And game shows are the longest-lasting shows on TV. 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. With so many formats vying for consumers attention, content is king. Clear Channel, which had already purchased many of Sillermans radio stations from Hicks Muse, agreed to buy SFX Entertainment for a reported $3 billion. 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. Thats not the basis of CKX. dialogue with Robert 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. Yes, Elviss core fans are aging, but young people still are drawn to the man with the oversized Q-rating. An entrance foyer leads to a chefskitchen, while a double-wide staircase leads upstairs to the first floors entertainment spaces: a living room, wood-paneled library, formal dining room, serving kitchen with a dumbwaiter and three of seven woodburning fireplaces. stand for? SFX raised $260 million in its initial public offering. Sillerman, the entertainment. on fraud charges for his work with Function (X). EDM Mogul Bob Sillerman Finds a Buyer for His $28 M. Townhouse. When things were going bad, he was looking for ways to try and make it work, Finkel said. Some of those companies listed werent done deals, Estopinal tells Billboard, adding that Sillerman misrepresented his financing and capitalization as he put SFX together. Additionally, Robert FX Sillerman has had 6 past jobs including Founder at Live Nation. 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. Lisa received $50 million in cash, plus $26 million in CKX common and preferred stock. Bob can sell anythingit doesnt matterhe has that kind of head. (Morrow says it was he who enlisted Sillerman, not the other way around. But for years he had maintained a golden touch in building media franchises and extracting maximum value from them. In 1989 he sold a group of radio stations to Westinghouse (now Viacom) for $389 million. S&P Index data is the property of Chicago Mercantile Exchange Inc. and its licensors. Since then, revenues have grown but profits have vanished. 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? Connecting the show to phones, through the Internet, through merchandising, and ways I cant talk about yet.. This stands out as unique. Perhaps the bigger question centers on the inherent limits of EDMs popularity. First, understand that Sillerman actually owns very little of Elviss music. In 2017, he almost lost the home after defaulting on a $12.5 million loan, The Post reported at the time. [38] The dispute was settled out of court for an undisclosed amount. Im also confident that we will create a better experience for the fans, Mr. Sillerman said in an interview with The New York Times. 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. It had earlier been trading on the NASDAQ exchange. Sillerman had bought Elvis Presley Enterprises from Lisa Marie Presley in 2005, but later sold it to a private equity firm. He loves to party. Before Bob, the whole scene was a giant Ponzi scheme.. Raised in the Bronx, New. 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. 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. So he offered investors a lower price, $12 a share, and the sale was extended even longer. He is also the founder of Viggle and the namesake of The Sillerman Center for the Advancement of Philanthropy at Brandeis University. 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. His timing seemed impeccable. 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. PHOTOGRAPH BY GREG MILLER. Starting in the late 1970s, Mr. Sillerman built a portfolio of radio and television stations worth nearly $1 billion. However, since doubts of Sillerman's take-private began to emerge in July, the company hasn't disclosed a bona fide competing offer. Maglan Capital, an owner of roughly 1.5% of SFX Entertainment's outstanding stock, called Sillerman's $4.75 a share go private offer "a way low-ball bid." It was a smash right off the bat. That lit a fire under the radio business, and Sillerman plunged back in, buying more radio stations, leveraging up his new company, and securing investments from the Bass family and Security Pacific bank, among others. That seemed to sum everything up., A daily briefing on what matters in the music industry. In each case Sillerman assembled a collection of media propertiesall in distributionat low prices and then unloaded the bundle for a higher price. The house, formerly owned by Robert Sillerman, includes a 12,000. Investor and media executive Robert F.X. The Securities and Exchange Commission today charged New Hampshire resident Robert F.X. But from 2013 to 2014, the increase slowed to 11%; this year, its only 2.5%. After that big deal, as with so many American business stories in 2000, things began to sour. 19 also manages the career of soccer superstar David Beckham and his wife, Victoria (a.k.a. The lawsuit is set to go to trial in October in a federal court in Los Angeles and has been one of a handful of elements to weigh heavily on SFXs stock in the last year. Sillerman worth at the age of 71 years old? 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. When asked if Bob was dishonest about the companys health, Finkel told Billboard, It was more complicated than that. And dont even think about asking him what his middle initials, F.X., stand for. 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. You may opt-out by, 2013, the day his company went public. SFX Entertainment was the largest presenter, promoter and producer of live events in the world. 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. They acquired additional radio and TV stations, including WALL and WKGL (Middletown, New York); WJJB; (Hyde Park, New York); WHMP (Northampton, Massachusetts); WLOM (Orleans, Massachusetts); WRAN (Randolph, New Jersey); WPLR (New Haven, Connecticut) and the television station WATL (Atlanta). On Saturday, Sillerman gave an interview to FORBES and said that he takes full responsibility for the issues within his SFX Entertainment. Backstage at The Ed Sullivan Show, 1956: Elvis with the host and manager Parker (left). Robert F.X. And I love it. At Fridays price of 91 cents, SFXs shares are down 93% from its IPO price. 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. Now that Im a part of CKX, I have the resources to do three or four. Sillerman hopes thats a positive, not a negative. They wanted to marry content with distribution, where CKX will not be in the traditional distribution business. 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. Pei through the hallowed halls. [37], In May 2012, Sillerman was accused of sexual harassment by an employee of Function X. And because Sillerman was known as a savvy business mogul within the entertainment industry, his faith in the Company was interpreted as evidence that SFX was in fact valuable, even if that value was not yet reflected in the Companys financial reports, McMahon wrote. Viggle registers the television show a person is watching, and engages the users with a loyalty program for viewing particular programs. 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. Think about it. Even so, says Lisa Presley, theres only so far you can take a family-run business. To Sillerman the soft patch was an opportunity to reload. Sillermans actions signaled to the market that he saw significant value in SFX. Undervalued? 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. 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. In just the past few weeks weve seen a flurry of deals by companies seeking to profit from this tumult: TV networks are offering shows for sale, AOL is selling vintage programs online, and cellphones and iPods can now deliver music, video, and TV. Think of how we can continue to expand the show, says Fuller. 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. 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. We've received your submission. Bob had his own way of doing things and it wasnt good in the end.. 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. 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. 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. Sillerman had bought Elvis Presley Enterprises from Lisa Marie Presley in 2005, but later sold it to a private equity firm. 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