[22][23][24], On October 9, 2013, SFX went public on the Nasdaq. Bob is like a Clint Eastwood character in an old Western movie, says Dennis Arfa, a business associate of Sillerman. I meet the people whose places we're buying. And I love it. He replied with an email that said, Can I borrow a dollar? Estopinal said. 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. Powered and implemented by Interactive Data Managed Solutions. Earlier this month in Los Angeles county, two female attendees of Live Nation-run event HARD Summer died of apparent drug overdoses. By then Sillerman was already toiling away on his next project, SFX Entertainment, a company that would own concert venues and other media properties. The duos tactics could be unorthodox. Posh Spice). 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. How big will CKX become? Viggle registers the television show a person is watching, and engages the users with a loyalty program for viewing particular programs. CKEs stock fell from a high of $28.80 in early May to a current price of $12 and change. An October IPO on the NASDAQ raised $260 million for the company with shares priced at $13, but in the space of two-and-a-half years, the price of the company dropped to a penny a share. The New York entrepreneur is most notably known for consolidating a number of U.S.. And then in early 2000, lightning struck again. When SFX began bursting at the seams, in no small part because of his mismanagement, Sillerman again reneged. This site is protected by reCAPTCHA Enterprise and the Google. [38] The dispute was settled out of court for an undisclosed amount. 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. counterpart.) They had a per diem, and they were missing meals and saving money so they could buy more stuff at the shop. Soden has escorted everyone from William F. Buckley to I.M. Earlier this year Sillerman settled with the SEC for $179,000. 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.) 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. SFX Entertainment was the largest presenter, promoter and producer of live events in the world. If we can, this will dwarf the first SFX. But Fuller had an even bigger idea, a kind of interactive on-air talent show. 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. Sillerman intends to buy more high-profile properties like these (think athletes and rock groups, for instanceSillerman is tightlipped about possible deals), find new ways to distribute them, and increase their value. But when the so-called "go shop" ended, Sillerman didnt have the financing to cover his bid. Connecting the show to phones, through the Internet, through merchandising, and ways I cant talk about yet.. Sitting kitty-corner from Graceland across Elvis Presley Boulevard, it is a 128-room boutique property with a small pool and a tiny bar, perennially packed to the gills with Elvis fans. In 2000 he sold a company that owned concert venues to Clear Channel for a reported $3 billion. Mr. Sillerman, right, at the New York Stock Exchange in 1999 with its chairman, Richard Grasso, and the singer Rod Stewart shortly after stock in Mr. Sillermans company, SFX Entertainment, began being traded on the exchange. [37], In May 2012, Sillerman was accused of sexual harassment by an employee of Function X. As a teenager he started his own greeting card company, buying cards in bulk and enlisting youngsters to sell them. Once on the Forbes 400 list, . Late last year Lisa Presley flew to New York to meet Sillerman face to face. The founder. Sillerman was a significant player on Broadway. He likes to jump out of the bushes or hide in hotel rooms and scare people, says Cousin Brucie. Sillerman. Robert FX Sillerman is the Founder at Function (x). American Idol is the No. Sillerman the former owner of Graceland who consolidated radio stations and concert ticket sales has sold for $7.7 million. In 2013, the year after the companys creation, the organizers of industry conference International Music Summit estimated the global market associated with EDM to be about $4.5 billion in sales. A version of this article was originally published in the December 12, 2005 issue of Fortune. Read the original story on The New York . (Hicks Muse agreed to spin this business off to SFX shareholders.) 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. With reporting from Sue Radlauer and Zack O'Malley Greenburg in Jersey City, N.J. 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. Laura Sillerman, Robert Reeves and Julie Sheehan attend The Launch of The Southampton Review at Literary Reception on July 29, 2007 in Southampton,. Sillerman, 57, a Wall Street operator with a long history of minting money in the . Says a top Wall Street banker: Hes a very smart guy, but I dont think you want to be sitting on the other side of the negotiating table from him.. Thats $4.3 millionlessthat what Sillerman and his wife Laura had paid for the residence at 151 E. 72nd St. when they bought it for $12 million in 2013. When things were going bad, he was looking for ways to try and make it work, Finkel said. 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 F.X. Robert Sillerman, founder of SFX Entertainment, has died, Billboard reports and Sillerman's lawyer Sanford Philip Rosen confirmed to Pitchfork. 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. A crucial part of his strategy was using the nationwide audience at SFXs shows to lure sponsorship deals by big consumer brands like Smirnoff and Levis. around. As for Sillermans take on Lisa: I was impressed with how real and grounded she was. Investor and media executive Robert F.X. He can outlast and outtalk anybody. Says a close colleague: His BlackBerry messages start at 6 A.M. and never stop into the night. On Saturday, Sillerman gave an interview to FORBES and said that he takes full responsibility for the issues within his SFX Entertainment. 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. How Trust In Institutions Determines COVID Vaccination Rates In The EU, Clubhouses Future Depends On Data - How To Build A TikTok Like Algorithm. Andreas Cornelius van Kuijk), sold the rights to RCAnow part of Sony BMGdecades ago. 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. Some of those companies listed werent done deals, Estopinal tells Billboard, adding that Sillerman misrepresented his financing and capitalization as he put SFX together. Elvis's 37-year-old daughter and heir, Lisa Marie, has been unhappy . Nearly three years ago, Robert F.X. This company owned "American Idol" and the licensing rights to Elvis Presley and his Graceland estate. Sillerman's Dream," Deadline Holly- wood, May 10, 2011. As a business, though, Elvis has been stagnating. 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. Those companies promised two things. Just months before he died, he was sued by the Securities and Exchange Commission for allegedly diverting investor proceeds for his own use. (Photo: Robin Marchant/Getty Images). 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. 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, the founder of SFX Entertainment, has died at the age of 71 due to respiratory illness. The Securities and Exchange Commission today charged New Hampshire resident Robert F.X. Sillerman has a $1 billion plan to conquer the world of dance music, read the publications cover line. 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. He graduated from Brandeis in 1969 and, three years later, sold Youth Marketing Consultants to Ingalls, an advertising firm in Boston. [34], In 2008, Sillerman donated $10 million in order to fund The Sillerman Center for the Advancement of Philanthropy at Brandeis University. . What we wanted to do was to take this to another level. Lisa says that she, her mother, and Soden had spoken for years about bringing in outside investors and/or management, but nothing clicked. Sillermans actions signaled to the market that he saw significant value in SFX. Robert Sillerman, born April 12, 1948 in the Riverdale section of the Bronx, early on had a strong entrepreneurial bent starting a greeting card in high school and a youth marketing company while at Brandeis University. The five-story home, between Lexington and Third avenues, is 5,885 square feet and was built in 1920. But Sillerman was drawn to his fathers business. That show is American Idol, and as with Elvis, Sillerman is convinced he can make it an even bigger deal than it already is. On this Wikipedia the language links are at the top of the page across from the article title. So what if the next Elvis is discovered on American Idol? 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. Lisa received $50 million in cash, plus $26 million in CKX common and preferred stock. Sillerman insists that cancer hasnt impeded his business or his social life, which can be a bit wild and woolly. Function (x) Founder Education Robert FX Sillerman studied at Brandeis University. 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