I liked him, she says. FORTUNE is a trademark of Fortune Media IP Limited, registered in the U.S. and other countries. Bear Stearns analyst R. Glen Reid says to also look for a 2,000-seat Elvis theater in Vegas. 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. And game shows are the longest-lasting shows on TV. American Idol is the No. Around that time Sillerman was diagnosed with tongue cancer and underwent chemotherapy, which sidelined him for several months. Andreas Cornelius van Kuijk), sold the rights to RCAnow part of Sony BMGdecades ago. Mr. A year later, Sillerman was pushed into bankruptcy over an unpaid $7.4 million promissory note to React Presents during the SFX rollup. Ive tried to get him drunk to get him to tell me, says Brucie. Another show with legs? 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 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. Sillerman was a significant player on Broadway. Terms & Conditions. The hotel, Sillerman and Soden say, is just screaming to be expanded, upgraded, and replicated in other locations. "[9], On February 8, 2011, Sillerman announced an agreement to acquire control of Gateway Industries, Inc. (GWAY.PK). [32], From 1993 Sillerman served as the Chancellor of the Southampton College of Long Island University, replacing Angier Biddle Duke. But stars still do get born. He posed for publicity photos in clothes emblazoned with profanities, and after a video of Mr. Sillerman making an obscene gesture circulated on social media, a Wall Street analyst was prompted to question his sanity. Anthony Effinger and Daniel Taub, "American Idol Sillerman Dealt Elvis Default Heartbreak in Vegas," Bloomberg.com, June 1, 2009. What kind of person would grow up to have business dreams like these? 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. Sillerman stood stone-faced on the cover of Billboard magazine. And Fuller is looking to bring a gritty nighttime soap opera that is popular in Britain to America next summer. His brother, Michael, confirmed his death but gave no other details. . In addition to concerts, Robert F.X. Powered and implemented by Interactive Data Managed Solutions. Sony Pictures Television Nonfiction (formerly known as CKX, Inc., CORE Media Group, Inc. and Industrial Media, LLC) is an American company founded on February 7, 2005, that owns and develops entertainment content and intellectual property . Bob went out and taught salespeople; I taught the on-air staff. 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. 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. Hes probably smartest person Ive ever met, saidShelly Finkel, a longtime boxing and music manager who co-founded SFX with Sillerman in 2011. Bob had his own way of doing things and it wasnt good in the end.. 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. The company was sold to Clear Channel in 2000 and became the basis for Live Nation five years later. So, how much is Robert F.X. After the sale, Sillerman went on another buying spree, purchasing the rights to Graceland, the Elvis Presley Estate,Simon Fullers 19 Entertainment and an 80% stake in Muhammad Ali Enterprises. Robert F.X. SFX raised $260 million in its initial public offering. 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. Revenues at the company that manages his affairs, Elvis Presley Enterprises, have been flat at $40 million for five years. Robert F.X. Once on the Forbes 400 list, . [39], On November 24, 2019, Sillerman died at the age of 71 after a respiratory illness.[40]. Sillerman's Dream," Deadline Holly- wood, May 10, 2011. I have a million ideas all the time, says Fuller, but before I could only do one a year. I just love it.". I suppose if you were a psychiatrist you could say I wanted to do well, where my father had had a lack of success, Sillerman says. "Robert F. X. Sillerman," Wikipedia.org. Lately Sillerman has become more guarded, though. 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. 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. 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. on fraud charges for his work with Function (X). And there are between 105 and 110 scheduled for next year.. While Sillermans buying spree made sense to few of the sellers in the later 90s, the dots quickly connected by the time he sold the business. Which would seem to be a naturalElvis and Vegas go together like peanut butter and bananas. Sillerman's income source is mostly from being a successful Executive. But Fuller had an even bigger idea, a kind of interactive on-air talent show. That business was built from a spree of acquisitions from 1997 to 2000 when Sillerman bought up Houston outfit Pace Concerts, New York promoter Delsener/Slater enterprises, Boston big man Don Laws Blackstone Entertainment, Los AngelesAvalon Attractions, Jack Boyles Cellar Door International, Bill Graham Presents in Northern California and Jimmy Koplicks 4,800-seat Oakdale Theater in Wallingford, Connecticut. Robert F.X. Though the Elvis business isnt that big yet, it gives us a window into how Sillerman operates. Last month, the company reported a second quarter net loss of $48 million on revenue of $121 million, up 48% from the same period last year. And she had a great sense of humor., Here then are the terms of the deal between Sillerman and Lisa Presley: CKX paid $114 million for an 85% interest in Elvis Presley Enterprises; Lisa retains the other 15%. At the time it was the largest gift ever received by an alumnus to the university. Part of that underwhelming reality may have to do with the public relations nightmares that can occur while running EDM festivals. 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. But he doesnt seem to be worried about anything of the sort. And get this zinger from Reids report: CKX apparently has the right to shut down impersonator shows. (Say it aint so!) In 2017, he almost lost the home after defaulting on a $12.5 million. 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. Robert F.X. Sillerman has passed away at age 71, according to The New York Times. The company has teased burned investors with an "indication of interest" from an unnamed bidder. By then Sillerman was already toiling away on his next project, SFX Entertainment, a company that would own concert venues and other media properties. In 1993 he founded SFX Broadcasting with a partner, R. Steven Hicks. Which suggests that Sillerman is either very confident in his ability to create more value with these two companies, or believes he can sell them to someone who has even more confidence, or both. David Lieberman, "'American Idol' Owner CKX Sells To Financial Firm, Ending Robert F.X. Its a word Ive never liked. FORBES first started charting DJ earnings in 2012; a year later, the collective income of the top ten acts had doubled. Sillerman was born into a media household, raised in the Riverdale section of the Bronx, and attended top private schools in New York City. Sillerman Net Worth. A version of this article was originally published in the December 12, 2005 issue of Fortune. But the companys performance was weak, and its stock price eventually plunged by more than 95 percent. Striking a deal shouldnt be that difficult. 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. As a business, though, Elvis has been stagnating. How Trust In Institutions Determines COVID Vaccination Rates In The EU, Clubhouses Future Depends On Data - How To Build A TikTok Like Algorithm. 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. Eight years later he unloaded a bunch of stations to Hicks Muse for $2.1 billion. He rides into town and leaves with all the money and the women. 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. Mr. Sillermans marketing talents emerged early. 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. The New York entrepreneur is most notably known for consolidating a number of U.S.. This is a BETA experience. On Saturday, Sillerman gave an interview to FORBES and said that he takes full responsibility for the issues within his SFX Entertainment. 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. [9] 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. [4][5] His father founded the Keystone Radio Network. Early rewards included gift cards to retail establishments. 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. (Hicks Muse agreed to spin this business off to SFX shareholders.) I could tell you, but Id have to kill you, he says. 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. 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. He. That means $125 million out of the $306 million paid for these two companies exceeds any tangible assets, including the value of trademarks. 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. Unable to eat solid foods, he was prone to horrible coughing fits and had to eat through a feeding tube. 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. You know if you make cars or washing machines or something like that, I guess you have to focus on margins. 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. Even very young people. Earlier this month in Los Angeles county, two female attendees of Live Nation-run event HARD Summer died of apparent drug overdoses. Details surrounding the companys formation remain disputed, and today Sillerman faces a lawsuit from acquaintances who allege that they are cofounders. PHOTOGRAPH BY GREG MILLER. 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. Sillerman was born on April 12, 1948 in Manhattan, New York, USA. Lisa Marie Presley, Elvis' daughter, had sold the majority of Elvis Presley Enterprises, . Then, Lisa says, the failure of the Elvis Presleys Memphis restaurant on Beale Street in 2003 made matters urgent. And I love it. Sillerman's net worth , money, salary, income, and . He set up what became his signature company, SFX, which he took public in 1993 at $15 a share. American Idol is much more like a game show than a reality show, says Fuller. So what if the next Elvis is discovered on American Idol? The transaction renamed the company to Function (X), Inc. and changing its listing on the stock exchange to FNCX. Now when we dont need it, were flooded with it, Sillerman says. Sillerman insists that cancer hasnt impeded his business or his social life, which can be a bit wild and woolly. 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. Robert F.X. The five-story home, between Lexington and Third avenues, is 5,885 square feet and was built in 1920. Sillerman announced in early June that he'd be making a return to the live entertainment industry, and today he made his second purchase toward that. The second floor boasts two main bedroom suites with ensuitemarble bathrooms, woodburning fireplaces and a large planted terrace. 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