He refounded SFX Entertainment in 2012 as a promoter of electronic music festivals; that company is now known as LiveStyle. It runs in the family: Lisa Marie Presley signs autographs for NASCAR fans at Daytona Speedway this past July. 2023 Fortune Media IP Limited. The founder of SFX Entertainment rarely spoke about the impact of his daughters death but his friends say it weighed on him and changed his outlook. Once on the Forbes 400 list, he also briefly owned the WLAF's New York/New Jersey Knights. SFX raised $260 million in its initial public offering. Robert F.X. Sillerman was looking to become the single big fish in this business so that when acts like Eric Clapton went on tour, his manager would deal with SFX and SFX only when booking venues. Sillerman was a significant player on Broadway. The listing brokers are Douglas EllimansCaroline Holl, Michael Russell and Stephen Geller. I thought he was asleep. Pei through the hallowed halls. Now that Im a part of CKX, I have the resources to do three or four. Sillerman hopes thats a positive, not a negative. And there are between 105 and 110 scheduled for next year.. On Wall Street they like to say that Bob Sillerman hardly knows failure, but he saw it firsthand growing up. [22][23][24], On October 9, 2013, SFX went public on the Nasdaq. [6], In 1978 Sillerman and disc jockey Bruce Morrow bought two radio stations in upstate New York for $1.875 million. 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. 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. 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. But stars still do get born. The top contestants on the show are signed to Sony BMG, and 19 gets 10% of their recording revenue. But if you walk down the street, youll be hard-pressed to find somebody who doesnt know what it is. The hotel, Sillerman and Soden say, is just screaming to be expanded, upgraded, and replicated in other locations. 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. Even very young people. Once Morrow had a beef with the late-night deejay at their Middletown station. Even more worrying, SFXs cash reserves dwindled to $38.6 million. Details surrounding the companys formation remain disputed, and today Sillerman faces a lawsuit from acquaintances who allege that they are cofounders. [14] 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 In 2011, Apollo Management purchased CKX in 2011 for $512 million. Robert F.X. [37], In May 2012, Sillerman was accused of sexual harassment by an employee of Function X. Sillerman was known for pushing the envelope. In 2000 he sold a company that owned concert venues to Clear Channel for a reported $3 billion. 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. In February 1982 the probate judge told the trustees of the estate that he feared it would go bankrupt because of taxes and legal fees, says Jack Soden, a Kansas City money manager brought in to advise the Presley family. 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. But Fuller had an even bigger idea, a kind of interactive on-air talent show. And I haven't a fucking clue what they do or what they're talking about. First, understand that Sillerman actually owns very little of Elviss music. SFX grew into the nations seventh-largest chain and sold its 71 radio stations for $2.1 billion in 1998. The company was sold to Clear Channel in 2000 and became the basis for Live Nation five years later. He passed away in his sleep on Sunday at the age of 71. Thats not the way I view the entertainment businessI view it as an art not as a science.". Sillerman was the owner of a range of television and radio stations during the 1970s and 1980s, In 1993 he formed SFX Broadcasting, and then built SFX Entertainmenta concert and stage performance promoter that was sold to Clear Channel in 2000 for $4.4 billion. Fuller is signed up to head 19 Entertainment in a five-year contract. This stands out as unique. If we can, this will dwarf the first SFX. You may opt-out by, 2013, the day his company went public. A version of this article was originally published in the December 12, 2005 issue of Fortune. Anyone can read what you share. Robert F.X. He just didnt a fabout anything, said one former business partner who did not want to share their name. 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. 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. In 1989 he sold a group of radio stations to Westinghouse (now Viacom) for $389 million. But he doesnt seem to be worried about anything of the sort. It comes with five bedrooms and 5 bathrooms. 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 five-story home, between Lexington and Third avenues, is 5,885 square feet and was built in 1920. 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. Robert F.X. 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. LinkedIn has officially entered its cringe era, and its working. American Idol is much more like a game show than a reality show, says Fuller. We were misinformed by an SFX spokesman. So what he said so eloquently, I say, Foff.'. He was an executive. 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. [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. While Sillermans buying spree made sense to few of the sellers in the later 90s, the dots quickly connected by the time he sold the business. 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. 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. With a market value of $1.1 billion, is CKX overvalued? Sillerman, the New York entertainment businessman who consolidated a series of companies and helped form the modern concert industry, died Sunday of a respiratory illness, Billboard. You know if you make cars or washing machines or something like that, I guess you have to focus on margins. The entrance is through original doors from the Paramount Theater. He set up his own business, Youth Markets Consultants, to help big companies sell their wares to the Now Generation. Robert Sillerman, founder of SFX Entertainment, has died, Billboard reports and Sillerman's lawyer Sanford Philip Rosen confirmed to Pitchfork. Sillerman, Concert Industry Consolidator, Dies at 71", "American Idol Sillerman Dealt Elvis Default Heartbreak in Vegas", "Will Viggle, the 'Loyalty Program for TV' From Robert F.X. Eight years later he unloaded a bunch of stations to Hicks Muse for $2.1 billion. Robert F.X. (Hicks Muse agreed to spin this business off to SFX shareholders.) And the King is content! dialogue with Robert Sillerman. Recognizing the environment she was raised in, I thought she was astounding. 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. As his radio empire grew, Sillerman increasingly came up against Federal Communications Commission regulations restricting his ability to own multiple public broadcast stations, until 1996 and the passage of the Telecommunications Act, which lifted the restriction on owning multiple radio and television stations in a single market, paving the way for Sillermans firm to merge with Command Communicationsand become SFX Broadcasting. It was a smash right off the bat. Lately Sillerman has become more guarded, though. He replied with an email that said, Can I borrow a dollar? Estopinal said. Its main app NextGuide and Digit Reminder Button was integrated into Viggle software. I have a million ideas all the time, says Fuller, but before I could only do one a year. Robert F.X. Undervalued? Terms & Conditions. 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. The massive property that was assembled from four different plots of land has just hit the market for a staggering $150 million. In 19, Sillerman saw a small but dynamic media company with one of the hottest TV shows on the planet. In a July 2009 interview with the New York Post Sillerman admitted failure, stating with reference to the Flag project: "I'm not very knowledgeable about real estate. 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. Robert F.X. (Photo credit: Jonas Roosens/AFP/Getty Images). 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. We thought there were only three rock groups worth owning, says a source in Sillermans camp, Elvis, the Beatles, and the Stones. ), Sillerman with Rod Stewart and Dick Grasso at the NYSE.Henny Ray Abrams AFP/Getty Images. I also thought she was shrewd and perceptive. Estopinal says he last saw Sillerman at a deposition, but he remembers sending Sillerman a note after the bankruptcy, acknowledging the failures of SFX while also thanking him for the opportunity to be part of the company. counterpart.) Clear Channel, which had already purchased many of Sillermans radio stations from Hicks Muse, agreed to buy SFX Entertainment for a reported $3 billion. 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. [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. The company acquired various promoters and electronic music festivals, as well as related companies in digital (including Beatportan electronic music store, online ticketing provider Paylogic, and web development agency Fame House). 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. Lisa received $50 million in cash, plus $26 million in CKX common and preferred stock. We dont have enough time on this call to talk about the mistakes I made, said Sillerman during a 30-minute phone conversation from his New York City home, his voice gravelly and occasionally interrupted by a breathing apparatus due to a past bout with tongue cancer. Investor Robert Sillerman, who bought Elvis Presley Enterprises, photographed with Elvis impersonators, 2005. The Bolshoi Ballet came en masse to Graceland, Soden recalls. Obviously the market had spoken loud and clear that it believed the five-and-a-quarter deal was never coming, said Sillerman in one of his first interviews since announcing the privatization plan. It Takes a Lot of People to Create All This AI Music. Robert F.X. CKX already carries a load of goodwill, $14 million from the Presley deal, and $111 million from the 19 transaction. SFX now has a market capitalization of $88 million. How big will CKX become? Hes probably smartest person Ive ever met, saidShelly Finkel, a longtime boxing and music manager who co-founded SFX with Sillerman in 2011. He has unbounded energy when it comes to business. Posh Spice). That business was built from a spree of acquisitions from 1997 to 2000 when Sillerman bought up Houston outfit Pace Concerts, New York promoter Delsener/Slater enterprises, Boston big man Don Laws Blackstone Entertainment, Los AngelesAvalon Attractions, Jack Boyles Cellar Door International, Bill Graham Presents in Northern California and Jimmy Koplicks 4,800-seat Oakdale Theater in Wallingford, Connecticut. By then Sillerman was already toiling away on his next project, SFX Entertainment, a company that would own concert venues and other media properties. However, since doubts of Sillerman's take-private began to emerge in July, the company hasn't disclosed a bona fide competing offer. The last thing well be thinking about is margins, Sillerman told FORBES in July 2012. 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