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. Details surrounding the companys formation remain disputed, and today Sillerman faces a lawsuit from acquaintances who allege that they are cofounders. [2][3], Sillerman was born to a Jewish family in New York City, and was raised in the Riverdale neighborhood of the Bronx, the son of Estelle (Levande) and Michael McKinley Sillerman. As of December 2013, Viggle companies had a combined 17 million monthly users. 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). Industrial Media. (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? I thought he was asleep. 19 did some $92 million in revenues last yearwith about a third coming from the Idol showsand earned $12.6 million. [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. 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. And then in early 2000, lightning struck again. He often named his companies using some combination of those initials. Bob can sell anythingit doesnt matterhe has that kind of head. (Morrow says it was he who enlisted Sillerman, not the other way around. 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. [35] For thirteen years, Sillerman served as the Chancellor of Southampton College and is the founder of The Tomorrow Foundation. [38] The dispute was settled out of court for an undisclosed amount. Jeopardy, Wheel of Fortune, The Price Is Rightthese shows go on for decades. This past season American Idol ratings averaged over 27 million viewers per episode, up 5% from last season. Sillerman's Dream," Deadline Holly- wood, May 10, 2011. In addition to concerts, Robert F.X. 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. But instead of a billion-dollar acquistion, Sillerman wiped out hundreds of millions in investor money and eventually had to file for bankruptcy. A costly restaurant venture in Memphis went bust. 2023 Billboard Media, LLC. Robert F.X. And dont even think about asking him what his middle initials, F.X., stand for. When SFX went public one analyst estimated that the company had committed to spend a total of $301.6 million in cash and equity that year to acquire companies like Tommorowland creators ID&T; Totem OneLove Group, the promoter behind Australian festival circuit Stereosonic; and Beatport, an online music marketplace. The man who bought Elvis is Robert F.X. Few suggest the genre is decliningnot yet, anywaybut theres evidence that points to a plateau. Backstage at The Ed Sullivan Show, 1956: Elvis with the host and manager Parker (left).CBS Photo Archive/Getty Images. Investor Robert Sillerman is combining the King, American Idol, and other entertainment assets to build his next media conglomerate. Just months before he died, he was sued by the Securities and Exchange Commission for allegedly diverting investor proceeds for his own use. Even so, Sillermans 47% stake is worth some $400 million. Synergy is not important. The massive property that was assembled from four different plots of land has just hit the market for a staggering $150 million. Robert F.X. 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. Once on the Forbes 400 list, . He just didnt a fabout anything, said one former business partner who did not want to share their name. He set up his own business, Youth Markets Consultants, to help big companies sell their wares to the Now Generation. . Sillerman, a triathlete who loves vigorous games of volleyball and basketball, has recovered and now sports a yellow Livestrong bracelet. Not a clue. Earlier this month in Los Angeles county, two female attendees of Live Nation-run event HARD Summer died of apparent drug overdoses. [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. 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. 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. Sillerman, Concert Industry Consolidator, Dies at 71 Roy Trakin November 26, 2019, 6:02 PM Click here to read the full article. Hes been known to sneak up on people and scare them. Backstage at The Ed Sullivan Show, 1956: Elvis with the host and manager Parker (left). 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. Now when we dont need it, were flooded with it, Sillerman says. PHOTOGRAPH BY GREG MILLER. Elvis, a poor boy from Tupelo, Miss., comes up to Memphis, manages to get himself into Sun Records, and lays down the track to Thats All Right (Mama). A local radio station airs it, the calls come streaming in, and Elvis is on the way to glory. Sillermans new frontier was to be EDM, a genre whose live events like Electric Daisy Carnival and Belgiums Tomorrowland were drawing millions of neon-wearing, glow stick-flashing young adults to festival grounds around the world. 19 also manages the career of soccer superstar David Beckham and his wife, Victoria (a.k.a. Sillerman, Self: 60 Minutes. A megayacht-turned-ultra-luxury cruise ship is heading for Once a dining hotspot, this shuttered NYC restaurant owes the city $32M in rent, Mary-Kate and Ashley Olsen's 'It Takes Two' abandoned mansion demolished, Inside the 1,700-acre Murdaugh family murder farm now on sale for $3.9M, Fking heartless Kristin Cavallari admits to recently dumping guy via text, The Selena Gomez and Kylie Jenner eyebrow drama, explained, Lisa Hochstein confirms shes dating great Jody Glidden amid Lenny divorce, Good luck 'worming' your way out of this one, Meghan Markle, Prince Harry have first night out since bombshell 'Spare' released, 11-year-old reads aloud from 'pornographic' book he checked out from library at school board meeting. Clear Channel, which had already purchased many of Sillermans radio stations from Hicks Muse, agreed to buy SFX Entertainment for a reported $3 billion. Brucie and Bob bought more stations and worked their magic on operations. This year, there are 88 festivals that we anticipate doing, said Sillerman. dialogue with Robert Sillerman. 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. Robert F.X. counterpart.) Arent companies like Viacom (VIAB) and Time Warner (TWX) disassembling or considering disassembling their empires, while Sillerman is putting one together? On Jun 7, 2012, Function (X), Inc. was renamed Viggle, which changed the company stock listing to VGGL. Sitting kitty-corner from Graceland across Elvis Presley Boulevard, it is a 128-room boutique property with a small pool and a tiny bar, perennially packed to the gills with Elvis fans. Its main app NextGuide and Digit Reminder Button was integrated into Viggle software. At the time it was the largest gift ever received by an alumnus to the university. Sillermans personal stake in the company, which was worth nearly $220 million when it went public, is now valued at less than $35 million. Earlier this year Sillerman settled with the SEC for $179,000. Powered and implemented by Interactive Data Managed Solutions. This company owned "American Idol" and the licensing rights to Elvis Presley and his Graceland estate. During its public run, the company also sold $295 million debt to finance additional acquisitions and fund operating losses. I suppose there are all kinds of gratifying lines of work, he says. Perhaps the bigger question centers on the inherent limits of EDMs popularity. Robert FX Sillerman (born 1949) is an American businessman and media entrepreneur. Young Sillerman graduated magna cum laude from Brandeis in 1969 after becoming immersed in counterculture politics and rock & roll. In each case Sillerman assembled a collection of media propertiesall in distributionat low prices and then unloaded the bundle for a higher price. Part of that underwhelming reality may have to do with the public relations nightmares that can occur while running EDM festivals. He was married to Laura Baudo. I have a million ideas all the time, says Fuller, but before I could only do one a year. Bear Stearns analyst R. Glen Reid says to also look for a 2,000-seat Elvis theater in Vegas. On this Wikipedia the language links are at the top of the page across from the article title. Sillerman stood stone-faced on the cover of Billboard magazine. 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. And there are a couple of Sillerman stories that involve nudity. 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. 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. Sillerman became one of the most intriguing and wealthiest men in the media business but died in bankruptcy, pursued by the government and suffering the painful complications of a decade. But when the so-called "go shop" ended, Sillerman didnt have the financing to cover his bid. 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. Despite having established brands, the festivals that were acquired by Sillerman's empire collectively moved in the opposite direction of what was expected. Even very young people. The company was sold to Clear Channel in 2000 and became the basis for Live Nation five years later. Clear Channels stock, which hit a high of $95 in 2000, is trading at $32. In December 2016, former SFX board member Mitch Slater sued Sillerman for an unpaid $2.5 million loan from 2015. 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. As a teenager he started his own greeting card company, buying cards in bulk and enlisting youngsters to sell them. They had a per diem, and they were missing meals and saving money so they could buy more stuff at the shop. Soden has escorted everyone from William F. Buckley to I.M. Its easy to say that in hindsight, Sillerman told Billboard in a June 9, 2016article. 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. He followed the 1998 sale with a Feb. 29, 2000, deal that Playbill called a quantum leap on the first Leap Day of the century, selling his concert and theatrical production firm SFX Entertainment to Clear Channel for $3.2billion. And thats just part of the American Idol money train. Sillerman denied this when talking to FORBES, noting that he never founded the company with Moreno and stopped working with him after learning of past legal run-ins, a conclusion that Feldman also disputes. Sillerman in the gift shop at Graceland, Elvis Presleys home in Memphis. stand for? To Sillerman, Elvis is an underexploited asset, like a poorly managed textile company or a baseball team without a marketing department. [13] The first product the company produced was called "Viggle", released in January 2012, which used a mobile app as its primary interface. If we can, this will dwarf the first SFX. CKX also gets royalty rights to 24 Elvis movies. Down the road EPE may construct more Graceland-like properties in places such as Dubai and Macau, and perhaps develop a concept similar to the Hard Rock Cafs in Europe. He set up what became his signature company, SFX, which he took public in 1993 at $15 a share. They said music doesnt work on TV in America. Robert Franklin Sillerman was born in Manhattan on April 12, 1948, to Michael McKinley Sillerman, a radio and television executive, and Estelle (Levande) Sillerman. But for years he had maintained a golden touch in building media franchises and extracting maximum value from them. Sillerman paid $196 million to buy 19 Entertainment. 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. A limestone mansion once owned by the late entertainment mogul Robert F.X. Attracting funds, at least at this point, wont be a limitation. Lately Sillerman has become more guarded, though. 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. Robert F.X. SFX CEO Entertainment Robert F.X. 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. Impersonator shows can, if properly done, extend the brand, Sillerman says. LinkedIn has officially entered its cringe era, and its working. Over a few years in the late 1990s, Mr. Sillerman and his new company, SFX Entertainment, spent more than $2 billion acquiring dozens of promoters and venues, creating the concert worlds first truly national force. 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. So what he said so eloquently, I say, Foff.'. At Ingalls he met a young copywriter, Laura Baudo, who would become his wife. EDM Mogul Bob Sillerman Finds a Buyer for His $28 M. Townhouse. I know nothing about EDM, Sillerman told Billboard in Sept. 2012. Sillerman attempted to rebrand the project as a Baccarat Hotel but this also failed. 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. You may opt-out by, 2013, the day his company went public. Elvis's 37-year-old daughter and heir, Lisa Marie, has . Some noted that Sillerman was paying huge amounts of goodwill in his deals, so eager was he to build the company. I dont want to be like Martha Stewart and talk about what I shouldnt, Lisa says with a chuckle. That company was also called SFX. CKX already carries a load of goodwill, $14 million from the Presley deal, and $111 million from the 19 transaction. As his business world collapses around him, Sillerman seemed relatively relaxed over the phone. 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. 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. So what if the next Elvis is discovered on American Idol? Why? He sold the company SFX Entertainment to Clear Channel for $4.4 billion in 2000. 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. That didnt work out, but when we started talking, Insomniacs acquistion price was $10 million, he said. He. Posh Spice). The companys chief Michael Rapino declined a request for an interview through a spokesperson. The entrance is through original doors from the Paramount Theater. 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. Pei through the hallowed halls. 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. The second floor boasts two main bedroom suites with ensuitemarble bathrooms, woodburning fireplaces and a large planted terrace. Around that time Sillerman was diagnosed with tongue cancer and underwent chemotherapy, which sidelined him for several months. Lisa Marie Presley, Elvis' daughter, had sold the majority of Elvis Presley Enterprises, . 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. 1 hit in more than two dozen countries, including the U.S.) And Elvis impersonators are still fixtures in everything from movies to corporate events. 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. 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. 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. "[9], On February 8, 2011, Sillerman announced an agreement to acquire control of Gateway Industries, Inc. (GWAY.PK). Nearly three years ago, Robert F.X. A version of this article was originally published in the December 12, 2005 issue of Fortune. Today about 600,000 visitors make the pilgrimage to Graceland each year (30% from abroad), paying between $22 and $55 apiece. He wa 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. Robert F.X. It comes with five bedrooms and 5 bathrooms. [9] (Photo: Robin Marchant/Getty Images). He wants to do what we want to do. Like what? 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. No question we could build a convention-sized hotel here, says Soden. Sillerman, the entertainment entrepreneur who helped. In May 2009, Credit Suisse filed a request for summary judgement in New York State Supreme Court, alleging Sillerman had failed to pay the . 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. 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. 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. CKEs stock fell from a high of $28.80 in early May to a current price of $12 and change. SFX Entertainment was the largest presenter, promoter and producer of live events in the world. Robert F.X. Try A Different OS, Get Vaccinated? 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. 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. 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). [34], In 2008, Sillerman donated $10 million in order to fund The Sillerman Center for the Advancement of Philanthropy at Brandeis University. Michael Sillerman died in 1980, just when his sons career was taking off. I also thought she was shrewd and perceptive. (Photo credit: Jonas Roosens/AFP/Getty Images). (Photo: Robin Marchant/Getty Images). Sillerman, the founder of SFX Entertainment, has died at the age of 71 due to respiratory illness. All rights reserved. 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. Recognizing the environment she was raised in, I thought she was astounding. And they said they would synergize their content. 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. Then there are concert tours and merchandising. 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. It didnt scale and this round was young promoters that werent as established as the promoters from the first round of buyouts in the 1990s. Their daughter, Mackinley, died in 2012. Hes like a little boy. While some might find that a 25th wedding anniversary is best celebrated privately, Sillerman held his at the Manhattan rock hall Irving Plaza with hundreds of guests. [17][18] In December 2013 Viggle acquired Wetpaint for $30 million in stock and in early 2014 Viggle acquired Digit Media, an entertainment app producer. [22][23][24], On October 9, 2013, SFX went public on the Nasdaq. 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. 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. Between Elviss legendary free spending and the fact that he didnt own his songs, the situation was dire. Andreas Cornelius van Kuijk), sold the rights to RCAnow part of Sony BMGdecades ago. That means $125 million out of the $306 million paid for these two companies exceeds any tangible assets, including the value of trademarks. Use of this site constitutes acceptance of our Terms of Use and Privacy Policy | CA Notice at Collection and Privacy Notice| Do Not Sell/Share My Personal Information| Ad Choices You may find him a bit quirky. Sillerman stood stone-faced on the cover of Billboard magazine. So far Idol stars like Kelly Clarkson and Clay Aiken have sold over 14 million albums. 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.) Sillerman was born into a media household, raised in the Riverdale section of the Bronx, and attended top private schools in New York City. In 2001, Britains ITV put Fullers baby, Pop Idol, on the air. 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. Hes obviously smart, and he doesnt b.s. The last thing well be thinking about is margins, Sillerman told FORBES in July 2012.
Whitney Williams Portland, Oregon, Go Go Gophers What Him Say, Sunset Grill Entertainment Schedule, Illawarra Police Scanner, Describe The Strengths And Limitations Of Different Types Of Terminology, Articles R