But stars still do get born. [34], In 2008, Sillerman donated $10 million in order to fund The Sillerman Center for the Advancement of Philanthropy at Brandeis University. Mr. As his business world collapses around him, Sillerman seemed relatively relaxed over the phone. 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. Sillerman, the former CEO of Function (x), Inc., with orchestrating an offering fraud and diverting offering proceeds to repay loans he had previously made to the company. Contestants on the new Fox hit So You Think You Can Dance.. We thought there were only three rock groups worth owning, says a source in Sillermans camp, Elvis, the Beatles, and the Stones. First, understand that Sillerman actually owns very little of Elviss music. S&P Index data is the property of Chicago Mercantile Exchange Inc. and its licensors. Attracting funds, at least at this point, wont be a limitation. The guy didnt have any energy, says Morrow. 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. 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. He sold the company in 1972 to the Boston ad firm, Ingalls. The 66-Year-Old Rave King of Wall Street In the past few years, Bob Sillerman has become notorious in the dance music industry for buying up a string of once-independent rave promoters in order. Around that time Sillerman was diagnosed with tongue cancer and underwent chemotherapy, which sidelined him for several months. But Fuller had an even bigger idea, a kind of interactive on-air talent show. counterpart.) In 2000, the radio chain Clear Channel Communications bought SFX for $4.4 billion. David Lieberman, "'American Idol' Owner CKX Sells To Financial Firm, Ending Robert F.X. But Sillerman was drawn to his fathers business. 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. He can outlast and outtalk anybody. Says a close colleague: His BlackBerry messages start at 6 A.M. and never stop into the night. Sillerman stood stone-faced on the cover of Billboard magazine. In 2017, he almost lost the home after defaulting on a $12.5 million loan, The Post reported at the time. After selling SFX Entertainment, Mr. Sillerman pursued various entertainment projects. Lisa Marie Presley, Elvis' daughter, had sold the majority of Elvis Presley Enterprises, . 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. 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. In the mid-1980s the Federal Communications Commission was beginning to loosen its restrictions on the number of radio stations that could be owned by a single operator. He wa In 1989 he sold a group of radio stations to Westinghouse (now Viacom) for $389 million. (The balance is transaction costs.). 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. We were misinformed by an SFX spokesman. As a subscriber, you have 10 gift articles to give each month. Sillerman with Rod Stewart and Dick Grasso at the NYSE. Robert F.X. EDM Mogul Bob Sillerman Finds a Buyer for His $28 M. Townhouse. 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. His net worth has been growing significantly in 2021-2022. Sillerman's income source is mostly from being a successful Executive. Unable to issue new debt without breaching bond covenants, SFX sold stock before the quarter's end to raise collateral that its banker, Barclays, had demanded in order to borrow from the companys credit line, a rainy day source of cash. His father Michael created Keystone Radio Network and syndicated the popular show Lassie, but went bankrupt in 1961 and passed away in 1980, according to the book. 19 also manages the career of soccer superstar David Beckham and his wife, Victoria (a.k.a. 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. 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. (Photo: Robin Marchant/Getty Images). And the King is content! They said music doesnt work on TV in America. Some people loved Bob and some people hated him, there was no middle ground, said James Disco Donnie Estopinal, a New Orleansdance promoter now living in Puerto Ricowho served as Sillermans deal maker and helped bring in the dance promoters that would come to form the new SFX Entertainment. Robert F.X. In addition to concerts, Robert F.X. On Jun 7, 2012, Function (X), Inc. was renamed Viggle, which changed the company stock listing to VGGL. During its public run, the company also sold $295 million debt to finance additional acquisitions and fund operating losses. 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. 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. According to Billboard, Sillerman died of a. 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. 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 man who bought Elvis is Robert F.X. With Finkel by his side and Estopinal giving the pair needed credibility, Sillerman set out to once again consolidate the dance music business by buying up dance promoters in Europe, Asia and North America. This is a long-term perspective, [but] a 10% return on equity from our perspective would be insufficient.. [6] Sillerman was married to copywriter Laura Baudo, whom he met at Ingalls. To Sillerman the soft patch was an opportunity to reload. Another show with legs? Correction: In The Man Who Bought Elvis (Dec. 12), we wrote that SFX Entertainment once owned New York Citys Roseland Ballroom. We cured him. By 1985 the pair had accumulated some 70 stations, which they sold for some $50 million. Mr. Sillerman largely withdrew in recent years, moving to New Hampshire and dealing with the fallout from the collapse of several businesses. Sillerman Dies at 71; Built Entertainment Empires, https://www.nytimes.com/2019/11/28/arts/music/robert-fx-sillerman-dead.html. Im not very knowledgeable about real estate, he reportedly told the New York Post at the time. And get this zinger from Reids report: CKX apparently has the right to shut down impersonator shows. (Say it aint so!) 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 Because American Idol is whats known as event programming, meaning that because its a contest, you almost have to watch it live. He. Pei through the hallowed halls. Sillerman had bought Elvis Presley Enterprises from Lisa Marie Presley in 2005, but later sold it to a private equity firm. 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. [8], In 1989 Sillerman formed Capstar Communications. Investor and media executive Robert F.X. 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. 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. 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. 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. Even so, says Lisa Presley, theres only so far you can take a family-run business. In other words, distribution companies are falling all over each other to reach customers through new, competing outlets. Revenues at the company that manages his affairs, Elvis Presley Enterprises, have been flat at $40 million for five years. Moreno claims that Sillerman was mainly brought in to help organize financing for the business and that he had presented his plan to others, like billionaire Ron Burkle, before choosing Sillerman. Striking a deal shouldnt be that difficult. 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. Sillermans actions signaled to the market that he saw significant value in 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. SFX Entertainment is likely well-managed on the festivals and business unit level and the companys shortcomings, in our view, appear to be with holding company management and its board of directors, which have arguably destroyed shareholder value, said analyst Richard Tullo of Albert Fried. 2023 Fortune Media IP Limited. On Saturday, however, Sillerman was fielding questions on whether the company would go bankrupt--he said there was a zero percent chance--and admitting that he didnt work with the right people. Its also unclear if he was ever the right man for the job. Hes obviously smart, and he doesnt b.s. And sad. Sillerman, Concert Industry Consolidator, Dies at 71 Roy Trakin November 26, 2019, 6:02 PM Click here to read the full article. The founder. All rights reserved. By that time Mr. Sillerman had turned his sights on another industry ripe for consolidation: the nationwide concert circuit, which had long remained a loosely connected network of venues and promoters who operated regional fiefs. DJ Afrojack (left) and Sillerman at the NASDAQ MarketSite in New York in 2013. And Fuller is looking to bring a gritty nighttime soap opera that is popular in Britain to America next summer. So what he said so eloquently, I say, Foff.'. 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). 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. 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