After that big deal, as with so many American business stories in 2000, things began to sour. The company that emerged would become Clear Channel, which is now known as iHeartRadio. He wants to do what we want to do. Like what? Sillerman was also a major shareholder of CKX Inc. Some noted that Sillerman was paying huge amounts of goodwill in his deals, so eager was he to build the company. Sillermans personal take was a reported $219 million. 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. Sillerman attempted to rebrand the project as a Baccarat Hotel but this also failed. He sold the company in 1972 to the Boston ad firm, Ingalls. So what he said so eloquently, I say, Foff.'. 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. By day he majored in political science, while by night in 1966 he launched Youth Market Consultants, offering fellow students discount magazine subscriptions while advising marketers on how to target the teen set. The man who bought Elvis is Robert F.X. 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. So what if the next Elvis is discovered on American Idol? To Sillerman the soft patch was an opportunity to reload. [25][26] Defaulting on a $10.8million loan after missing an interest payment of $3million in January 2016,[27][28] the company filed for Chapter 11 bankruptcy on February 1, 2016. CKX also gets the publishing rights to 650 songs, but owns the more valuable royalty rights to only the few songs Elvis recorded after 1973. Man in the middle: Simon Fuller (in back) with Idol stars Kelly Clarkson, Ruben Studdard, and Fantasia Barrino. He set up his own business, Youth Markets Consultants, to help big companies sell their wares to the Now Generation. 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. In 2014, adjusted EBITDA amounted to a $3.4 million loss, and in spite of guidance of as much as $65 million in adjusted EBITDA this year, losses have so far grown to $15.3 million. Viggle registers the television show a person is watching, and engages the users with a loyalty program for viewing particular programs. Then there are concert tours and merchandising. 19 is currently renegotiating the fee for next season, and some think the ante could be upped to $2 million per episode (though a reported flap over American Idol judge Simon Cowells compensation could be complicating matters). Recognizing the environment she was raised in, I thought she was astounding. 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. Its different, Sillerman says. F 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 for illegally. It had earlier been trading on the NASDAQ exchange. Robert Franklin Sillerman was born in Manhattan on April 12, 1948, to Michael McKinley Sillerman, a radio and television executive, and Estelle (Levande) Sillerman. Sillerman, Concert Industry Consolidator, Dies at 71 Roy Trakin November 26, 2019, 6:02 PM Click here to read the full article. Todays star- making machinery is half-a-century and light years away from that process. At first, advertisers and investors flocked to the new SFX. Even very young people. Besides buying Elvis Presley Enterprises from Lisa Marie Presley last February, Sillerman and his lieutenants have purchased the smash-hit TV show American Idol and other properties from a company called 19 Entertainment, which was owned by British pop impresario Simon Fuller. That greatly reduces the number of viewers who DVR it and skip the commercials. This stands out as unique. Robert F.X. 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. It Takes a Lot of People to Create All This AI Music. Sillerman has passed away at age 71, according to The New York Times. As big as Sillermans ambitions, perhaps. In 2011, he sold that company for $512 million and tried his hand at commercial real estate with decidely less luck, defaulting on a loan from Credit Suisse equalling $21.4 million. Bob went out and taught salespeople; I taught the on-air staff. Yes, Elviss core fans are aging, but young people still are drawn to the man with the oversized Q-rating. Ive tried to get him drunk to get him to tell me, says Brucie. Try A Different OS, Get Vaccinated? 19 also manages the career of soccer superstar David Beckham and his wife, Victoria (a.k.a. Anyone can read what you share. All Rights Reserved. Sillerman has a $1 billion plan to conquer the world of dance music, read the publications cover line. 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. 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. I ask Lisa about Sillermans plans. Its a word Ive never liked. and attractions such as Memphis' Graceland to Robert Sillerman, . (Critics at the time complained that Sillerman overstepped his role by collecting fees for acting as both his companys financial advisor and investment banker during this period.) The companys chief Michael Rapino declined a request for an interview through a spokesperson. [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. The company has teased burned investors with an "indication of interest" from an unnamed bidder. To Sillerman, Elvis is an underexploited asset, like a poorly managed textile company or a baseball team without a marketing department. In February 2016, SFX filed for bankruptcy, brought down in a cash crunch that Estopinal now partially blames on overpaying for the assets that came to make up SFX. 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. The hotel, Sillerman and Soden say, is just screaming to be expanded, upgraded, and replicated in other locations. The stock cratered. Sillerman, the entertainment. He just didnt a fabout anything, said one former business partner who did not want to share their name. 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." [13] The first product the company produced was called "Viggle", released in January 2012, which used a mobile app as its primary interface. However, since doubts of Sillerman's take-private began to emerge in July, the company hasn't disclosed a bona fide competing offer. Hes obviously smart, and he doesnt b.s. Now that Im a part of CKX, I have the resources to do three or four. Sillerman hopes thats a positive, not a negative. But when I took it to America, almost everyone rejected it, Fuller recalls. Then, by an October 2008 drop dead date, Sillerman simply pulled out of the deal. That company was also called SFX. 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). Even so, Sillermans 47% stake is worth some $400 million. Elviss legendary manager, Colonel Tom Parker (a.k.a. Undervalued? You know if you make cars or washing machines or something like that, I guess you have to focus on margins. The CK stands for content is king, while the X is a reference to one of his middle initials (they are F.X., and he wont tell anyone what they stand for). How Trust In Institutions Determines COVID Vaccination Rates In The EU, Clubhouses Future Depends On Data - How To Build A TikTok Like Algorithm. I dont want to say anything negative about someone who wasgood to me, but there were a lot of issues.. (A hip-hop-style remix of A Little Less Conversation was a No. Elviss 37-year-old daughter and heir, Lisa Marie, has been unhappy that the business has been going nowhere: We were doing good, but you cant stay the same, she says. [15][16] As of the end of 2013 Viggle had about 3.7 million users. And $6.5 million went to Priscilla Presley for use of the family nameeven though Sillerman wasnt legally obligated to pay her anything, since Priscilla and Elvis were divorced, and Elviss estate went to Lisa Marie. We have to be careful to not deprecate Elviss legacy or to damage our authorized and official Elvis shows.. Clear Channel, which had already purchased many of Sillermans radio stations from Hicks Muse, agreed to buy SFX Entertainment for a reported $3 billion. Robert F.X. Backstage at The Ed Sullivan Show, 1956: Elvis with the host and manager Parker (left).CBS Photo Archive/Getty Images. I know nothing about EDM, Sillerman told Billboard in Sept. 2012. These are Sillermans strengths: identifying trends in the media business before others, then gathering and deploying capital to make the strategy work. I could tell you, but Id have to kill you, he says. Robert F.X. The house, formerly owned by Robert Sillerman, includes a 12,000. We cured him. By 1985 the pair had accumulated some 70 stations, which they sold for some $50 million. on fraud charges for his work with Function (X). When he did sell to Live Nation, the number was closer to $100 million the only thing that changed was were out there buying promoters., Dance music was rapidly growing in popularity with ticket sales increasing by nearly 30% from 2011 to 2012, but most electronic promoters were putting everything they owned into the next show, explains Estopinal. 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. 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. Sillerman worth at the age of 71 years old? 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. More and more content can go directly to consumers through cellphones, devices like iPods, and home video, which makes content even more valuable. But doesnt Sillermans strategy fly in the face of what big media is doing right now? 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. Despite having established brands, the festivals that were acquired by Sillerman's empire collectively moved in the opposite direction of what was expected. 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. On Friday, the stock closed at 91 cents a share. Sillerman became one of the most intriguingand wealthiestmen in music by twice betting on his vision for the future of mass media. 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. 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. 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. Sillerman's income source is mostly from being a successful Executive. When asked what exactly went wrong with SFX, Sillerman offered two explanations: mistakes in management and a misunderstanding of the complexity and time of marketing partnerships. He did not name any specific people with regards to personnel issues, though music industry sources pointed to the fact that many of the people who sold their businesses to SFX did not stay long after closing their deals. 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. He died on November 24, 2019 in Hinsdale, New Hampshire, USA. Contestants on the new Fox hit So You Think You Can Dance.. 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. Robert Francis Xavier Sillerman was born on April 12, 1948, in the Bronx neighborhood of Riverdale in a very typical, liberal, educated Jewish household, according to the 2011 book Ticket Masters: The Rise of the Concert Industry and How the Public Got Scalpedby Dean Budnick and Josh Baron, which secured an interview with Sillerman. [6] Sillerman was married to copywriter Laura Baudo, whom he met at Ingalls. The top contestants on the show are signed to Sony BMG, and 19 gets 10% of their recording revenue. But nearly every time Sillerman sold, he and his investors made money. 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. unclear if newer events will have the same kind of draw. Bob is like a Clint Eastwood character in an old Western movie, says Dennis Arfa, a business associate of Sillerman. Some of those companies listed werent done deals, Estopinal tells Billboard, adding that Sillerman misrepresented his financing and capitalization as he put SFX together. He bankrolled Mel BrooksBroadway production of The Producers and was golf partners with NBA legend Michael Jordan. 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. And sad. And game shows are the longest-lasting shows on TV. Once a saver, always a saver: Warren Buffett says generational wealth isnt what it used to be in his annual letter Its bigger than the housing crisis: An influential economist just blamed NIMBYs for American decline, and Elon Musk CA Notice at Collection and Privacy Notice, Do Not Sell/Share My Personal Information.

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