[36] Sillerman was also a donor and fundraiser for the Democratic Party in the United States. Robert F.X. Brucie and Bob bought more stations and worked their magic on operations. So what he said so eloquently, I say, Foff.'. 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. This year, he agreed to pay a $179,000 fine to the Securities and Exchange Commission for defrauding investors of another of his companies, Function(x). document.getElementById( "ak_js_1" ).setAttribute( "value", ( new Date() ).getTime() ); Thanks for contacting us. In 2001, Britains ITV put Fullers baby, Pop Idol, on the air. 1 show on television, drawing some 30 million viewers, which is great, but it means that fewer than one out of ten people in America watch it, Sillerman says. 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. 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.) 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. They said music doesnt work on TV in America. Says a top Wall Street banker: Hes a very smart guy, but I dont think you want to be sitting on the other side of the negotiating table from him.. During its public run, the company also sold $295 million debt to finance additional acquisitions and fund operating losses. 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. Fullers company doesnt get a direct share of ad revenues from Fox; rather, it receives a $1.2 million fee per episode. Bob had his own way of doing things and it wasnt good in the end.. 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. CKX has the rights to the Elvis name, image, likeness, and trademark, which are currently used in 100 or so merchandising and licensing deals. Try A Different OS, Get Vaccinated? Before Bob, the whole scene was a giant Ponzi scheme.. Robert F.X. Viggle registers the television show a person is watching, and engages the users with a loyalty program for viewing particular programs. Synergy is not important. Im not very knowledgeable about real estate, he reportedly told the New York Post at the time. He bankrolled Mel BrooksBroadway production of The Producers and was golf partners with NBA legend Michael Jordan. Sillerman took the job on two conditions: that the college scrap ill-defined programs and focus on marine science and creative writing and that he be allowed to handle publicity. 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. 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. At Fridays price of 91 cents, SFXs shares are down 93% from its IPO price. EDM Mogul Bob Sillerman Finds a Buyer for His $28 M. Townhouse. 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. Now that Im a part of CKX, I have the resources to do three or four. Sillerman hopes thats a positive, not a negative. I dont want to be like Martha Stewart and talk about what I shouldnt, Lisa says with a chuckle. Robert FX Sillerman is the Founder at Function (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. Sillerman was eventually pushed out of the company by creditors and it re-emerged as LiveStyle in 2017 with entertainment veteran Randy Phillips at the helm. 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. There were people who told me, Im not doing a deal with this guy, hes going to die, Estopinal says. His cost basis on these shares? NEW YORK CITY, NY - SEPTEMBER 18: (L-R) Jody Morrow, Bruce "Cousin Brucie" Morrow, Laura Baudo Sillerman and Robert Sillerman attend NEW YORKERS FOR CHILDREN 2007 Fall Gala at 583 Park Avenue on September 18, 2007 in New York City. With so many formats vying for consumers attention, content is king. And I haven't a fucking clue what they do or what they're talking about. But isnt American Idol just another reality show that will soon run out of gas? ), Sillerman with Rod Stewart and Dick Grasso at the NYSE.Henny Ray Abrams AFP/Getty Images. (Photo: Robin Marchant/Getty Images). The second floor boasts two main bedroom suites with ensuitemarble bathrooms, woodburning fireplaces and a large planted terrace. 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. I should get a waterproof one for the shower., At this particular sit-down, when Sillerman gets around to talking about CKX, he says, Technology is breaking down the old lines of distribution. But if you walk down the street, youll be hard-pressed to find somebody who doesnt know what it is. Even more worrying, SFXs cash reserves dwindled to $38.6 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? Could it be that Sillerman didnt fully understand this--or just how skittish it would make brands? Maybe, but maybe not. 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. Its main app NextGuide and Digit Reminder Button was integrated into Viggle software. 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. 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. Sillerman was a significant player on Broadway. We thought there were only three rock groups worth owning, says a source in Sillermans camp, Elvis, the Beatles, and the Stones. Sillerman, Concert Industry Consolidator, Dies at 71 Roy Trakin November 26, 2019, 6:02 PM Click here to read the full article. "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. Today about 600,000 visitors make the pilgrimage to Graceland each year (30% from abroad), paying between $22 and $55 apiece. There was no retirement plan. DJ Afrojack (left) and Sillerman at the NASDAQ MarketSite in New York in 2013. The Securities and Exchange Commission today charged New Hampshire resident Robert F.X. He set up his own business, Youth Markets Consultants, to help big companies sell their wares to the Now Generation. 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. SFX raised $260 million in its initial public offering. 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 has a $1 billion plan to conquer the world of dance music, read the publications cover line. The top contestants on the show are signed to Sony BMG, and 19 gets 10% of their recording revenue. But the companys performance was weak, and its stock price eventually plunged by more than 95 percent. 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. Sillerman has taken legal action against the company, seeking about $15.8 to cover. Robert F.X. As a business, though, Elvis has been stagnating. (Photo by PATRICK McMULLAN/Patrick McMullan via Getty Images) Embed. Offers may be subject to change without notice. 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.. Lately Sillerman has become more guarded, though. [6], In 1978 Sillerman and disc jockey Bruce Morrow bought two radio stations in upstate New York for $1.875 million. 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. No question we could build a convention-sized hotel here, says Soden. 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. Investor Robert Sillerman, who bought Elvis Presley Enterprises, photographed with Elvis impersonators, 2005. I could tell you, but Id have to kill you, he says. Its easy to say that in hindsight, Sillerman told Billboard in a June 9, 2016article. Backstage at The Ed Sullivan Show, 1956: Elvis with the host and manager Parker (left).CBS Photo Archive/Getty Images. 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. All these ballet dancers from Russia were huge Elvis fans, and [their handlers] were asking for our help to get them out of here and back to rehearsal. And the King is content! Sillerman was known for pushing the envelope. Sillerman, the entertainment entrepreneur who helped. Not bad for a years work. 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). At the time it was the largest gift ever received by an alumnus to the university. It had earlier been trading on the NASDAQ exchange. Between Elviss legendary free spending and the fact that he didnt own his songs, the situation was dire. 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. 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. He made a lot of people wealthy, and he made himself even wealthier., Visit with Sillerman for an hour or two in his Manhattan office, and you are likely to get a rapid-fire discourse on politics from the 1960s to today, or rock & roll radio, or Thoreau, or education in America, or all of the above. First, understand that Sillerman actually owns very little of Elviss music. LinkedIn has officially entered its cringe era, and its working. 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.) Anthony Effinger and Daniel Taub, "American Idol Sillerman Dealt Elvis Default Heartbreak in Vegas," Bloomberg.com, June 1, 2009. 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. Its different, Sillerman says. Robert F.X. Additionally, Robert FX Sillerman has had 6 past jobs including Founder at Live Nation. Impersonator shows can, if properly done, extend the brand, Sillerman says. It Takes a Lot of People to Create All This AI Music. (Photo: Robin Marchant/Getty Images). Pei through the hallowed halls. But when the so-called "go shop" ended, Sillerman didnt have the financing to cover his bid. Once Morrow had a beef with the late-night deejay at their Middletown station. Their daughter, Mackinley, died in 2012. 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. He refounded SFX Entertainment in 2012 as a promoter of electronic music festivals; that company is now known as LiveStyle. Its sad how things ended because he really was a bright guy, but in the end he carried a lot of pain. The founder. Robert F.X. He sold the company in 1971, and then launched I P+E, a sales marketing and promotion company. 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. Robert F.X. "[9], On February 8, 2011, Sillerman announced an agreement to acquire control of Gateway Industries, Inc. (GWAY.PK). 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 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. CKX also gets royalty rights to 24 Elvis movies. Sillerman, 57, a Wall Street operator with a long history of minting money in the . [35] For thirteen years, Sillerman served as the Chancellor of Southampton College and is the founder of The Tomorrow Foundation. Eight years later he unloaded a bunch of stations to Hicks Muse for $2.1 billion. [6] Sillerman was married to copywriter Laura Baudo, whom he met at Ingalls. 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. CKX already carries a load of goodwill, $14 million from the Presley deal, and $111 million from the 19 transaction. 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