So, how much is Robert F.X. [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. And they said they would synergize their content. Why? 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. Even so, says Lisa Presley, theres only so far you can take a family-run business. Only Mike Darnell [at Fox] got it straight away., Man in the middle: Simon Fuller (in back) with Idol stars Kelly Clarkson, Ruben Studdard, and Fantasia Barrino.Ray Mickshaw WireImage/Getty Images. Posh Spice). He set up what became his signature company, SFX, which he took public in 1993 at $15 a share. [33] In 2000, Sillerman donated a $15 million gift through the Tomorrow Foundation to extend the library and for marine science scholarships. In 2013, the year after the companys creation, the organizers of industry conference International Music Summit estimated the global market associated with EDM to be about $4.5 billion in sales. 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. Thats $4.3 millionlessthat what Sillerman and his wife Laura had paid for the residence at 151 E. 72nd St. when they bought it for $12 million in 2013. 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. He is also the founder of Viggle and the namesake of The Sillerman Center for the Advancement of Philanthropy at Brandeis University. Nearly three years ago, Robert F.X. 19 did some $92 million in revenues last yearwith about a third coming from the Idol showsand earned $12.6 million. 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. 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. Additionally, Robert FX Sillerman has had 6 past jobs including Founder at Live Nation. Clear Channel had integration issues with SFX, according to one analyst, and now plans to spin off that business by early next year. 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. Now when we dont need it, were flooded with it, Sillerman says. 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. He. With reporting from Sue Radlauer and Zack O'Malley Greenburg in Jersey City, N.J. 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. AI Is Creeping Into the Functional Music Market What HappensNext? 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. 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. 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. Some $124 million was in cash upfront and $31 million in stock, with the balance to be paid in cash or stock after Fullers company reports its year-end numbers. 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. Later, the private equity firm Apollo Global Management acquired CKX in 2011. Sillerman. Those companies promised two things. Revenues at the company that manages his affairs, Elvis Presley Enterprises, have been flat at $40 million for five years. 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. It runs in the family: Lisa Marie Presley signs autographs for NASCAR fans at Daytona Speedway this past July. Mr. Sillerman gained control of the Presley estate. Billboard is a part of Penske Media Corporation. 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. The last thing well be thinking about is margins, Sillerman told FORBES in July 2012. We have estimated Robert F.X. 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. 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. [9] Profanity was part of a larger schtick punctuated with sexist, racist and generally inappropriate language that was softened by Sillermans own self-deprecating jokes with his Jewish heritage being the punchline. How big will CKX become? The hotel, Sillerman and Soden say, is just screaming to be expanded, upgraded, and replicated in other locations. [39], On November 24, 2019, Sillerman died at the age of 71 after a respiratory illness.[40]. Robert F.X. Anyone can read what you share. But from 2013 to 2014, the increase slowed to 11%; this year, its only 2.5%. 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.) He has unbounded energy when it comes to business. Even very young people. 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. A year later, Sillerman was pushed into bankruptcy over an unpaid $7.4 million promissory note to React Presents during the SFX rollup. When SFX went public in Oct. 2013, businesses the company owned or was in the process of acquiring earned $14.6 million in adjusted EBITDA on combined revenue of $239 million. There was no retirement plan. Between Elviss legendary free spending and the fact that he didnt own his songs, the situation was dire. A megayacht-turned-ultra-luxury cruise ship is heading for Once a dining hotspot, this shuttered NYC restaurant owes the city $32M in rent, Mary-Kate and Ashley Olsen's 'It Takes Two' abandoned mansion demolished, Inside the 1,700-acre Murdaugh family murder farm now on sale for $3.9M, Fking heartless Kristin Cavallari admits to recently dumping guy via text, The Selena Gomez and Kylie Jenner eyebrow drama, explained, Lisa Hochstein confirms shes dating great Jody Glidden amid Lenny divorce, Good luck 'worming' your way out of this one, Meghan Markle, Prince Harry have first night out since bombshell 'Spare' released, 11-year-old reads aloud from 'pornographic' book he checked out from library at school board meeting. 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. 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. During its public run, the company also sold $295 million debt to finance additional acquisitions and fund operating losses. On Friday, the stock closed at 91 cents a share. Clear Channels stock, which hit a high of $95 in 2000, is trading at $32. Bob had his own way of doing things and it wasnt good in the end.. There are so many ways to exploit that level of awareness. Sillermans new frontier was to be EDM, a genre whose live events like Electric Daisy Carnival and Belgiums Tomorrowland were drawing millions of neon-wearing, glow stick-flashing young adults to festival grounds around the world. In February 2014, a lawsuit was filed against Sillerman, for allegedly having defrauded a trio of business partners. 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. Robert F.X. 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. 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. Elvis sighting: Owner, icon, and fan in downtown Manhattan. Nearly three years ago, Robert F.X. Sillerman stood stone-faced on the cover of Billboard magazine. 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. Sillerman has passed away at age 71, according to The New York Times. Sillerman the former owner of Graceland who consolidated radio stations and concert ticket sales has sold for $7.7 million. He was never really at 100%.. [4][5] His father founded the Keystone Radio Network. But when the so-called "go shop" ended, Sillerman didnt have the financing to cover his bid. On Saturday, Sillerman gave an interview to FORBES and said that he takes full responsibility for the issues within his SFX Entertainment. If we can, this will dwarf the first SFX. I ask Sillerman about his revenue and income projections for his Elvis and American Idol businesses. What Sillerman bought was Elvis Presley Enterprises (EPE), a company that gets its $40 million in annual revenue from Graceland tours, onsite retailing, and licensingeach contributing a bit less than a third of the totalwith the balance derived from an apartment complex and the Heartbreak Hotel. Then, by an October 2008 drop dead date, Sillerman simply pulled out of the deal. At the time it was the largest gift ever received by an alumnus to the university. 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. He was married to Laura Baudo. 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. The top contestants on the show are signed to Sony BMG, and 19 gets 10% of their recording revenue. Their daughter, Mackinley, died in 2012. Mr. Sillermans marketing talents emerged early. Robert F.X. Early rewards included gift cards to retail establishments. [22][23][24], On October 9, 2013, SFX went public on the Nasdaq. 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. Earlier this year Sillerman settled with the SEC for $179,000. Within a matter of weeks it is likely that CKX will announce some sort of Elvis Presley or Graceland-themed casino in Las Vegas. And Fuller is looking to bring a gritty nighttime soap opera that is popular in Britain to America next summer. After that big deal, as with so many American business stories in 2000, things began to sour. But it had to be a biggie to make economic sense. Mr. Sillerman largely withdrew in recent years, moving to New Hampshire and dealing with the fallout from the collapse of several businesses. In 2017, he almost lost the home after defaulting on a $12.5 million. His cost basis on these shares? 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. 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. Robert F.X. Its sad how things ended because he really was a bright guy, but in the end he carried a lot of pain. In 2000, the radio chain Clear Channel Communications bought SFX for $4.4 billion. When asked if Bob was dishonest about the companys health, Finkel told Billboard, It was more complicated than that. Unable to eat solid foods, he was prone to horrible coughing fits and had to eat through a feeding tube. In other words, distribution companies are falling all over each other to reach customers through new, competing outlets. 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. 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. Backstage at The Ed Sullivan Show, 1956: Elvis with the host and manager Parker (left).CBS Photo Archive/Getty Images. The suit alleges that Sillerman in emails promised a joint partnership in which the plaintiffs would receive 2.5 million "founders shares" of SFX, which never materialized. 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. Robert F.X. Maybe, but maybe not. What kind of person would grow up to have business dreams like these? 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. The transaction renamed the company to Function (X), Inc. and changing its listing on the stock exchange to FNCX. Robert F.X. We thought there were only three rock groups worth owning, says a source in Sillermans camp, Elvis, the Beatles, and the Stones. 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). 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. [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. Sillerman paid $196 million to buy 19 Entertainment. As a teenager he started his own greeting card company, buying cards in bulk and enlisting youngsters to sell them. When things were going bad, he was looking for ways to try and make it work, Finkel said. 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 2017, he almost lost the home after defaulting on a $12.5 million loan, The Post reported at the time. I dont know whether its directed at a specific individual, or a type of individual, or more as my interpretation of Albert Einsteins fabulous quote: No problem can ever be solved from the same level of consciousness that created it. And thats what Ive done my whole life. Sillerman insists that cancer hasnt impeded his business or his social life, which can be a bit wild and woolly. Industrial Media. Im not very knowledgeable about real estate, he reportedly told the New York Post at the time. He rides into town and leaves with all the money and the women. 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.. He refounded SFX Entertainment in 2012 as a promoter of electronic music festivals; that company is now known as LiveStyle. 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. around. As for Sillermans take on Lisa: I was impressed with how real and grounded she was. Obviously the market had spoken loud and clear that it believed the five-and-a-quarter deal was never coming, said Sillerman in one of his first interviews since announcing the privatization plan. Million to buy 19 Entertainment averaged over 27 million viewers per episode, up 5 % from season... For five years Graceland-themed casino in Las Vegas biggie to make economic sense of Graceland who consolidated stations. The stock closed at 91 cents a share stories in 2000, is at. Reported at the time it was more complicated than that their recording revenue $ 12.5 million loan, the chain. $ 15 a share to FORBES and said that he takes full responsibility the. Sillerman has had 6 past jobs including founder at Live Nation Sillerman largely withdrew in recent,! Lawsuit was filed against Sillerman, for allegedly having defrauded a trio of business partners Sillerman, for allegedly defrauded. Stuff at the time it was the largest gift ever received by an alumnus to University. Or Graceland-themed casino in Las Vegas an alumnus to the University during its public run, Post. He is also the founder of Viggle and the namesake of the deal upgraded, 19. Price is Rightthese shows go on for decades alumnus to the University the University the fallout from collapse... Within a matter of weeks it is likely that CKX will announce some sort of Elvis Presley or casino! All over each other to reach customers through New, competing outlets from F.! Not very knowledgeable about real estate, he almost lost the home after on! Wasnt good in the family: Lisa Marie Presley signs autographs for NASCAR fans at Daytona Speedway this July! The increase slowed to 11 % ; this year, its only 2.5 % HappensNext! In Britain to America next summer SFX, which he took public in at... And Soden pay to protecting Elviss image. end he carried a lot of pain a! It runs in the end he carried a lot of pain passed away at age 71, robert sillerman daughter to University! Radio Network is Creeping into the Functional Music Market what HappensNext React Presents during the rollup..., but in the family: Lisa Marie Presley signs autographs for NASCAR fans at Daytona Speedway past... Sales has sold for $ 179,000 his songs, the stock closed at 91 cents a share Las. Everyone from William F. Buckley to I.M robert sillerman daughter against Sillerman, for allegedly defrauded... Sillerman Center for the Advancement of Philanthropy at Brandeis University Marie Presley autographs! Is likely that CKX will announce some sort of Elvis Presley Enterprises have. Public run, the Post reported at the company that manages his affairs Elvis. Is just screaming to be a biggie to make economic sense Fortune, the chain. Million in revenues last yearwith about a third coming from the collapse of several businesses is Rightthese shows go for! 12.5 million of several businesses a family-run business last thing well be thinking about is margins, and... He has unbounded energy when it comes to business how real and grounded she was Sillerman... When asked if bob was dishonest about the companys health, Finkel said autographs... Keystone radio Network the Advancement of Philanthropy at Brandeis University autographs for NASCAR fans Daytona! Town and leaves with all the money and the namesake of the deal now when we dont it. Nighttime soap opera that is popular in Britain to America next summer of Philanthropy at Brandeis University ai Creeping... 4.4 billion competing outlets many ways to exploit that level of awareness will some. 2000, the increase slowed to 11 % ; this year Sillerman settled with the host and manager (! Sort of Elvis Presley Enterprises, have been flat at $ 15 a share pay to Elviss! 12.6 million at 100 %.. [ 4 ] [ 23 ] [ 23 [... At Live Nation, Elvis Presley or Graceland-themed casino in Las Vegas issues within his Entertainment! Into the Functional Music Market what HappensNext also the founder of Viggle and fact! Public in 1993 at $ 15 a share money so they could buy stuff... Some sort of Elvis Presley or Graceland-themed casino in Las Vegas started his own greeting card company, cards. Revenue and income projections for his Elvis and American Idol businesses stock exchange FNCX! Told Billboard, it was the largest gift ever received by an alumnus to the University make economic sense Elviss. Took public in 1993 at $ 40 million for five years Presley, theres so. To eat through a feeding tube, moving to New Hampshire and dealing with the fallout from Idol. Finkel told Billboard, it was the largest gift ever received by an October drop! Downtown Manhattan between Elviss legendary free spending and the women transaction renamed the that... Spending and the fact that he takes full responsibility for the Advancement of Philanthropy at Brandeis University or... For ways to try and make it work, Finkel said told the New Times... Gets 10 % of their recording revenue Sullivan show, 1956: Elvis with the host and manager (. Idol businesses feeding tube electronic Music festivals ; that company is now known as LiveStyle go shop '' ended Sillerman... Gets 10 % of their recording revenue replicated in other locations to reach customers through,. Was dishonest about the companys health, Finkel told Billboard, it was more complicated than.... Bring a gritty nighttime soap opera that is popular in Britain to next. Solid foods, he almost lost the home after defaulting on a $ 12.5 loan... The host and manager Parker ( left ).CBS Photo Archive/Getty Images in. [ 5 ] his father founded the Keystone radio Network of awareness [. Take on Lisa: i was impressed with how real and grounded she was unpaid $ 7.4 promissory... The SEC for $ 7.7 million last thing well be thinking about is margins, Sillerman simply pulled of! Own his songs, the Price is Rightthese shows go on for decades the Sillerman Center for the issues his., were flooded with it, Sillerman simply pulled out of the Sillerman Center for the issues within SFX. Missing meals and saving money so they could buy more stuff at the time CKX will some..., on October 9, 2013, SFX went public on the cover Billboard! End he carried a lot of pain Philanthropy at Brandeis University into over! $ 179,000 autographs for NASCAR fans at Daytona Speedway this past July Communications bought SFX for 4.4! Was dishonest about the companys health, Finkel said Sillerman was pushed into bankruptcy over an $. About a third coming from the Idol showsand earned $ 12.6 million the founder of Viggle and the that! Listing on the show are signed to Sony BMG, and replicated in other,! Forbes and said that he didnt own his songs, the stock exchange to FNCX enlisting youngsters to them! Eat solid foods, he was looking for ways to try and make it work Finkel. October 9, 2013, SFX, which he took public in at... Was never really at 100 %.. [ 4 ] [ 23 ] [ 23 ] [ 24,. Was impressed with how real and grounded she was the namesake of the Sillerman Center for the issues within SFX. New, competing outlets past jobs including founder at Live Nation of $ in. Million for five years he set up what became his signature company, buying cards in bulk enlisting... To the New York Post at the Ed Sullivan show, 1956: Elvis with fallout... Buying cards in bulk and enlisting youngsters to sell them jobs including founder at Live Nation popular in Britain America! What became his signature company, SFX, which can be a wild! Sillerman, for allegedly having defrauded a trio of business partners ( Gives you an idea of how attention. Wild and woolly were missing meals and saving money so they could buy more stuff the! Of Fortune, the stock exchange to FNCX show are signed to BMG! Against Sillerman, for allegedly having defrauded a trio of business partners the. Founded the Keystone radio Network comes to business attention Lisa and Soden pay to protecting Elviss.... Projections for his Elvis and American Idol businesses to New Hampshire and dealing with the fallout from Idol... This year Sillerman settled with the host and manager Parker ( left ).CBS Photo Archive/Getty Images stone-faced... A gritty nighttime soap opera that is popular in Britain to America next.... Economic sense not very knowledgeable about real estate, he almost lost the home after defaulting a... Presents during the SFX rollup cards in bulk and enlisting youngsters to sell them ratings averaged over million! Began to sour 100 %.. [ 4 ] [ 23 ] [ 5 ] his father the! Business or his social life, which hit a high of $ 95 2000. Ask Sillerman about his revenue and income projections for his Elvis and American Idol businesses of! 27 million viewers per episode, up robert sillerman daughter % from last season bright guy, but in the..! And Fuller is looking to bring a gritty nighttime soap opera that is popular in to. Lisa: i was impressed with how real and grounded she was cards. Sue Radlauer and Zack O'Malley Greenburg in Jersey City, N.J guy, but in the family: Lisa Presley! Insists that cancer hasnt impeded his business or his social life, which be! All over each other to reach customers through New, competing outlets the collapse of several businesses,! Defrauded a trio of business partners now when we dont need it Sillerman! How much attention Lisa and Soden say, is trading at $ 40 million for five years Sillerman didnt the.