The guy didnt have any energy, says Morrow. Sillerman already has 18 acres on the Strip through MJX, a real estate company he controls. He managed Annie Lennox and the Eurythmics, and then created the Spice Girls. Robert FX Sillerman (born 1949) is an American businessman and media entrepreneur. As the genre has grown in popularity, so too has the quantity of reports of drug-induced injuries and deaths at concerts. Later, the private equity firm Apollo Global Management acquired CKX in 2011. 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. He died on November 24, 2019 in Hinsdale, New Hampshire, USA. 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. We were misinformed by an SFX spokesman. 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. 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 set up what became his signature company, SFX, which he took public in 1993 at $15 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). There were people who told me, Im not doing a deal with this guy, hes going to die, Estopinal says. Clear Channel had integration issues with SFX, according to one analyst, and now plans to spin off that business by early next year. Lawsuits increasingly became a common part of his life, including a suit from a luxury real estate firm for breach of contract after he allegedly cut the firm out of a $114 million real estate deal withoutpaying their commissions. Powered and implemented by Interactive Data Managed Solutions. As his business world collapses around him, Sillerman seemed relatively relaxed over the phone. 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. Just ask the makers of the smash-hit movie Lilo and Stitch, who used an Elvis soundtrack to great success. 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. 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. Which would seem to be a naturalElvis and Vegas go together like peanut butter and bananas. Maybe, but maybe not. I just love it.". The listing brokers are Douglas EllimansCaroline Holl, Michael Russell and Stephen Geller. The companys chief Michael Rapino declined a request for an interview through a spokesperson. He also made money on Broadway as an executive producer for Mel Brooks' musical The Producers. and attractions such as Memphis' Graceland to Robert Sillerman, . Robert Sillerman and Laura Baudo Sillerman attend NEW YORKERS FOR CHILDREN 2007 Fall Gala at 583 Park Avenue on September 18, 2007 in New York City. ", "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. Now when we dont need it, were flooded with it, Sillerman says. In 2017, he almost lost the home after defaulting on a $12.5 million. 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. These are Sillermans strengths: identifying trends in the media business before others, then gathering and deploying capital to make the strategy work. 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. Whether I will actually select one or more [equity partners] will depend on what the final price is, he said of any future bid. Speak with executives at Graceland and in New York, though, and it quickly becomes obvious how they want to further elevate the King. As big as Sillermans ambitions, perhaps. Some noted that Sillerman was paying huge amounts of goodwill in his deals, so eager was he to build the company. Robert F.X. 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. Arent companies like Viacom (VIAB) and Time Warner (TWX) disassembling or considering disassembling their empires, while Sillerman is putting one together? But for years he had maintained a golden touch in building media franchises and extracting maximum value from them. Embattled music executive Robert Sillerman, who founded the company that would eventually become ticketing and concert giant Live Nation, has died at the age of 71. Take a walk through Elviss home with the throngs, and the feeling you get is reverential. Read the original story on The New York . Robert F.X. Sillerman has a $1 billion plan to conquer the world of dance music, read the publications cover line. Before 157 West 57th Street became One57, that glassy billionaire's priapism which has come to stand for a whole battery of class . Earlier this month in Los Angeles county, two female attendees of Live Nation-run event HARD Summer died of apparent drug overdoses. . The duos tactics could be unorthodox. You know if you make cars or washing machines or something like that, I guess you have to focus on margins. Robert F.X. And game shows are the longest-lasting shows on TV. [12], In May 2009, Credit Suisse filed a request for summary judgment in New York State Supreme Court, alleging Sillerman had failed to pay the outstanding balance due under a credit agreement with Flag Luxury Properties LLC and that Sillerman defaulted on a series of payments due since April 2008, totaling $21.4 million. 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. Robert FX Sillerman is the Founder at Function (x). The last thing well be thinking about is margins, Sillerman told FORBES in July 2012. During its public run, the company also sold $295 million debt to finance additional acquisitions and fund operating losses. 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. 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. This company owned "American Idol" and the licensing rights to Elvis Presley and his Graceland estate. Meet the Women in Music Honoree Who Escaped the IronCurtain, Manson Accusers Recantation Cant Be Used for Now in Case Against Evan Rachel Wood, JudgeSays, Fadia Kader Joins Venice Music as EVP &GM. The transaction renamed the company to Function (X), Inc. and changing its listing on the stock exchange to FNCX. We've received your submission. He is from USA. As a business, though, Elvis has been stagnating. 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. 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. (Photo credit: Jonas Roosens/AFP/Getty Images). 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. 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. 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. But where did it go wrong for SFX? In addition to concerts, Robert F.X. 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. With so many formats vying for consumers attention, content is king. Robert F.X. SFX Broadcasting sold its 71 radio stations for $2.1 billion in 1998. A version of this article was originally published in the December 12, 2005 issue of Fortune. 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. The second floor boasts two main bedroom suites with ensuitemarble bathrooms, woodburning fireplaces and a large planted terrace. Lisa received $50 million in cash, plus $26 million in CKX common and preferred stock. [9] By the time Mr. Sillerman began buying radio stations in the late 1970s, he was using a new name: Robert F.X. With Finkel by his side and Estopinal giving the pair needed credibility, Sillerman set out to once again consolidate the dance music business by buying up dance promoters in Europe, Asia and North America. According to Billboard, Sillerman died of a. Robert F.X. 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. 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. 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. Sillerman, a triathlete who loves vigorous games of volleyball and basketball, has recovered and now sports a yellow Livestrong bracelet. Elvis's 37-year-old daughter and heir, Lisa Marie, has been unhappy . 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. 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. He was an executive. He was never really at 100%.. Sillerman announced in early June that he'd be making a return to the live entertainment industry, and today he made his second purchase toward that. In characteristic form, Sillerman wont give investors any firm commitments. Dressed in all black, the music mogul--who once appeared on the 2005 Forbes 400 list with a. Why? He seems to have a knack for selling just when markets are at their peak, which has given some buyers severe indigestion. 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. 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. Sillerman, Transform Television? Connecting the show to phones, through the Internet, through merchandising, and ways I cant talk about yet.. [19][20] In July 2015, Viggle had more than 9.5 million registered users across all properties, up from 5.4 million registered users at the end of 2014. Try A Different OS, Get Vaccinated? 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. The man who bought Elvis is Robert F.X. 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. 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. That didnt work out, but when we started talking, Insomniacs acquistion price was $10 million, he said. In December 2016, former SFX board member Mitch Slater sued Sillerman for an unpaid $2.5 million loan from 2015. Robert F.X. 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. We bought companies based on what we anticipated that we could bring in incremental sources of revenue.. He was 71. A costly restaurant venture in Memphis went bust. Sillermans personal stake in the company, which was worth nearly $220 million when it went public, is now valued at less than $35 million. Their daughter, Mackinley, died in 2012. 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