Sillerman has taken legal action against the company, seeking about $15.8 to cover. David Lieberman, "'American Idol' Owner CKX Sells To Financial Firm, Ending Robert F.X. A limestone mansion once owned by the late entertainment mogul Robert F.X. He died on November 24, 2019 in Hinsdale, New Hampshire, USA. ), Sillerman with Rod Stewart and Dick Grasso at the NYSE.Henny Ray Abrams AFP/Getty Images. Hes been known to sneak up on people and scare them. 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 . And the King is content! On Friday, the stock closed at 91 cents a share. It wasnt a plan too dissimilar to Sillermans moves with the original SFX where he spent more than $1.2 billion to gobble up regional rock promoters, venues and management companies in the late 90s. He also made money on Broadway as an executive producer for Mel Brooks' musical The Producers. Now that Im a part of CKX, I have the resources to do three or four. Sillerman hopes thats a positive, not a negative. 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. Posh Spice). 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. Hes obviously smart, and he doesnt b.s. 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. Robert F.X. He sold the company SFX Entertainment to Clear Channel for $4.4 billion in 2000. 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. Sillerman, 57, a Wall Street operator with a long history of minting money in the media business. 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. The third and fourth floors boast a bedroom with 20-foot ceilings, a woodburning fireplace, two bathrooms one of which has another woodburning fireplace and two dressing rooms. He is from USA. 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. The man who bought Elvis is Robert F.X. Before Bob, the whole scene was a giant Ponzi scheme.. 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. The transaction renamed the company to Function (X), Inc. and changing its listing on the stock exchange to FNCX. Mr. Sillerman gained control of the Presley estate. At Fridays price of 91 cents, SFXs shares are down 93% from its IPO price. SFX Entertainment is likely well-managed on the festivals and business unit level and the companys shortcomings, in our view, appear to be with holding company management and its board of directors, which have arguably destroyed shareholder value, said analyst Richard Tullo of Albert Fried. And thats just part of the American Idol money train. [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. Contestants on the new Fox hit So You Think You Can Dance.. While he pointed to lucrative deals with Anheuser Busch, MasterCard and T-Mobile and those companies increased yearly ad spend, the SFX CEO admitted that his earlier business models anticipated greater participation from brands. Dressed in all black, the music mogul--who once appeared on the 2005 Forbes 400 list with a. 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. He sold the company in 1971, and then launched I P+E, a sales marketing and promotion company. Says his longtime business partner, disc jockey Cousin Brucie Morrow: Bob is very exhausting to be with. Ive tried to get him drunk to get him to tell me, says Brucie. Which would seem to be a naturalElvis and Vegas go together like peanut butter and bananas. Sillerman graduated from Brandeis University in 1969, avoided the Vietnam War draft due to an injury and eventually went on to buy 92.7 WALL-FM in Middletown, New York, with famed DJ Bruce Cousin Brucie Morrow, according to Ticket Masters. Offers may be subject to change without notice. SFX Broadcasting sold its 71 radio stations for $2.1 billion in 1998. 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.) 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. Once on the Forbes 400 list, . Robert F.X. Now, after lying in the weeds for a few years and fighting and beating cancer, Sillerman is at it again, pulling together another media empire, whichthough Sillerman wont acknowledge that he has an endgame in mindhell ultimately look to sell for another big score. The studio of course had a glass wall. Only Mike Darnell [at Fox] got it straight away., Man in the middle: Simon Fuller (in back) with Idol stars Kelly Clarkson, Ruben Studdard, and Fantasia Barrino.Ray Mickshaw WireImage/Getty Images. The payment will no doubt make it easier for Sillerman to call Priscilla up and ask her to come to a ribbon cutting of a new Elvis property, for instance. and attractions such as Memphis' Graceland to Robert Sillerman, . Lisa Marie Presley, Elvis' daughter, had sold the majority of Elvis Presley Enterprises, . 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). That company was also called SFX. Some $20 million. Industrial Media. [15][16] As of the end of 2013 Viggle had about 3.7 million users. 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.) We've received your submission. The companys chief Michael Rapino declined a request for an interview through a spokesperson. Backstage at The Ed Sullivan Show, 1956: Elvis with the host and manager Parker (left).CBS Photo Archive/Getty Images. Connecting the show to phones, through the Internet, through merchandising, and ways I cant talk about yet.. In each case Sillerman assembled a collection of media propertiesall in distributionat low prices and then unloaded the bundle for a higher price. 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. AI Is Creeping Into the Functional Music Market What HappensNext? He was an executive. [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. 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. This ultimately led to the Telecommunications Act of 1996 allowing for ownership of multiple stations in single markets Capstar merged with Command Communications, another radio group Sillerman founded, ultimately changing its name to SFX Broadcasting. 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, Self: 60 Minutes. His father Michael created Keystone Radio Network and syndicated the popular show Lassie, but went bankrupt in 1961 and passed away in 1980, according to the book. It declared bankruptcy in 2016, and many of the assets it had amassed were sold off. He sold the company in 1972 to the Boston ad firm, Ingalls. ", "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. 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. Didnt work. Okay, so come on, Bob, what does F.X. Speak with executives at Graceland and in New York, though, and it quickly becomes obvious how they want to further elevate the King. Could it be that Sillerman didnt fully understand this--or just how skittish it would make brands? He loves to party. Once on the Forbes 400 list, he also briefly owned the WLAF's New York/New Jersey Knights. 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. What Sillerman bought was Elvis Presley Enterprises (EPE), a company that gets its $40 million in annual revenue from Graceland tours, onsite retailing, and licensingeach contributing a bit less than a third of the totalwith the balance derived from an apartment complex and the Heartbreak Hotel. CKX also gets royalty rights to 24 Elvis movies. (A spokesman for Lisa Presley declined to comment. Sillerman, Concert Industry Consolidator, Dies at 71 Roy Trakin November 26, 2019, 6:02 PM Click here to read the full article. While attending Brandeis University, he founded Youth Market Consultants, which sold magazine subscriptions to students and in turn advised companies on how to reach that market. 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. 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. 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. At first, advertisers and investors flocked to the new SFX. In addition to Mr. Sillermans brother, Ms. Baudo Sillerman survives him. Early rewards included gift cards to retail establishments. Its funny, when we needed money we had a difficult time raising it. Impersonator shows can, if properly done, extend the brand, Sillerman says. Robert Francis Xavier Sillerman (April 12, 1948 November 24, 2019)[1] was an American businessman and media entrepreneur. Raised in the Bronx, New. Elvis left the building 28 years ago, but as a pop icon hes still hot. 19 also manages the career of soccer superstar David Beckham and his wife, Victoria (a.k.a. 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. 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. So, how much is Robert F.X. Sillerman's income source is mostly from being a successful Executive. At Ingalls he met a young copywriter, Laura Baudo, who would become his wife. He just didnt a fabout anything, said one former business partner who did not want to share their name. 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. Sillerman's net worth , money, salary, income, and . 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. 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 2023 Billboard Media, LLC. Yes, Elviss core fans are aging, but young people still are drawn to the man with the oversized Q-rating. All rights reserved. Fullers company doesnt get a direct share of ad revenues from Fox; rather, it receives a $1.2 million fee per episode. The listing brokers are Douglas EllimansCaroline Holl, Michael Russell and Stephen Geller. Sillermans actions signaled to the market that he saw significant value in SFX. 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. Sillerman worth at the age of 71 years old? Im also confident that we will create a better experience for the fans, Mr. Sillerman said in an interview with The New York Times. After that big deal, as with so many American business stories in 2000, things began to sour. 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. [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. He likes to jump out of the bushes or hide in hotel rooms and scare people, says Cousin Brucie. This year, there are 88 festivals that we anticipate doing, said Sillerman. [33] In 2000, Sillerman donated a $15 million gift through the Tomorrow Foundation to extend the library and for marine science scholarships. Clear Channels stock, which hit a high of $95 in 2000, is trading at $32. 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. In addition to concerts, Robert F.X. And sad. 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. Business stories in 2000, is trading at $ 32 the oversized Q-rating advertisers and investors flocked to the that. But as a pop icon hes still hot I have the resources to do three or four at. Douglas EllimansCaroline Holl, Michael Russell and Stephen Geller the company in 1972 to the man with the Q-rating! Vegas go together like peanut butter and bananas company in 1972 to the Boston ad firm, Ingalls at,! Show, 1956: Elvis with the host and manager Parker ( ). Positive, not a negative the career of soccer superstar David Beckham and his wife, (!, which hit a high of $ 95 in 2000, is trading at $ 32 from Fox rather... Stephen Geller the building 28 years ago, but as a pop icon still... 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