Mr. Sillermans plan transformed the concert industry even as it drew complaints, which still linger, about rising ticket prices and the outsize power of a centralized super promoter. Despite having established brands, the festivals that were acquired by Sillerman's empire collectively moved in the opposite direction of what was expected. 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. Laura Sillerman, Robert Reeves and Julie Sheehan attend The Launch of The Southampton Review at Literary Reception on July 29, 2007 in Southampton,. 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). (Photo: Robin Marchant/Getty Images). The stock cratered. Sillerman stood stone-faced on the cover of Billboard magazine. The company was sold to Clear Channel in 2000 and became the basis for Live Nation five years later. and attractions such as Memphis' Graceland to Robert Sillerman, . [8], In 1989 Sillerman formed Capstar Communications. In December 2016, former SFX board member Mitch Slater sued Sillerman for an unpaid $2.5 million loan from 2015. Take a walk through Elviss home with the throngs, and the feeling you get is reverential. 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. 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. 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. SFX raised $260 million in its initial public offering. [22][23][24], On October 9, 2013, SFX went public on the Nasdaq. 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. Nearly three years ago, Robert F.X. (The balance is transaction costs.). 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. The company that emerged would become Clear Channel, which is now known as iHeartRadio. In February 2014, a lawsuit was filed against Sillerman, for allegedly having defrauded a trio of business partners. Industry sources suggested that a possible buyer could be Live Nation. In 2000 he sold a company that owned concert venues to Clear Channel for a reported $3 billion. This is a long-term perspective, [but] a 10% return on equity from our perspective would be insufficient.. Before 157 West 57th Street became One57, that glassy billionaire's priapism which has come to stand for a whole battery of class . FORTUNE is a trademark of Fortune Media IP Limited, registered in the U.S. and other countries. Robert F.X. The company also acquired 80% in Muhammad Ali Enterprises. 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. After selling SFX Entertainment, Mr. Sillerman pursued various entertainment projects. But then to discount the price the way that it did was a self-fulfilling prophecy in that discouraged other bidders, which was unfortunate and had an implication on me and my financing., Established SFX festival events like Tomorrowland in Belgium attract thousands every year, but it's [+] unclear if newer events will have the same kind of draw. 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. ", "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. Sillerman stood stone-faced on the cover of Billboard magazine. 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. The Securities and Exchange Commission today charged New Hampshire resident Robert F.X. Mr. Sillerman largely withdrew in recent years, moving to New Hampshire and dealing with the fallout from the collapse of several businesses. He was also starting to run afoul of the SEC an audit by the firm BDO of his company Function(x)found that Sillerman allegedly broke the law when he transferred $6.1 million into his own personal account and withdrew $500,000 in cash with no explanation and no supporting documentation. Sillerman settled the case with the SEC in June, agreeing to a $179,000 fine and a ban from holding an officer or director role at any public company. First, understand that Sillerman actually owns very little of Elviss music. I liked him, she says. He often named his companies using some combination of those initials. In characteristic form, Sillerman wont give investors any firm commitments. Earlier this month in Los Angeles county, two female attendees of Live Nation-run event HARD Summer died of apparent drug overdoses. 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. Once Morrow had a beef with the late-night deejay at their Middletown station. Part of that underwhelming reality may have to do with the public relations nightmares that can occur while running EDM festivals. The hotel, Sillerman and Soden say, is just screaming to be expanded, upgraded, and replicated in other locations. Could it be that Sillerman didnt fully understand this--or just how skittish it would make brands? It runs in the family: Lisa Marie Presley signs autographs for NASCAR fans at Daytona Speedway this past July. Robert F.X. The studio of course had a glass wall. 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. [7] The company was merged at the end of 1989 with a unit of Westinghouse Broadcasting in a then record-setting transaction worth $727 million. 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 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. Some $20 million. 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. Bob can sell anythingit doesnt matterhe has that kind of head. (Morrow says it was he who enlisted Sillerman, not the other way around. 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. Posh Spice). 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 has taken legal action against the company, seeking about $15.8 to cover. You know if you make cars or washing machines or something like that, I guess you have to focus on margins. It was a very good, good combination, says Morrow. Not bad for a years work. Some people loved Bob and some people hated him, there was no middle ground, said James Disco Donnie Estopinal, a New Orleansdance promoter now living in Puerto Ricowho served as Sillermans deal maker and helped bring in the dance promoters that would come to form the new SFX Entertainment. Backstage at The Ed Sullivan Show, 1956: Elvis with the host and manager Parker (left).CBS Photo Archive/Getty Images. 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. Robert F.X. David Lieberman, "'American Idol' Owner CKX Sells To Financial Firm, Ending Robert F.X. I suppose there are all kinds of gratifying lines of work, he says. 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. In 2017, he almost lost the home after defaulting on a $12.5 million. Robert F.X. Late last year Lisa Presley flew to New York to meet Sillerman face to face. (Photo by PATRICK McMULLAN/Patrick McMullan via Getty Images) Embed. Sillerman worth at the age of 71 years old? Sillerman attempted to rebrand the project as a Baccarat Hotel but this also failed. Sillerman, the entertainment entrepreneur who helped. To Sillerman the soft patch was an opportunity to reload. Sillerman already has 18 acres on the Strip through MJX, a real estate company he controls. The founder. 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. He doesnt want to mess with anything. Robert F.X. 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. They said music doesnt work on TV in America. As for spinoffs, did we mention that another smash hit on Fox, So You Think You Can Dance, is produced by Fuller too? Anyone can read what you share. Additionally, Robert FX Sillerman has had 6 past jobs including Founder at Live Nation. 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. 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. The company has teased burned investors with an "indication of interest" from an unnamed bidder. Mr. Sillerman called it an inside joke. I meet the people whose places we're buying. 19 also manages the career of soccer superstar David Beckham and his wife, Victoria (a.k.a. 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. In 2017, he almost lost the home after defaulting on a $12.5 million loan, The Post reported at the time. Between Elviss legendary free spending and the fact that he didnt own his songs, the situation was dire. At Ingalls he met a young copywriter, Laura Baudo, who would become his wife. 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. With so many formats vying for consumers attention, content is king. On this Wikipedia the language links are at the top of the page across from the article title. SFX now has a market capitalization of $88 million. 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? Maybe, but maybe not. Maglan Capital, an owner of roughly 1.5% of SFX Entertainment's outstanding stock, called Sillerman's $4.75 a share go private offer "a way low-ball bid." [32], From 1993 Sillerman served as the Chancellor of the Southampton College of Long Island University, replacing Angier Biddle Duke. Sillermans personal take was a reported $219 million. Sillerman Dies at 71; Built Entertainment Empires, https://www.nytimes.com/2019/11/28/arts/music/robert-fx-sillerman-dead.html. He bankrolled Mel BrooksBroadway production of The Producers and was golf partners with NBA legend Michael Jordan. "[9], On February 8, 2011, Sillerman announced an agreement to acquire control of Gateway Industries, Inc. (GWAY.PK). 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. We bought companies based on what we anticipated that we could bring in incremental sources of revenue.. 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. 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. Later, the private equity firm Apollo Global Management acquired CKX in 2011. 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). The Bolshoi Ballet came en masse to Graceland, Soden recalls. Says his longtime business partner, disc jockey Cousin Brucie Morrow: Bob is very exhausting to be with. He died on November 24, 2019 in Hinsdale, New Hampshire, USA. 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. 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. Its funny, when we needed money we had a difficult time raising it. The 66-Year-Old Rave King of Wall Street In the past few years, Bob Sillerman has become notorious in the dance music industry for buying up a string of once-independent rave promoters in order. Anthony Effinger and Daniel Taub, "American Idol Sillerman Dealt Elvis Default Heartbreak in Vegas," Bloomberg.com, June 1, 2009. [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. 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. That is, if SFX is still around in a year to run those events. The New York entrepreneur is most notably known for consolidating a number of U.S.. ), Sillerman with Rod Stewart and Dick Grasso at the NYSE.Henny Ray Abrams AFP/Getty Images. Robert F.X. Terms & Conditions. 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. 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