The top contestants on the show are signed to Sony BMG, and 19 gets 10% of their recording revenue. A limestone mansion once owned by the late entertainment mogul Robert F.X. Billionaire entertainment mogul Robert F.X. SFX CEO Entertainment Robert F.X. 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. SFX grew into the nations seventh-largest chain and sold its 71 radio stations for $2.1 billion in 1998. 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. 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. unclear if newer events will have the same kind of draw. 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. 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. All Rights Reserved. Entertainment mogul Robert Sillerman is facing foreclosure on his $16 million Upper East Side town house for defaulting on a $12.5 million loan since 2015, a new lawsuit claims. The last thing well be thinking about is margins, Sillerman told FORBES in July 2012. Michael Sillerman died in 1980, just when his sons career was taking off. The Securities and Exchange Commission today charged New Hampshire resident Robert F.X. 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. Whether I will actually select one or more [equity partners] will depend on what the final price is, he said of any future bid. What kind of person would grow up to have business dreams like these? I know nothing about EDM, Sillerman told Billboard in Sept. 2012. Robert F.X. During its public run, the company also sold $295 million debt to finance additional acquisitions and fund operating losses. The entrance is through original doors from the Paramount Theater. Bear Stearns analyst R. Glen Reid says to also look for a 2,000-seat Elvis theater in Vegas. David Lieberman, "'American Idol' Owner CKX Sells To Financial Firm, Ending Robert F.X. That greatly reduces the number of viewers who DVR it and skip the commercials. 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. In 2001, Britains ITV put Fullers baby, Pop Idol, on the air. The company controlled the rights to booking the venue but did not own it. Lawsuits increasingly became a common part of his life, including a suit from a luxury real estate firm for breach of contract after he allegedly cut the firm out of a $114 million real estate deal withoutpaying their commissions. Raised in the Bronx, New. He rides into town and leaves with all the money and the women. (Per capita, Canadian Idol is much bigger than its U.S. (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.) We have estimated Robert F.X. 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. This is a long-term perspective, [but] a 10% return on equity from our perspective would be insufficient.. [39], On November 24, 2019, Sillerman died at the age of 71 after a respiratory illness.[40]. Sillerman was known for pushing the envelope. Investor Robert Sillerman, who bought Elvis Presley Enterprises, photographed with Elvis impersonators, 2005. Didnt work. Okay, so come on, Bob, what does F.X. FORTUNE may receive compensation for some links to products and services on this website. 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 The company that emerged would become Clear Channel, which is now known as iHeartRadio. [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. Sillerman was a significant player on Broadway. In characteristic form, Sillerman wont give investors any firm commitments. 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. SFX now has a market capitalization of $88 million. Sillerman stood stone-faced on the cover of Billboard magazine. And I haven't a fucking clue what they do or what they're talking about. 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%. 19 did some $92 million in revenues last yearwith about a third coming from the Idol showsand earned $12.6 million. Just ask the makers of the smash-hit movie Lilo and Stitch, who used an Elvis soundtrack to great success. At various points heated negotiations and lawsuits ensued between Sillerman and the likes of PaineWebber, Steinhardt Partners, and W.R. Huff, who alleged that Sillerman was trying to shortchange investors. Robert F.X. American Idol is much more like a game show than a reality show, says Fuller. Brucie and Bob bought more stations and worked their magic on operations. Investor and media executive Robert F.X. 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. Viggle registers the television show a person is watching, and engages the users with a loyalty program for viewing particular programs. The show is also being franchised in 100 countries. Before Bob, the whole scene was a giant Ponzi scheme.. counterpart.) The guy didnt have any energy, says Morrow. 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. The second floor boasts two main bedroom suites with ensuitemarble bathrooms, woodburning fireplaces and a large planted terrace. A year later, Sillerman was pushed into bankruptcy over an unpaid $7.4 million promissory note to React Presents during the SFX rollup. 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. So what he said so eloquently, I say, Foff.'. Fullers company doesnt get a direct share of ad revenues from Fox; rather, it receives a $1.2 million fee per episode. I also thought she was shrewd and perceptive. Sillerman Dies at 71; Built Entertainment Empires, https://www.nytimes.com/2019/11/28/arts/music/robert-fx-sillerman-dead.html. What was most impressive about his $389 million deal with Westinghouse (which was convinced that it needed to become a big player in the business) in 1989 wasnt that it was his biggest score ever; it was the fact that the market for radio stations tanked soon after. The company acquired various promoters and electronic music festivals, as well as related companies in digital (including Beatportan electronic music store, online ticketing provider Paylogic, and web development agency Fame House). CKX has the rights to the Elvis name, image, likeness, and trademark, which are currently used in 100 or so merchandising and licensing deals. Because American Idol is whats known as event programming, meaning that because its a contest, you almost have to watch it live. 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. [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. The stock cratered. Young Sillerman graduated magna cum laude from Brandeis in 1969 after becoming immersed in counterculture politics and rock & roll. Since then, revenues have grown but profits have vanished. (Photo by PATRICK McMULLAN/Patrick McMullan via Getty Images) Embed. Sillerman was born on April 12, 1948 in Manhattan, New York, USA. 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 2000 he sold a company that owned concert venues to Clear Channel for a reported $3 billion. Sillerman became one of the most intriguingand wealthiestmen in music by twice betting on his vision for the future of mass media. He often named his companies using some combination of those initials. It runs in the family: Lisa Marie Presley signs autographs for NASCAR fans at Daytona Speedway this past July.Jeff Gross Getty Images, Sillermans latest publicly traded corporate incarnation is called CKX. EDM Mogul Bob Sillerman Finds a Buyer for His $28 M. Townhouse. In 2017, he almost lost the home after defaulting on a $12.5 million loan, The Post reported at the time. And sad. 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. He replied with an email that said, Can I borrow a dollar? Estopinal said. "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. He can outlast and outtalk anybody. Says a close colleague: His BlackBerry messages start at 6 A.M. and never stop into the night. Nearly three years ago, Robert F.X. 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. Over half a million tourists from all over the world stream into the shrine called Graceland each year. If we can, this will dwarf the first SFX. He sold the company in 1972 to the Boston ad firm, Ingalls. 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. Even so, says Lisa Presley, theres only so far you can take a family-run business. His timing seemed impeccable. 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. Powered and implemented by Interactive Data Managed Solutions. Sillerman has a $1 billion plan to conquer the world of dance music, read the publications cover line. 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). He. 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. Later, the private equity firm Apollo Global Management acquired CKX in 2011. 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 company owned "American Idol" and the licensing rights to Elvis Presley and his Graceland estate. Not bad for a years work. Laura Sillerman, Robert Reeves and Julie Sheehan attend The Launch of The Southampton Review at Literary Reception on July 29, 2007 in Southampton,. The massive property that was assembled from four different plots of land has just hit the market for a staggering $150 million. All Rights Reserved. But he doesnt seem to be worried about anything of the sort. 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. Sillerman, Self: 60 Minutes. The man who bought Elvis is Robert F.X. His cost basis on these shares? 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. 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. 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. Robert F.X. Robert F.X. 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. Contestants on the new Fox hit So You Think You Can Dance.. Well, its a little early to ask that question. Really? Recognizing the environment she was raised in, I thought she was astounding. Hes obviously smart, and he doesnt b.s. He has unbounded energy when it comes to business. 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