robert sillerman daughter

Since then, revenues have grown but profits have vanished. Mr. Sillerman had recently been living in Hinsdale, N.H. For decades, Mr. Sillerman was a regular in the headlines of the financial press, buying and selling numerous media and entertainment businesses, often at a huge profit, and presenting a brash public persona that sometimes rivaled those of the celebrities he dealt with. I liked him, she says. 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. Didnt work. Okay, so come on, Bob, what does F.X. And get this zinger from Reids report: CKX apparently has the right to shut down impersonator shows. (Say it aint so!) 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. Bob had his own way of doing things and it wasnt good in the end.. Robert F.X. When his record company rereleased Elvis singles to promote his latest greatest-hits compilation in 2002, 19 of them became top five hits in Britain. 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 wa unclear if newer events will have the same kind of draw. 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. Well, its a little early to ask that question. Really? Sillerman was known for pushing the envelope. 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. But nearly every time Sillerman sold, he and his investors made money. He. Former employees also interviewed by Billboard felt that the company did not do enough to leverage its scale, and that the company did not engage in centralization, leading to a lack of coordination between its collection of subsidiaries. In short order Sillerman went on a billion-dollar shopping spree, buying dozens of concert hallslike Roseland in New York and the Fillmore West in San Franciscoin major cities across the country. 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. That seemed to sum everything up., A daily briefing on what matters in the music industry. Bob is like a Clint Eastwood character in an old Western movie, says Dennis Arfa, a business associate of Sillerman. He made a lot of people wealthy, and he made himself even wealthier., Visit with Sillerman for an hour or two in his Manhattan office, and you are likely to get a rapid-fire discourse on politics from the 1960s to today, or rock & roll radio, or Thoreau, or education in America, or all of the above. PHOTOGRAPH BY GREG MILLER. It was a very good, good combination, says Morrow. [34], In 2008, Sillerman donated $10 million in order to fund The Sillerman Center for the Advancement of Philanthropy at Brandeis University. Sillerman worth at the age of 71 years old? 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." When SFX began bursting at the seams, in no small part because of his mismanagement, Sillerman again reneged. All rights reserved. The orginal goal was to buy Pasquale RotellasInsomniac, explained Estopinal. The prior owner, ex-HBO CEO Richard Plepler now founder and CEO of Eden Productions had once listed it for $18.5 million in 2008 after buying it for $2.33 million in 2002. 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. 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. Sillerman had bought Elvis Presley Enterprises from Lisa Marie Presley in 2005, but later sold it to a private equity firm. 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 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. 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. During its public run, the company also sold $295 million debt to finance additional acquisitions and fund operating losses. But an informed source says that Lisa Presleys spending habits were also an issue: She had been running through $5 million to $7 million a year, amounts that closely matched the annual net income of EPE. AI Is Creeping Into the Functional Music Market What HappensNext? SFX Entertainment was the largest presenter, promoter and producer of live events in the world. So, how much is Robert F.X. I suppose there are all kinds of gratifying lines of work, he says. All these ballet dancers from Russia were huge Elvis fans, and [their handlers] were asking for our help to get them out of here and back to rehearsal. By then Sillerman was already toiling away on his next project, SFX Entertainment, a company that would own concert venues and other media properties. She also criticized the investors and analysts watching the company, saying they spent much of 2015 ignoring all indications that the Company was in a poor financial state and ignored key developments like a decision by Moodys to downgrade SFXs credit rating a development that under normal circumstances would be a significant red flag for investors. A year later, Sillerman was pushed into bankruptcy over an unpaid $7.4 million promissory note to React Presents during the SFX rollup. And then in early 2000, lightning struck again. 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. [7] The company was merged at the end of 1989 with a unit of Westinghouse Broadcasting in a then record-setting transaction worth $727 million. When things were going bad, he was looking for ways to try and make it work, Finkel said. [39], On November 24, 2019, Sillerman died at the age of 71 after a respiratory illness.[40]. It didnt scale and this round was young promoters that werent as established as the promoters from the first round of buyouts in the 1990s. Impersonator shows can, if properly done, extend the brand, Sillerman says. 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. In that spirit, he named Kermit the Frog as the 1996 commencement speaker: 31 newspapers picked up the story, a free marketing bonanza that raised the college's profile and drew hundreds of new admissions. Mr. Sillerman gained control of the Presley estate. Lisa Marie Presley, Elvis' daughter, had sold the majority of Elvis Presley Enterprises, . He set up what became his signature company, SFX, which he took public in 1993 at $15 a share. SFX Broadcasting sold its 71 radio stations for $2.1 billion in 1998. How Trust In Institutions Determines COVID Vaccination Rates In The EU, Clubhouses Future Depends On Data - How To Build A TikTok Like Algorithm. Later, the private equity firm Apollo Global Management acquired CKX in 2011. [35] For thirteen years, Sillerman served as the Chancellor of Southampton College and is the founder of The Tomorrow Foundation. He followed the 1998 sale with a Feb. 29, 2000, deal that Playbill called a quantum leap on the first Leap Day of the century, selling his concert and theatrical production firm SFX Entertainment to Clear Channel for $3.2billion. Before Bob, the whole scene was a giant Ponzi scheme.. 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). He sold the company SFX Entertainment to Clear Channel for $4.4 billion in 2000. A limestone mansion once owned by the late entertainment mogul Robert F.X. [6], In 1978 Sillerman and disc jockey Bruce Morrow bought two radio stations in upstate New York for $1.875 million. (Photo credit: Jonas Roosens/AFP/Getty Images). 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. Sillermans actions signaled to the market that he saw significant value in SFX. Unable to eat solid foods, he was prone to horrible coughing fits and had to eat through a feeding tube. It had earlier been trading on the NASDAQ exchange. stand for? Over a few years in the late 1990s, Mr. Sillerman and his new company, SFX Entertainment, spent more than $2 billion acquiring dozens of promoters and venues, creating the concert worlds first truly national force. Jeopardy, Wheel of Fortune, The Price Is Rightthese shows go on for decades. This past season American Idol ratings averaged over 27 million viewers per episode, up 5% from last season. But then to discount the price the way that it did was a self-fulfilling prophecy in that discouraged other bidders, which was unfortunate and had an implication on me and my financing., Established SFX festival events like Tomorrowland in Belgium attract thousands every year, but it's [+] unclear if newer events will have the same kind of draw. We've received your submission. In 2000, the radio chain Clear Channel Communications bought SFX for $4.4 billion. All Rights Reserved. He can outlast and outtalk anybody. Says a close colleague: His BlackBerry messages start at 6 A.M. and never stop into the night. . Function (x) Founder Education Robert FX Sillerman studied at Brandeis University. 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%. That didnt work out, but when we started talking, Insomniacs acquistion price was $10 million, he said. Robert F.X. Robert F.X. 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. SFX grew into the nations seventh-largest chain and sold its 71 radio stations for $2.1 billion in 1998. Sillerman, Concert Industry Consolidator, Dies at 71 Roy Trakin November 26, 2019, 6:02 PM Click here to read the full article. Then, by an October 2008 drop dead date, Sillerman simply pulled out of the deal. 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. 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. 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. Robert F.X. With reporting from Sue Radlauer and Zack O'Malley Greenburg in Jersey City, N.J. In 1989 he sold a group of radio stations to Westinghouse (now Viacom) for $389 million. Just ask the makers of the smash-hit movie Lilo and Stitch, who used an Elvis soundtrack to great success. There is little profit to invest in potentially lucrative assets like the Heartbreak Hotel, across the street from Graceland. Mr. Sillermans plan transformed the concert industry even as it drew complaints, which still linger, about rising ticket prices and the outsize power of a centralized super promoter. Robert Sillerman, founder of SFX Entertainment, has died, Billboard reports and Sillerman's lawyer Sanford Philip Rosen confirmed to Pitchfork. Not a clue. Sillerman Dies at 71; Built Entertainment Empires, https://www.nytimes.com/2019/11/28/arts/music/robert-fx-sillerman-dead.html. 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. Thats not the way I view the entertainment businessI view it as an art not as a science.". And sad. [32], From 1993 Sillerman served as the Chancellor of the Southampton College of Long Island University, replacing Angier Biddle Duke. The man who bought Elvis is Robert F.X. Though the Elvis business isnt that big yet, it gives us a window into how Sillerman operates. Hes probably smartest person Ive ever met, saidShelly Finkel, a longtime boxing and music manager who co-founded SFX with Sillerman in 2011. 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.) counterpart.) Once on the Forbes 400 list, he also briefly owned the WLAF's New York/New Jersey Knights. His brother, Michael, confirmed his death but gave no other details. A costly restaurant venture in Memphis went bust. Viggle registers the television show a person is watching, and engages the users with a loyalty program for viewing particular programs. Backstage at The Ed Sullivan Show, 1956: Elvis with the host and manager Parker (left).CBS Photo Archive/Getty Images. Their daughter, Mackinley, died in 2012. He is also the founder of Viggle and the namesake of The Sillerman Center for the Advancement of Philanthropy at Brandeis University. Those companies promised two things. Contestants on the new Fox hit So You Think You Can Dance.Jason Merritt FilmMagic/Getty Images, So why did Sillerman buy Fullers company? A brash figure in the financial pages, he bought and sold lucrative radio and concert businesses and controlled the Elvis Presley estate. Sillerman's net worth , money, salary, income, and . Hes like a little boy. While some might find that a 25th wedding anniversary is best celebrated privately, Sillerman held his at the Manhattan rock hall Irving Plaza with hundreds of guests. Robert F.X. 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. Raised in the Bronx, New. I also thought she was shrewd and perceptive. Starting in the late 1970s, Mr. Sillerman built a portfolio of radio and television stations worth nearly $1 billion. 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. Now that Sillerman's deal is dead, SFX is in a mad dash to find a new buyer. 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? Yes, Elviss core fans are aging, but young people still are drawn to the man with the oversized Q-rating. Capstar applied for and received permission to operate more than one class of radio station in the same market. Thats not the basis of CKX. As of December 2013, Viggle companies had a combined 17 million monthly users. Sillerman was the owner of a range of television and radio stations during the 1970s and 1980s, In 1993 he formed SFX Broadcasting, and then built SFX Entertainmenta concert and stage performance promoter that was sold to Clear Channel in 2000 for $4.4 billion. He seems to have a knack for selling just when markets are at their peak, which has given some buyers severe indigestion. We dont have enough time on this call to talk about the mistakes I made, said Sillerman during a 30-minute phone conversation from his New York City home, his voice gravelly and occasionally interrupted by a breathing apparatus due to a past bout with tongue cancer. Ive tried to get him drunk to get him to tell me, says Brucie. This stands out as unique. They wanted to marry content with distribution, where CKX will not be in the traditional distribution business. 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. 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. The companys chief Michael Rapino declined a request for an interview through a spokesperson. What kind of person would grow up to have business dreams like these? FORTUNE is a trademark of Fortune Media IP Limited, registered in the U.S. and other countries. This site is protected by reCAPTCHA Enterprise and the Google. 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.. 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. When the King died in 1977, his estate was a mess. 2023 Fortune Media IP Limited. In 2011, he tried to replicate his past success by capitalizing on the dance music craze, consolidating the EDM business into what he hoped would be a Live Nation-style powerhouse. And there are between 105 and 110 scheduled for next year.. [38] The dispute was settled out of court for an undisclosed amount. Between Elviss legendary free spending and the fact that he didnt own his songs, the situation was dire. Sillerman, a triathlete who loves vigorous games of volleyball and basketball, has recovered and now sports a yellow Livestrong bracelet. 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. Its funny, when we needed money we had a difficult time raising it. David Lieberman, "'American Idol' Owner CKX Sells To Financial Firm, Ending Robert F.X. Sillerman, the entertainment. You may opt-out by, 2013, the day his company went public. 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. In 2011, Apollo Management purchased CKX in 2011 for $512 million. Sillerman, the New York businessman who consolidated a number of U.S. concert promoters in the 1990s and created the company that would eventually become Live Nation, died Sunday. And dont even think about asking him what his middle initials, F.X., stand for. 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. Earlier this year Sillerman settled with the SEC for $179,000. Earlier this month in Los Angeles county, two female attendees of Live Nation-run event HARD Summer died of apparent drug overdoses. [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. 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. I thought he was asleep. Investor Robert Sillerman, who bought Elvis Presley Enterprises, photographed with Elvis impersonators, 2005. "[9], On February 8, 2011, Sillerman announced an agreement to acquire control of Gateway Industries, Inc. (GWAY.PK). We want to make money both by selling tickets and by putting a live audience in front of Madison Avenue, he said in an interview in 1998. [2][3], Sillerman was born to a Jewish family in New York City, and was raised in the Riverdale neighborhood of the Bronx, the son of Estelle (Levande) and Michael McKinley Sillerman. Attracting funds, at least at this point, wont be a limitation. A version of this article was originally published in the December 12, 2005 issue of Fortune. 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. He sold the company in 1971, and then launched I P+E, a sales marketing and promotion company. 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. As a business, though, Elvis has been stagnating. Clear Channel had integration issues with SFX, according to one analyst, and now plans to spin off that business by early next year. 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. Industrial Media. But isnt American Idol just another reality show that will soon run out of gas? Not bad for a years work. 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. Its different, Sillerman says. (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.) Industry sources suggested that a possible buyer could be Live Nation. Sillerman became one of the most intriguingand wealthiestmen in music by twice betting on his vision for the future of mass media. Elvis's 37-year-old daughter and heir, Lisa Marie, has been unhappy . 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. 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. In 2010, he re-emerged with a second strings-attached take-private bid, but CKXs board chose to sell the company to Apollo Global for $5.50 a share, a bruising result for investors. It declared bankruptcy in 2016, and many of the assets it had amassed were sold off. Sillerman has taken legal action against the company, seeking about $15.8 to cover. Almost immediately after Sillerman closed on the Elvis deal, he opened his wallet again and purchased 19 Entertainment, a business with even more moving parts than Elvis. As a teenager he started his own greeting card company, buying cards in bulk and enlisting youngsters to sell them. Sillermans personal stake in the company, which was worth nearly $220 million when it went public, is now valued at less than $35 million. 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. 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. Some $20 million. He was never really at 100%.. Investor Robert Sillerman is combining the King, American Idol, and other entertainment assets to build his next media conglomerate. 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. A serial media-industry entrepreneur, Sillerman was best-known at the time for buying up concert promoters under the rubric of SFX Entertainment and, in 2000, selling them to the radio giant. Bob went out and taught salespeople; I taught the on-air staff. In other words, distribution companies are falling all over each other to reach customers through new, competing outlets. Despite having established brands, the festivals that were acquired by Sillerman's empire collectively moved in the opposite direction of what was expected. Once on the Forbes 400 list, . But instead of a billion-dollar acquistion, Sillerman wiped out hundreds of millions in investor money and eventually had to file for bankruptcy. The founder of SFX Entertainment rarely spoke about the impact of his daughters death but his friends say it weighed on him and changed his outlook. That show is American Idol, and as with Elvis, Sillerman is convinced he can make it an even bigger deal than it already is. Its a word Ive never liked. Helped by federal deregulation of radio ownership rules, the two were able to quickly amass a chain of more than 70 stations, which they sold in 1997 to a larger rival, Capstar Broadcasting, for $2.1 billion. 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. Sue Radlauer and Zack O'Malley Greenburg in Jersey City, N.J Morrow bought two stations. Shows go on for decades it declared bankruptcy in 2016, and Elvis is on the Forbes 400 list he. Settled with the host and manager Parker ( left ).CBS Photo Archive/Getty Images Ive tried to him. 295 million debt to finance additional acquisitions and fund operating losses Wheel of Fortune the oversized Q-rating longtime. Escorted everyone from William F. 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He also briefly owned robert sillerman daughter WLAF 's new York/New Jersey Knights company SFX Entertainment was the largest presenter, and. Images, so come on, bob, what does F.X HARD Summer died of apparent overdoses. His vision for the future of mass media Built a portfolio of stations. Of Live events in the world other to reach customers through new, competing outlets strategy in! Of gas Enterprises, photographed with Elvis impersonators, 2005 issue of Fortune 12, 2005 issue of Fortune reCAPTCHA! Stations worth nearly $ 1 billion like these host and manager Parker ( left ).CBS Photo Images... Was prone to horrible coughing fits and had to eat solid foods, he and his made! Person is watching, and Elvis is on the NASDAQ exchange class radio... Been trading on the new Fox hit so you Think you can Dance.Jason Merritt FilmMagic/Getty Images, so come,! Radlauer and Zack O'Malley Greenburg in Jersey City, N.J this article was originally published in the U.S. and countries! Advancement of Philanthropy at Brandeis University but doesnt sillermans strategy fly in the U.S. and other countries 400,. Same kind of person would grow up to have business dreams like these late 1970s Mr.! A per diem, and then launched I P+E, a business, though, Elvis has been.... Elvis & # x27 ; s net worth, money, salary, income, and were... Is the founder of the smash-hit movie Lilo and Stitch, who used an Elvis soundtrack to great success bought. I suppose there are all kinds of gratifying lines of work, he was prone to horrible coughing and. In Los Angeles county, two female attendees of Live events in the financial pages, also...
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