ending Robert F.X. 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. There are so many ways to exploit that level of awareness. Andreas Cornelius van Kuijk), sold the rights to RCAnow part of Sony BMGdecades ago. In February 2014, a lawsuit was filed against Sillerman, for allegedly having defrauded a trio of business partners. So what if the next Elvis is discovered on American Idol? I suppose there are all kinds of gratifying lines of work, he says. [39], On November 24, 2019, Sillerman died at the age of 71 after a respiratory illness.[40]. Robert FX Sillerman is the Founder at Function (x). Raised in the Bronx, New. Lisa received $50 million in cash, plus $26 million in CKX common and preferred stock. Perhaps the bigger question centers on the inherent limits of EDMs popularity. He is from USA. In addition to concerts, Robert F.X. Sillerman with Rod Stewart and Dick Grasso at the NYSE. SFX grew into the nations seventh-largest chain and sold its 71 radio stations for $2.1 billion in 1998. Over half a million tourists from all over the world stream into the shrine called Graceland each year. 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. But the companys performance was weak, and its stock price eventually plunged by more than 95 percent. There is little profit to invest in potentially lucrative assets like the Heartbreak Hotel, across the street from Graceland. 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.) In each case Sillerman assembled a collection of media propertiesall in distributionat low prices and then unloaded the bundle for a higher price. 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. 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. 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. 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. At first, advertisers and investors flocked to the new SFX. As a business, though, Elvis has been stagnating. 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. Beyond the lawsuit, questions have also been raised about the fundamentals of a business that some analysts said relied on what they deemed a cultural fad. Eight years later he unloaded a bunch of stations to Hicks Muse for $2.1 billion. Unable to issue new debt without breaching bond covenants, SFX sold stock before the quarter's end to raise collateral that its banker, Barclays, had demanded in order to borrow from the companys credit line, a rainy day source of cash. What kind of person would grow up to have business dreams like these? Robert F.X. According to Billboard, Sillerman died of a. The duos tactics could be unorthodox. After that big deal, as with so many American business stories in 2000, things began to sour. 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. 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. Then there are concert tours and merchandising. 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. 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. 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. Just months before he died, he was sued by the Securities and Exchange Commission for allegedly diverting investor proceeds for his own use. Robert F.X. and attractions such as Memphis' Graceland to Robert Sillerman, . SFX bought up enough stations to become the nation's seventh largest chain. The feeling you get is reverential ] Sillerman was pushed into bankruptcy over an unpaid $ million. And Soden pay to protecting Elviss image. managed Annie Lennox and the feeling you get reverential. How much attention Lisa and Soden pay to protecting Elviss image. collection of media propertiesall in low. Like these to protecting Elviss image. the company also sold $ million. Profit to invest in potentially lucrative assets like the Heartbreak hotel, across the from. 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