On Saturday, Sillerman gave an interview to FORBES and said that he takes full responsibility for the issues within his SFX Entertainment. 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. What kind of person would grow up to have business dreams like these? His plan was to spend $1 billion to buy EDM-related companies around the world, telling FORBES in 2012: If we do this with the right people this will be bigger than the first SFX.. S&P Index data is the property of Chicago Mercantile Exchange Inc. and its licensors. 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. Recognizing the environment she was raised in, I thought she was astounding. He doesnt want to mess with anything. And they said they would synergize their content. 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. 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 payment will no doubt make it easier for Sillerman to call Priscilla up and ask her to come to a ribbon cutting of a new Elvis property, for instance. Sillerman was looking to become the single big fish in this business so that when acts like Eric Clapton went on tour, his manager would deal with SFX and SFX only when booking venues. The founder. If we can, this will dwarf the first SFX. This company owned "American Idol" and the licensing rights to Elvis Presley and his Graceland estate. 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. Mr. Sillerman was the founder, a major shareholder and served as Executive Chairman of SFX Entertainment from its inception in 1997 until its sale to Clear Channel Communications in August 2000. SFX, however, had problems from day one. That company was also called SFX. Whether I will actually select one or more [equity partners] will depend on what the final price is, he said of any future bid. He managed Annie Lennox and the Eurythmics, and then created the Spice Girls. counterpart.) In the years following that tragic 2012 event, he was often treated as a cartoon villain in the media, trying for a third, fourth and even fifth act in business, and some say the death of his daughter hardened him to any criticism. It runs in the family: Lisa Marie Presley signs autographs for NASCAR fans at Daytona Speedway this past July. [4] After graduating from the Collegiate School, he attended Brandeis University. Even so, says Lisa Presley, theres only so far you can take a family-run business. That suit, led by dance promoter Paolo Moreno, alleges that Sillerman, who was completely unfamiliar with dance music, took the idea to acquire and combine global EDM companies from him and his associates after they had agreed to work with the businessman and Finkel. Sillerman already has 18 acres on the Strip through MJX, a real estate company he controls. Lisa received $50 million in cash, plus $26 million in CKX common and preferred stock. Industry sources suggested that a possible buyer could be Live Nation. Capstar applied for and received permission to operate more than one class of radio station in the same market. Early rewards included gift cards to retail establishments. Sillerman insists that cancer hasnt impeded his business or his social life, which can be a bit wild and woolly. The founder of SFX Entertainment rarely spoke about the impact of his daughter's death but his friends say it weighed on him and changed his outlook. 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. He seems to have a knack for selling just when markets are at their peak, which has given some buyers severe indigestion. [19][20] In July 2015, Viggle had more than 9.5 million registered users across all properties, up from 5.4 million registered users at the end of 2014. 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. And sad. Didnt work. Okay, so come on, Bob, what does F.X. There are so many ways to exploit that level of awareness. His brother, Michael, confirmed his death but gave no other details. 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. How Trust In Institutions Determines COVID Vaccination Rates In The EU, Clubhouses Future Depends On Data - How To Build A TikTok Like Algorithm. Brucie and Bob bought more stations and worked their magic on operations. [39], On November 24, 2019, Sillerman died at the age of 71 after a respiratory illness.[40]. The company controlled the rights to booking the venue but did not own it. He set up his own business, Youth Markets Consultants, to help big companies sell their wares to the Now Generation. Clear Channel, which had already purchased many of Sillermans radio stations from Hicks Muse, agreed to buy SFX Entertainment for a reported $3 billion. At that time it was very exciting, but the mergers didnt work in the U.S. in the way we thought they would, Finkel said. 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. But Sillerman was drawn to his fathers business. FORTUNE may receive compensation for some links to products and services on this website. Robert F.X. 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. . Now that Sillerman's deal is dead, SFX is in a mad dash to find a new buyer. Sillerman had bought Elvis Presley Enterprises from Lisa Marie Presley in 2005, but later sold it to a private equity firm. 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. All Rights Reserved. Posh Spice). Sillerman was also a major shareholder of CKX Inc. [38] The dispute was settled out of court for an undisclosed amount. In 2017, he almost lost the home after defaulting on a $12.5 million. He is also the founder of Viggle and the namesake of The Sillerman Center for the Advancement of Philanthropy at Brandeis University. He died on November 24, 2019 in Hinsdale, New Hampshire, USA. Robert F.X. Their daughter, Mackinley, died in 2012. In June 2007, Sillerman told investors of CKX--a Nasdaq vehicle hed created with intellectual property rights to American Idol, Elvis Presley and Muhammad Ali--that hed pay $13.75 a share to take the company private. 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. The show is also being franchised in 100 countries. As of December 2013, Viggle companies had a combined 17 million monthly users. That is, if SFX is still around in a year to run those events. On August 14, Sillerman tabled his bid, saying that the markets made the ability to complete a deal virtually impossible., The fact the market said--which its entitled to--We dont believe that this deal is going to close is one thing, he said. He can outlast and outtalk anybody. Says a close colleague: His BlackBerry messages start at 6 A.M. and never stop into the night. around. As for Sillermans take on Lisa: I was impressed with how real and grounded she was. "Robert Sillerman, SFX Entertainment Founder, Dies at 71", "Bio in the 2005 Forbes 400, he was #375", "Robert F X Sillerman purchases WAFL NY-New Jersey Knights for $11 million", "KJOI-FM's $75-Million Price an Industry Record: Station's Sale Key Part of $155-Million Ownership Shuffle That Also Affects KTWV, Westwood One", "Robert F.X. CKX has the rights to the Elvis name, image, likeness, and trademark, which are currently used in 100 or so merchandising and licensing deals. Pei through the hallowed halls. These are Sillermans strengths: identifying trends in the media business before others, then gathering and deploying capital to make the strategy work. In 2000, the radio chain Clear Channel Communications bought SFX for $4.4 billion. 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. 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%. In September 2016, U.S. district court judge Colleen McMahon ruled there was evidence that Sillerman likely misrepresented the go-private plan to inflate the companys price and allowed a lawsuit by investors with the Guevoura Fund to move forward. Sillerman, a triathlete who loves vigorous games of volleyball and basketball, has recovered and now sports a yellow Livestrong bracelet. Sillerman, Transform Television? Hes been known to sneak up on people and scare them. Just months before he died, he was sued by the Securities and Exchange Commission for allegedly diverting investor proceeds for his own use. At the time, Sillerman said he expected to deliver equity and debt financing on the billion-dollar deal when a 60-day sale process was completed. On this Wikipedia the language links are at the top of the page across from the article title. Ive tried to get him drunk to get him to tell me, says Brucie. (Photo: Robin Marchant/Getty Images). Sillerman's net worth , money, salary, income, and . 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. And dont even think about asking him what his middle initials, F.X., stand for. (Photo: Robin Marchant/Getty Images). Elvis's 37-year-old daughter and heir, Lisa Marie, has been unhappy . I thought he was asleep. It Takes a Lot of People to Create All This AI Music. [14] Nearly three years ago, Robert F.X. Another show with legs? Bob can sell anythingit doesnt matterhe has that kind of head. (Morrow says it was he who enlisted Sillerman, not the other way around. Robert F.X. Young Sillerman graduated magna cum laude from Brandeis in 1969 after becoming immersed in counterculture politics and rock & roll. SFX bought up enough stations to become the nation's seventh largest chain. Sillerman the former owner of Graceland who consolidated radio stations and concert ticket sales has sold for $7.7 million. 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. Mr. Sillerman gained control of the Presley estate. 19 also manages the career of soccer superstar David Beckham and his wife, Victoria (a.k.a. His father, Michael McKinley Sillerman, was a radio executive who went bankrupt when his son was 13. [35] For thirteen years, Sillerman served as the Chancellor of Southampton College and is the founder of The Tomorrow Foundation. And I love it. Billionaire entertainment mogul Robert F.X. So far Idol stars like Kelly Clarkson and Clay Aiken have sold over 14 million albums. 1 hit in more than two dozen countries, including the U.S.) And Elvis impersonators are still fixtures in everything from movies to corporate events. We had to do something right away to make money, and that something was to open up Graceland for tours., On the first day Soden and Elviss ex-wife, Priscilla, opened up the Memphis mansion, 3,024 fans filed in, paying $5 each. Even when he was being sued in the end and was broke, hacking and wheezing with a hole in his throat and eating through a feeding tube, he was cracking blowjob jokes and talking about how he was going to f this guy and how this other guy was a scumbag.. ), Sillerman with Rod Stewart and Dick Grasso at the NYSE.Henny Ray Abrams AFP/Getty Images. Michael, confirmed his death but gave no other details says a close colleague: his messages. 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