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. In 19, Sillerman saw a small but dynamic media company with one of the hottest TV shows on the planet. Earlier this year Sillerman settled with the SEC for $179,000. He bankrolled Mel BrooksBroadway production of The Producers and was golf partners with NBA legend Michael Jordan. Around that time Sillerman was diagnosed with tongue cancer and underwent chemotherapy, which sidelined him for several months. [22][23][24], On October 9, 2013, SFX went public on the Nasdaq. Robert F.X. Robert F.X. By day he majored in political science, while by night in 1966 he launched Youth Market Consultants, offering fellow students discount magazine subscriptions while advising marketers on how to target the teen set. He was an executive. [38] The dispute was settled out of court for an undisclosed amount. And there are between 105 and 110 scheduled for next year.. But Sillerman was drawn to his fathers business. While he survived that battle, Sillerman is now in a fight to salvage SFX Entertainment, which went public at $13 a share and was valued at more than $1 billion in Oct. 2013. Not bad for a years work. When the King died in 1977, his estate was a mess. 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 orginal goal was to buy Pasquale RotellasInsomniac, explained Estopinal. Ethan Miller/Getty Images for Cirque du Soleil; Douglas Elliman, 2023 NYP Holdings, Inc. All Rights Reserved, Inside the Hamptons trailer park thats become a playground for millionaires, Kevin Loves model wife goes house-hunting after Heat deal, See Ashton Kutchers Your Place or Mine building in NYC, Mark Wahlberg finally sells mansion after massive $32M price cut. (Per capita, Canadian Idol is much bigger than its U.S. Im not very knowledgeable about real estate, he reportedly told the New York Post at the time. 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. 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. But the flattening rates for top acts may be symptomatic of demand, a signal that EDM more broadly is approaching a saturation pointand that pouring more money into creating more festivals, Sillermans plan all along, is not a viable strategy anymore. In 2000, the radio chain Clear Channel Communications bought SFX for $4.4 billion. counterpart.) The last thing well be thinking about is margins, Sillerman told FORBES in July 2012. Now when we dont need it, were flooded with it, Sillerman says. 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. Meet the Women in Music Honoree Who Escaped the IronCurtain, Manson Accusers Recantation Cant Be Used for Now in Case Against Evan Rachel Wood, JudgeSays, Fadia Kader Joins Venice Music as EVP &GM. At the time of the companys formation, Sillerman boasted of his ability to go toe-to-toe with Live Nation Entertainment, the live events behemoth which was formed out of the firm he sold to Clear Channel for $4.4 billion in 2000. So what he said so eloquently, I say, Foff.'. The entrance is through original doors from the Paramount Theater. Robert F.X. Early rewards included gift cards to retail establishments. . [33] In 2000, Sillerman donated a $15 million gift through the Tomorrow Foundation to extend the library and for marine science scholarships. Take a walk through Elviss home with the throngs, and the feeling you get is reverential. As big as Sillermans ambitions, perhaps. I just love it.". 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. 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. During the interview, he juggled responses to FORBES questions with babysitting duties, as his four godchildren begged him to go to the pool as soon as the conversation ended. 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. 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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.. 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. (The balance is transaction costs.). (Photo credit: Jonas Roosens/AFP/Getty Images), Increase Website Performance With Three Metrics, Europe Is Lagging Behind In Developing Large AI Models, Deepfakes - The Danger Of Artificial Intelligence That We Will Learn To Manage Better, Overview Of How To Create Deepfakes - Its Scarily Simple, Ukrainian Startups Showing Resilience In A Time Of War, Worried That Your Phone Is Spying On You? "[9], On February 8, 2011, Sillerman announced an agreement to acquire control of Gateway Industries, Inc. (GWAY.PK). 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. Sillerman has passed away at age 71, according to The New York Times. 19 did some $92 million in revenues last yearwith about a third coming from the Idol showsand earned $12.6 million. Backstage at The Ed Sullivan Show, 1956: Elvis with the host and manager Parker (left).CBS Photo Archive/Getty Images. To Sillerman the soft patch was an opportunity to reload. Working with Steve Hicksbrother of Tom Hicks, the head of Texas buyout firm Hicks MuseSillerman embarked on a dizzying run of acquisitions, creating one of the largest radio station companies in the country. Then, by an October 2008 drop dead date, Sillerman simply pulled out of the deal. 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. Which would seem to be a naturalElvis and Vegas go together like peanut butter and bananas. [6], In 1978 Sillerman and disc jockey Bruce Morrow bought two radio stations in upstate New York for $1.875 million. Bear Stearns analyst R. Glen Reid says to also look for a 2,000-seat Elvis theater in Vegas. 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. He wants to do what we want to do. Like what? 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. Sillerman had no intention of consolidating the EDM industry before he met Paolo Moreno in January 2012, said Steven Feldman, a Hueston Hennigan LLP attorney representing Moreno and two other plaintiffs. 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. In 1993 he founded SFX Broadcasting with a partner, R. Steven Hicks. 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. 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. As of December 2013, Viggle companies had a combined 17 million monthly users. A limestone mansion once owned by the late entertainment mogul Robert F.X. Fuller is signed up to head 19 Entertainment in a five-year contract. 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. I ask Sillerman about his revenue and income projections for his Elvis and American Idol businesses. In the sale, SFX kept two small concert promoters, and renamed the company SFX Entertainment (concert promotion, sports agencies), turning SFX Entertainment into the world's largest producer, promoter and presenter of live entertainment. Clear Channel had integration issues with SFX, according to one analyst, and now plans to spin off that business by early next year. 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. 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. And there are a couple of Sillerman stories that involve nudity. 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. Sillerman with Rod Stewart and Dick Grasso at the NYSE. Sillerman became one of the most intriguingand wealthiestmen in music by twice betting on his vision for the future of mass media. In addition to concerts, Robert F.X. When asked if Bob was dishonest about the companys health, Finkel told Billboard, It was more complicated than that. 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. Mr. Sillerman largely withdrew in recent years, moving to New Hampshire and dealing with the fallout from the collapse of several businesses. 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. CKX already carries a load of goodwill, $14 million from the Presley deal, and $111 million from the 19 transaction. 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. It comes with five bedrooms and 5 bathrooms. Because American Idol is whats known as event programming, meaning that because its a contest, you almost have to watch it live. Sillerman, a triathlete who loves vigorous games of volleyball and basketball, has recovered and now sports a yellow Livestrong bracelet. Mr. Sillermans marketing talents emerged early. [15][16] As of the end of 2013 Viggle had about 3.7 million users. 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. Estopinal says he last saw Sillerman at a deposition, but he remembers sending Sillerman a note after the bankruptcy, acknowledging the failures of SFX while also thanking him for the opportunity to be part of the company. ), Sillerman, who had extensive exposure to the rock & roll business as a radio executive and concert promoter, realized that owning the rights to a rock act could be a great business. 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. stand for? Sillerman had bought Elvis Presley Enterprises from Lisa Marie Presley in 2005, but later sold it to a private equity firm. But he doesnt seem to be worried about anything of the sort. [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. This year, there are 88 festivals that we anticipate doing, said Sillerman. In February 2016, SFX filed for bankruptcy, brought down in a cash crunch that Estopinal now partially blames on overpaying for the assets that came to make up SFX. I suppose there are all kinds of gratifying lines of work, he says. As a teenager he started his own greeting card company, buying cards in bulk and enlisting youngsters to sell them. Speak with executives at Graceland and in New York, though, and it quickly becomes obvious how they want to further elevate the King. 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. In 2017, he almost lost the home after defaulting on a $12.5 million. (A hip-hop-style remix of A Little Less Conversation was a No. He sold the company SFX Entertainment to Clear Channel for $4.4 billion in 2000. And sad. Sillerman, Self: 60 Minutes. Down the road EPE may construct more Graceland-like properties in places such as Dubai and Macau, and perhaps develop a concept similar to the Hard Rock Cafs in Europe. (Hicks Muse agreed to spin this business off to SFX shareholders.) That is, if SFX is still around in a year to run those events. At the time it was the largest gift ever received by an alumnus to the university. Before 157 West 57th Street became One57, that glassy billionaire's priapism which has come to stand for a whole battery of class . 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. By then Sillerman was already toiling away on his next project, SFX Entertainment, a company that would own concert venues and other media properties. 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. Attracting funds, at least at this point, wont be a limitation. We were misinformed by an SFX spokesman. But Mr. Sillermans success ran out in recent years when he tried to repeat his concert model with a new version of SFX Entertainment, this time going after electronic dance music, or EDM a bull market in 2012, when Mr. Sillerman opened the company with a $1 billion war chest. 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? 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. 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. 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. But instead of a billion-dollar acquistion, Sillerman wiped out hundreds of millions in investor money and eventually had to file for bankruptcy. 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. 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. A yellow Livestrong bracelet still around in a year to run those events future of mass.. 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