[14] 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. 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. Connecting the show to phones, through the Internet, through merchandising, and ways I cant talk about yet.. 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 Before Bob, the whole scene was a giant Ponzi scheme.. (Photo credit: Jonas Roosens/AFP/Getty Images). 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. Over half a million tourists from all over the world stream into the shrine called Graceland each year. 1 show on television, drawing some 30 million viewers, which is great, but it means that fewer than one out of ten people in America watch it, Sillerman says. He refounded SFX Entertainment in 2012 as a promoter of electronic music festivals; that company is now known as LiveStyle. That means $125 million out of the $306 million paid for these two companies exceeds any tangible assets, including the value of trademarks. So what if the next Elvis is discovered on American Idol? CKEs stock fell from a high of $28.80 in early May to a current price of $12 and change. So what he said so eloquently, I say, Foff.'. And Fuller is looking to bring a gritty nighttime soap opera that is popular in Britain to America next summer. As a business, though, Elvis has been stagnating. In 19, Sillerman saw a small but dynamic media company with one of the hottest TV shows on the planet. Once on the Forbes 400 list, . 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. [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. 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. 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. [21], In 2012, Sillerman rebooted SFX Entertainment, this time with a focus on the electronic dance music industry. 19 did some $92 million in revenues last yearwith about a third coming from the Idol showsand earned $12.6 million. This company owned "American Idol" and the licensing rights to Elvis Presley and his Graceland estate. 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. 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. 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. At Ingalls he met a young copywriter, Laura Baudo, who would become his wife. The company has teased burned investors with an "indication of interest" from an unnamed bidder. He died on November 24, 2019 in Hinsdale, New Hampshire, USA. I have a million ideas all the time, says Fuller, but before I could only do one a year. Sillerman has a $1 billion plan to conquer the world of dance music, read the publications cover line. This is a long-term perspective, [but] a 10% return on equity from our perspective would be insufficient.. 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). 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. He doesnt want to mess with anything. Its different, Sillerman says. Take a walk through Elviss home with the throngs, and the feeling you get is reverential. After selling SFX Entertainment, Mr. Sillerman pursued various entertainment projects. Brandeis University Recent News and Activity Funding Round Sep 16, 2014 [34], In 2008, Sillerman donated $10 million in order to fund The Sillerman Center for the Advancement of Philanthropy at Brandeis University. 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. 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. 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). Sillerman in the gift shop at Graceland, Elvis Presleys home in Memphis. 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. These are Sillermans strengths: identifying trends in the media business before others, then gathering and deploying capital to make the strategy work. 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. On Saturday, Sillerman gave an interview to FORBES and said that he takes full responsibility for the issues within his SFX Entertainment. Today, that blueprint to take over the electronic dance music (EDM) world is in shambles, the result of poor management, suspect financial planning and a certain hubris that Sillerman, who corporatized the live music industry in the 1990s, could do it all over again. And the show garners the highest ad rates on network TV, between $660,000 and $705,000 for a 30-second spot, which is higher than CSI or Desperate Housewives. EDM Mogul Bob Sillerman Finds a Buyer for His $28 M. Townhouse. Sillermans actions signaled to the market that he saw significant value in SFX. By the time Mr. Sillerman began buying radio stations in the late 1970s, he was using a new name: Robert F.X. Billionaire entertainment mogul Robert F.X. Robert F.X. Offers may be subject to change without notice. [10], Leading CKX, Inc., Sillerman bought majority rights to Graceland, the Elvis Presley estate;[11] as well as the assets of Simon Fuller's 19 Entertainment, whose assets include TV hit American Idol and managed clients including football player David Beckham. But it had to be a biggie to make economic sense. A version of this article was originally published in the December 12, 2005 issue of Fortune. He often named his companies using some combination of those initials. Anthony Effinger and Daniel Taub, "American Idol Sillerman Dealt Elvis Default Heartbreak in Vegas," Bloomberg.com, June 1, 2009. Beyond the lawsuit, questions have also been raised about the fundamentals of a business that some analysts said relied on what they deemed a cultural fad. The company controlled the rights to booking the venue but did not own it. Their daughter, Mackinley, died in 2012. 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. In 1993 he founded SFX Broadcasting with a partner, R. Steven Hicks. And because Sillerman was known as a savvy business mogul within the entertainment industry, his faith in the Company was interpreted as evidence that SFX was in fact valuable, even if that value was not yet reflected in the Companys financial reports, McMahon wrote. dialogue with Robert Sillerman. But isnt American Idol just another reality show that will soon run out of gas? Robert F.X. That company was also called SFX. 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. 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. Whether I will actually select one or more [equity partners] will depend on what the final price is, he said of any future bid. When asked if Bob was dishonest about the companys health, Finkel told Billboard, It was more complicated than that. Sillerman paid $196 million to buy 19 Entertainment. Its sad how things ended because he really was a bright guy, but in the end he carried a lot of pain. 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. Fuller is signed up to head 19 Entertainment in a five-year contract. 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. Robert F.X. In fact, theres a hit TV show in the business of finding them. 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. 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 . Think of how we can continue to expand the show, says Fuller. It had earlier been trading on the NASDAQ exchange. Since then, revenues have grown but profits have vanished. The house, formerly owned by Robert Sillerman, includes a 12,000. During its public run, the company also sold $295 million debt to finance additional acquisitions and fund operating losses. In 1989 he sold a group of radio stations to Westinghouse (now Viacom) for $389 million. Think about it. Just ask the makers of the smash-hit movie Lilo and Stitch, who used an Elvis soundtrack to great success. The show is also being franchised in 100 countries. That lit a fire under the radio business, and Sillerman plunged back in, buying more radio stations, leveraging up his new company, and securing investments from the Bass family and Security Pacific bank, among others. Mr. Sillermans marketing talents emerged early. Eight years later he unloaded a bunch of stations to Hicks Muse for $2.1 billion. Try A Different OS, Get Vaccinated? [6], In 1978 Sillerman and disc jockey Bruce Morrow bought two radio stations in upstate New York for $1.875 million. He declined to comment for this story via email. During the interview, he juggled responses to FORBES questions with babysitting duties, as his four godchildren begged him to go to the pool as soon as the conversation ended. Capstar applied for and received permission to operate more than one class of radio station in the same market. 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. Thats the whole game., Robert F.X. In addition to concerts, Robert F.X. 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. Early rewards included gift cards to retail establishments. Man in the middle: Simon Fuller (in back) with Idol stars Kelly Clarkson, Ruben Studdard, and Fantasia Barrino. He just didnt a fabout anything, said one former business partner who did not want to share their name. Sillerman was also a major shareholder of CKX Inc. 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. I dont want to say anything negative about someone who wasgood to me, but there were a lot of issues.. The duos tactics could be unorthodox. 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. [33] In 2000, Sillerman donated a $15 million gift through the Tomorrow Foundation to extend the library and for marine science scholarships. You may opt-out by, 2013, the day his company went public. Some of those companies listed werent done deals, Estopinal tells Billboard, adding that Sillerman misrepresented his financing and capitalization as he put SFX together. As of December 2013, Viggle companies had a combined 17 million monthly users. 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. Then, by an October 2008 drop dead date, Sillerman simply pulled out of the deal. 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. around. As for Sillermans take on Lisa: I was impressed with how real and grounded she was. FORBES first started charting DJ earnings in 2012; a year later, the collective income of the top ten acts had doubled. [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. Sillerman, the entertainment. (Per capita, Canadian Idol is much bigger than its U.S. 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. Robert F.X. The founder of SFX Entertainment rarely spoke about the impact of his daughter's death but his friends say it weighed on him and changed his outlook. Its main app NextGuide and Digit Reminder Button was integrated into Viggle software. They acquired additional radio and TV stations, including WALL and WKGL (Middletown, New York); WJJB; (Hyde Park, New York); WHMP (Northampton, Massachusetts); WLOM (Orleans, Massachusetts); WRAN (Randolph, New Jersey); WPLR (New Haven, Connecticut) and the television station WATL (Atlanta). "[9], On February 8, 2011, Sillerman announced an agreement to acquire control of Gateway Industries, Inc. (GWAY.PK). Hes obviously smart, and he doesnt b.s. His net worth has been growing significantly in 2021-2022. He rides into town and leaves with all the money and the women. Moreover, those familiar with the live events industry know that festivals can lose millions of dollars in their early years as they try to build their fan bases. We have estimated Robert F.X. As his business world collapses around him, Sillerman seemed relatively relaxed over the phone. But Sillerman was drawn to his fathers business. And game shows are the longest-lasting shows on TV. 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. Sillerman's income source is mostly from being a successful Executive. . I liked him, she says. (Photo by PATRICK McMULLAN/Patrick McMullan via Getty Images) Embed. He set up his own business, Youth Markets Consultants, to help big companies sell their wares to the Now Generation. 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. 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. 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. He was 71. In 2001, Britains ITV put Fullers baby, Pop Idol, on the air. Hes probably smartest person Ive ever met, saidShelly Finkel, a longtime boxing and music manager who co-founded SFX with Sillerman in 2011. 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. This site is protected by reCAPTCHA Enterprise and the Google. They said music doesnt work on TV in America. 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. 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. In 2000, the radio chain Clear Channel Communications bought SFX for $4.4 billion. [22][23][24], On October 9, 2013, SFX went public on the Nasdaq. Undervalued? SFX CEO Entertainment Robert F.X. 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. David Lieberman, "'American Idol' Owner CKX Sells To Financial Firm, Ending Robert F.X. 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. Synergy is not important. "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. Sillerman was eventually pushed out of the company by creditors and it re-emerged as LiveStyle in 2017 with entertainment veteran Randy Phillips at the helm. Despite this, the 67-year-old CEO said that he is the right man to run the troubled business and that he still wants to own the company even though he reneged on a plan to take it private earlier this month. Sillerman has taken legal action against the company, seeking about $15.8 to cover. Backstage at The Ed Sullivan Show, 1956: Elvis with the host and manager Parker (left). Can we monetize that? The results supported theories that Sillerman--who proposed in late May to take the company private at a price of $5.25 per share--didnt have the financial partners or intent to buy his cash-strapped company. 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. He managed Annie Lennox and the Eurythmics, and then created the Spice Girls. Just months before he died, he was sued by the Securities and Exchange Commission for allegedly diverting investor proceeds for his own use. 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