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. Moreno claims that Sillerman was mainly brought in to help organize financing for the business and that he had presented his plan to others, like billionaire Ron Burkle, before choosing Sillerman. If we can, this will dwarf the first SFX. 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. You know if you make cars or washing machines or something like that, I guess you have to focus on margins. In just the past few weeks weve seen a flurry of deals by companies seeking to profit from this tumult: TV networks are offering shows for sale, AOL is selling vintage programs online, and cellphones and iPods can now deliver music, video, and TV. 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. Im not very knowledgeable about real estate, he reportedly told the New York Post at the time. 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. Sillerman was a significant player on Broadway. He graduated from Brandeis in 1969 and, three years later, sold Youth Marketing Consultants to Ingalls, an advertising firm in Boston. Didnt work. Okay, so come on, Bob, what does F.X. Pei through the hallowed halls. Though the Elvis business isnt that big yet, it gives us a window into how Sillerman operates. 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. (Photo: Robin Marchant/Getty Images). 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. 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. 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 Some noted that Sillerman was paying huge amounts of goodwill in his deals, so eager was he to build the company. His timing seemed impeccable. 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. In 1985 Sillerman entered into a partnership with radio/television industry executive Carl E. Hirsch (known as Legacy Broadcasting) to acquire KJOI-FM, Los Angeles for a then record-setting $44 million, as well as other stations in Denver, Detroit, Minneapolis, Washington D.C., Houston, Philadelphia, Los Angeles and New York City. He died on November 24, 2019 in Hinsdale, New Hampshire, USA. [30][31], In an interview with Billboard, Sillerman admitted that there were "no easy answers" surrounding why the company collapsed, but added that he didn't "begrudge the disappointment and anger" of his staff because he was just as disappointed over the company's performance. The show is also being franchised in 100 countries. In 2000, the radio chain Clear Channel Communications bought SFX for $4.4 billion. Later, the private equity firm Apollo Global Management acquired CKX in 2011. (A spokesman for Lisa Presley declined to comment. The entrance is through original doors from the Paramount Theater. 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. Thats not part of our strategy.. We were misinformed by an SFX spokesman. Ethan Miller/Getty Images for Cirque du Soleil; Douglas Elliman, 2023 NYP Holdings, Inc. All Rights Reserved, Inside the Hamptons trailer park thats become a playground for millionaires, Kevin Loves model wife goes house-hunting after Heat deal, See Ashton Kutchers Your Place or Mine building in NYC, Mark Wahlberg finally sells mansion after massive $32M price cut. The orginal goal was to buy Pasquale RotellasInsomniac, explained Estopinal. 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. In addition to Mr. Sillermans brother, Ms. Baudo Sillerman survives him. Sillerman, Concert Industry Consolidator, Dies at 71 Roy Trakin November 26, 2019, 6:02 PM Click here to read the full article. Robert F.X. Though these unfortunate events have more to do with the young generation experimenting with different ways of altering their consciousness while listening to music than the music itself, MDMA-based drugs have a certainly become a part of EDM culture. What was most impressive about his $389 million deal with Westinghouse (which was convinced that it needed to become a big player in the business) in 1989 wasnt that it was his biggest score ever; it was the fact that the market for radio stations tanked soon after. He made billions of dollars in two huge sales, but died in bankruptcy, pursued by the government and suffering the painful complications of a decade of throat cancer, eating out of a feeding tube and findingit increasingly difficult tobreathe. Try A Different OS, Get Vaccinated? 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. He declined to comment for this story via email. This site is protected by reCAPTCHA Enterprise and the Google. 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. Read the original story on The New York . In some ways, thats good news for Sillerman and SFX: the cost of talent is no longer skyrocketing. And there are a couple of Sillerman stories that involve nudity. Brandeis University Recent News and Activity Funding Round Sep 16, 2014 I ask Sillerman about his revenue and income projections for his Elvis and American Idol businesses. In December 2016, former SFX board member Mitch Slater sued Sillerman for an unpaid $2.5 million loan from 2015. Early rewards included gift cards to retail establishments. (Photo: Robin Marchant/Getty Images). 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.) 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." There is little profit to invest in potentially lucrative assets like the Heartbreak Hotel, across the street from Graceland. (Photo credit: Jonas Roosens/AFP/Getty Images). That means $125 million out of the $306 million paid for these two companies exceeds any tangible assets, including the value of trademarks. Maybe, but maybe not. Can we monetize that? Sillermans personal stake in the company, which was worth nearly $220 million when it went public, is now valued at less than $35 million. Arent companies like Viacom (VIAB) and Time Warner (TWX) disassembling or considering disassembling their empires, while Sillerman is putting one together? But Fuller had an even bigger idea, a kind of interactive on-air talent show. Striking a deal shouldnt be that difficult. He passed away in his sleep on Sunday at the age of 71. But isnt American Idol just another reality show that will soon run out of gas? He refounded SFX Entertainment in 2012 as a promoter of electronic music festivals; that company is now known as LiveStyle. 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. And I love it. On the subject of corporate partnerships, Sillerman said he underestimated the time it would take to sign up sponsors for SFXs events. 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. Laura Sillerman, Robert Reeves and Julie Sheehan attend The Launch of The Southampton Review at Literary Reception on July 29, 2007 in Southampton,. First, understand that Sillerman actually owns very little of Elviss music. (The balance is transaction costs.). Not a clue. FORTUNE is a trademark of Fortune Media IP Limited, registered in the U.S. and other countries. The duos tactics could be unorthodox. His father, Michael McKinley Sillerman, was a radio executive who went bankrupt when his son was 13. When asked if Bob was dishonest about the companys health, Finkel told Billboard, It was more complicated than that. Some $124 million was in cash upfront and $31 million in stock, with the balance to be paid in cash or stock after Fullers company reports its year-end numbers. CKX Inc. has been flying under the radar despite owning stakes in some of the biggest pop culture icons of our time, including "American Idol," Elvis Presley . . Robert FX Sillerman (born 1949) is an American businessman and media entrepreneur. 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. 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. AI Is Creeping Into the Functional Music Market What HappensNext? There were people who told me, Im not doing a deal with this guy, hes going to die, Estopinal says. 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. "Robert Sillerman, SFX Entertainment Founder, Dies at 71", "Bio in the 2005 Forbes 400, he was #375", "Robert F X Sillerman purchases WAFL NY-New Jersey Knights for $11 million", "KJOI-FM's $75-Million Price an Industry Record: Station's Sale Key Part of $155-Million Ownership Shuffle That Also Affects KTWV, Westwood One", "Robert F.X. Which would seem to be a naturalElvis and Vegas go together like peanut butter and bananas. Bear Stearns analyst R. Glen Reid says to also look for a 2,000-seat Elvis theater in Vegas. The suit alleges that Sillerman in emails promised a joint partnership in which the plaintiffs would receive 2.5 million "founders shares" of SFX, which never materialized. Another show with legs? 2023 Billboard Media, LLC. He was an executive. LinkedIn has officially entered its cringe era, and its working. And they said they would synergize their content. And game shows are the longest-lasting shows on TV. [34], In 2008, Sillerman donated $10 million in order to fund The Sillerman Center for the Advancement of Philanthropy at Brandeis University. [36] Sillerman was also a donor and fundraiser for the Democratic Party in the United States. Mr. Sillerman gained control of the Presley estate. Function (x) Founder Education Robert FX Sillerman studied at Brandeis University. This is a BETA experience. Robert F.X. It runs in the family: Lisa Marie Presley signs autographs for NASCAR fans at Daytona Speedway this past July. Sillerman has taken legal action against the company, seeking about $15.8 to cover. Recognizing the environment she was raised in, I thought she was astounding. But he doesnt seem to be worried about anything of the sort. 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. Not bad for a years work. It had earlier been trading on the NASDAQ exchange. 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. Subject of corporate partnerships, Sillerman said he underestimated the time more complicated than that as a promoter electronic! 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