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There is little profit to invest in potentially lucrative assets like the Heartbreak Hotel, across the street from Graceland. Robert F.X. Correction: In The Man Who Bought Elvis (Dec. 12), we wrote that SFX Entertainment once owned New York Citys Roseland Ballroom. Even more worrying, SFXs cash reserves dwindled to $38.6 million. His cost basis on these shares? When things were going bad, he was looking for ways to try and make it work, Finkel said. [12], In May 2009, Credit Suisse filed a request for summary judgment in New York State Supreme Court, alleging Sillerman had failed to pay the outstanding balance due under a credit agreement with Flag Luxury Properties LLC and that Sillerman defaulted on a series of payments due since April 2008, totaling $21.4 million. This company owned "American Idol" and the licensing rights to Elvis Presley and his Graceland estate. 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). AI Is Creeping Into the Functional Music Market What HappensNext? Over a few years in the late 1990s, Mr. Sillerman and his new company, SFX Entertainment, spent more than $2 billion acquiring dozens of promoters and venues, creating the concert worlds first truly national force. But from 2013 to 2014, the increase slowed to 11%; this year, its only 2.5%. Once on the Forbes 400 list, . 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. 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. Maybe, but maybe not. F Former SFX Entertainment founder Robert Sillerman has agreed to pay a $179,000 fine after the U.S. Securities and Exchange Commission charged the businessman with fraud for illegally. CKEs stock fell from a high of $28.80 in early May to a current price of $12 and change. We have estimated Robert F.X. Contestants on the new Fox hit So You Think You Can Dance.Jason Merritt FilmMagic/Getty Images, So why did Sillerman buy Fullers company? Additionally, Robert FX Sillerman has had 6 past jobs including Founder at Live Nation. With reporting from Sue Radlauer and Zack O'Malley Greenburg in Jersey City, N.J. Connecting the show to phones, through the Internet, through merchandising, and ways I cant talk about yet.. A limestone mansion once owned by the late entertainment mogul Robert F.X. And there are a couple of Sillerman stories that involve nudity. By the time Mr. Sillerman began buying radio stations in the late 1970s, he was using a new name: Robert F.X. 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. 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 CK stands for content is king, while the X is a reference to one of his middle initials (they are F.X., and he wont tell anyone what they stand for). Nearly three years ago, Robert F.X. But he doesnt seem to be worried about anything of the sort. We want to make money both by selling tickets and by putting a live audience in front of Madison Avenue, he said in an interview in 1998. 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. Today about 600,000 visitors make the pilgrimage to Graceland each year (30% from abroad), paying between $22 and $55 apiece. 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%. Sillerman stood stone-faced on the cover of Billboard magazine. The stock cratered. 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. Its main app NextGuide and Digit Reminder Button was integrated into Viggle software. 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. [33] In 2000, Sillerman donated a $15 million gift through the Tomorrow Foundation to extend the library and for marine science scholarships. Contestants on the new Fox hit So You Think You Can Dance.. 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. In each case Sillerman assembled a collection of media propertiesall in distributionat low prices and then unloaded the bundle for a higher price. An October IPO on the NASDAQ raised $260 million for the company with shares priced at $13, but in the space of two-and-a-half years, the price of the company dropped to a penny a share. The truth is, for all of Elviss transcendent mystique, EPE has never been much of a business. Its different, Sillerman says. Synergy is not important. 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. Sillerman in the gift shop at Graceland, Elvis Presleys home in Memphis. The orginal goal was to buy Pasquale RotellasInsomniac, explained Estopinal. [9] And Fuller is looking to bring a gritty nighttime soap opera that is popular in Britain to America next summer. 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. This year, he agreed to pay a $179,000 fine to the Securities and Exchange Commission for defrauding investors of another of his companies, Function(x). Sillerman has passed away at age 71, according to The New York Times. But the companys performance was weak, and its stock price eventually plunged by more than 95 percent. We took on more debt than I felt comfortable with, she says. Sillerman, 57, a Wall Street operator with a long history of minting money in the media business. In 2017, he almost lost the home after defaulting on a $12.5 million. He is from USA. 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 last thing well be thinking about is margins, Sillerman told FORBES in July 2012. 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. All rights reserved. The companys chief Michael Rapino declined a request for an interview through a spokesperson. He graduated from Brandeis in 1969 and, three years later, sold Youth Marketing Consultants to Ingalls, an advertising firm in Boston. Well, its a little early to ask that question. Really? Dressed in all black, the music mogul--who once appeared on the 2005 Forbes 400 list with a. Bob can sell anythingit doesnt matterhe has that kind of head. (Morrow says it was he who enlisted Sillerman, not the other way around. 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. 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. But then to discount the price the way that it did was a self-fulfilling prophecy in that discouraged other bidders, which was unfortunate and had an implication on me and my financing., Established SFX festival events like Tomorrowland in Belgium attract thousands every year, but it's [+] unclear if newer events will have the same kind of draw. So what he said so eloquently, I say, Foff.'. Sillerman told Estopinal he had $1billion to spend on the rollup on an S-1 form announcing the IPO of SFX, Sillerman listed holdings that included online marketplace Beatport, the American-arm of Dutch company ID&T that produced festivals Tomorrowland and Sensation, Electric Zoo founders Made Events, German promoteri-Motion and Australias Stereosonic festival producer Totem Onelove Group. Hes been known to sneak up on people and scare them. And game shows are the longest-lasting shows on TV. The company also held a stake in Morra, Brezner, Steinberg & Tenenbaum Entertainment, the management company for Woody Allen, Robin Williams and Billy Crystal. 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. In 2014, adjusted EBITDA amounted to a $3.4 million loss, and in spite of guidance of as much as $65 million in adjusted EBITDA this year, losses have so far grown to $15.3 million. (A spokesman for Lisa Presley declined to comment. In May 2009, Credit Suisse filed a request for summary judgement in New York State Supreme Court, alleging Sillerman had failed to pay the . Sillerman insists that cancer hasnt impeded his business or his social life, which can be a bit wild and woolly. Nearly three years ago, Robert F.X. 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. Which would seem to be a naturalElvis and Vegas go together like peanut butter and bananas. When asked what exactly went wrong with SFX, Sillerman offered two explanations: mistakes in management and a misunderstanding of the complexity and time of marketing partnerships. He did not name any specific people with regards to personnel issues, though music industry sources pointed to the fact that many of the people who sold their businesses to SFX did not stay long after closing their deals. ", "Mobile app Viggle sets terms for $50 million NASDAQ listing", "GetGlue Sale to Sillerman's Viggle Cancelled", "GetGlue Acquired by Viggle for $25M, 48.3M Shares of Stock", "Viggle Buys Dijit Media, in Another Second-Screen TV Mashup", "Viggle Acquires Dijit, Will Connect Its Rewards Program To Dijit's TV Discovery App", "With Over 9.5 Million Registered Users, Viggle Expects Fiscal 2015 Revenue to Increase More Than 40% Year-Over-Year to $25.6 Million", "SFX Beefing Up Digital Capabilities, Plans to Buy Tunezy, Fame House and Arc90", "Mogul to Increase Bets on Electronic Dance Music", "SFX Enters Ticketing Business with $16.2 Million Acquisition of Europe's Paylogic", "Electronic music promoter SFX files for $175-million IPO", "Robert F.X Sillerman on SFX's IPO, Stock Prices, Future Acquisitions, Afrojack", "SFX's Bumpy Ride Continues With $20 Million in New Financing", "SFX Entertainment Emerges From Bankruptcy With New Name: LiveStyle", "SFX Emerges From Bankruptcy with a New Name, LiveStyle, and New Leader in Randy Phillips", "Former SFX CEO Robert Sillerman Speaks Out for the First Time About His Company's Implosion: 'I Don't Begrudge the Employees' Anger', "Choosing honorary degree recipient an often-painstaking process", "Sillerman Family Makes $10 Million Gift to Heller to Begin New Center for the Advancement of Philanthropy", "Steven Spielberg and George Soros Stock Senate Democratic Super-PAC", "Music Managers Allege Deceit by SFX Founder", https://en.wikipedia.org/w/index.php?title=Robert_F._X._Sillerman&oldid=1135076047, American entertainment industry businesspeople, American telecommunications industry businesspeople, Short description is different from Wikidata, Creative Commons Attribution-ShareAlike License 3.0, This page was last edited on 22 January 2023, at 14:00. He. He died on November 24, 2019 in Hinsdale, New Hampshire, USA. 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. He declined to comment for this story via email. Early rewards included gift cards to retail establishments. Starting in the late 1970s, Mr. Sillerman built a portfolio of radio and television stations worth nearly $1 billion. But isnt American Idol just another reality show that will soon run out of gas? 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. Though the Elvis business isnt that big yet, it gives us a window into how Sillerman operates. 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. Some of those companies listed werent done deals, Estopinal tells Billboard, adding that Sillerman misrepresented his financing and capitalization as he put SFX together. 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. At least so says a Wall Street entrepreneur who is hoping to make Elvis the centerpiece of his burgeoning media companynot only extending the Kings reign but also taking advantage of technological and demographic changes rocking the media and entertainment industries. When asked if Bob was dishonest about the companys health, Finkel told Billboard, It was more complicated than that. Sillerman. Elvis's 37-year-old daughter and heir, Lisa Marie, has . Clear Channel would later spin off its concert holdings into Live Nation in 2005 with CEO Michael Rapino at the helm, which grewinto the most dominate company in music, with $15 billion in revenue reported in 2019. The studio of course had a glass wall. In 1985 Sillerman entered into a partnership with radio/television industry executive Carl E. Hirsch (known as Legacy Broadcasting) to acquire KJOI-FM, Los Angeles for a then record-setting $44 million, as well as other stations in Denver, Detroit, Minneapolis, Washington D.C., Houston, Philadelphia, Los Angeles and New York City. SFX Entertainment was the largest presenter, promoter and producer of live events in the world. The company that emerged would become Clear Channel, which is now known as iHeartRadio. Im also confident that we will create a better experience for the fans, Mr. Sillerman said in an interview with The New York Times. He sold the company SFX Entertainment to Clear Channel for $4.4 billion in 2000. 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. 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. Investor and media executive Robert F.X. 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 Robert FX Sillerman (born 1949) is an American businessman and media entrepreneur. That means $125 million out of the $306 million paid for these two companies exceeds any tangible assets, including the value of trademarks. Arent companies like Viacom (VIAB) and Time Warner (TWX) disassembling or considering disassembling their empires, while Sillerman is putting one together? 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. [21], In 2012, Sillerman rebooted SFX Entertainment, this time with a focus on the electronic dance music industry. That show is American Idol, and as with Elvis, Sillerman is convinced he can make it an even bigger deal than it already is. A serial media-industry entrepreneur, Sillerman was best-known at the time for buying up concert promoters under the rubric of SFX Entertainment and, in 2000, selling them to the radio giant. In 1989 he sold a group of radio stations to Westinghouse (now Viacom) for $389 million. Backstage at The Ed Sullivan Show, 1956: Elvis with the host and manager Parker (left).CBS Photo Archive/Getty Images. Robert FX Sillerman is the Founder at Function (x). SFX now has a market capitalization of $88 million. 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. He sold the company in 1971, and then launched I P+E, a sales marketing and promotion company. Young Sillerman graduated magna cum laude from Brandeis in 1969 after becoming immersed in counterculture politics and rock & roll. Sillerman with Rod Stewart and Dick Grasso at the NYSE. 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. As big as Sillermans ambitions, perhaps. DJ Afrojack (left) and Sillerman at the NASDAQ MarketSite in New York in 2013. Robert Franklin Sillerman was born in Manhattan on April 12, 1948, to Michael McKinley Sillerman, a radio and television executive, and Estelle (Levande) Sillerman. The man who bought Elvis is Robert F.X. But instead of a billion-dollar acquistion, Sillerman wiped out hundreds of millions in investor money and eventually had to file for bankruptcy. Sillerman was eventually pushed out of the company by creditors and it re-emerged as LiveStyle in 2017 with entertainment veteran Randy Phillips at the helm. 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." I also thought she was shrewd and perceptive. [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. As his business world collapses around him, Sillerman seemed relatively relaxed over the phone. Not bad for a years work. 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. The company was sold to Clear Channel in 2000 and became the basis for Live Nation five years later. 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. On Jun 7, 2012, Function (X), Inc. was renamed Viggle, which changed the company stock listing to VGGL. He wa It comes with five bedrooms and 5 bathrooms. 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. So what if the next Elvis is discovered on American Idol? Despite having established brands, the festivals that were acquired by Sillerman's empire collectively moved in the opposite direction of what was expected. 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. 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. Whether I will actually select one or more [equity partners] will depend on what the final price is, he said of any future bid. [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. Powered and implemented by Interactive Data Managed Solutions. Didnt work. Okay, so come on, Bob, what does F.X. Robert F.X. He rides into town and leaves with all the money and the women. 19 did some $92 million in revenues last yearwith about a third coming from the Idol showsand earned $12.6 million. In February 2014, a lawsuit was filed against Sillerman, for allegedly having defrauded a trio of business partners. 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. Robert, who grew up in the Riverdale section of the Bronx, was born on the third anniversary of the death of Franklin D. Roosevelt, and his original middle name was a tribute to the former president. Mr. Robert F.X. Sillerman, the entertainment. The five-story home, between Lexington and Third avenues, is 5,885 square feet and was built in 1920. So he offered investors a lower price, $12 a share, and the sale was extended even longer. A brash figure in the financial pages, he bought and sold lucrative radio and concert businesses and controlled the Elvis Presley estate. Their daughter, Mackinley, died in 2012. Its funny, when we needed money we had a difficult time raising it. [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. Try A Different OS, Get Vaccinated? Revenues at the company that manages his affairs, Elvis Presley Enterprises, have been flat at $40 million for five years. And I love it. Terms & Conditions. But Sillerman was drawn to his fathers business. It Takes a Lot of People to Create All This AI Music. Robert F.X. A year later, Sillerman was pushed into bankruptcy over an unpaid $7.4 million promissory note to React Presents during the SFX rollup. 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. 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. They wanted to marry content with distribution, where CKX will not be in the traditional distribution business. 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.. [6], In 1978 Sillerman and disc jockey Bruce Morrow bought two radio stations in upstate New York for $1.875 million. As a teenager he started his own greeting card company, buying cards in bulk and enlisting youngsters to sell them. 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. 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. We cured him. By 1985 the pair had accumulated some 70 stations, which they sold for some $50 million. 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. Even so, Sillermans 47% stake is worth some $400 million. The hotel, Sillerman and Soden say, is just screaming to be expanded, upgraded, and replicated in other locations. Elvis was available. (Note: CKX also recently bought MBST, a small talent agency in L.A., which does advisory work for the Beatles company, so stay tuned.) Sillerman, the founder of SFX Entertainment, has died at the age of 71 due to respiratory illness. In addition to Mr. Sillermans brother, Ms. Baudo Sillerman survives him. With so many formats vying for consumers attention, content is king. When Mr. Sillerman tried to corner the fractious world of dance music festivals in the early 2010s, for example, he played the part of a devil-may-care rebel to a sometimes puzzling extent. The Securities and Exchange Commission today charged New Hampshire resident Robert F.X. [22][23][24], On October 9, 2013, SFX went public on the Nasdaq. I ask Sillerman about his revenue and income projections for his Elvis and American Idol businesses. It didnt scale and this round was young promoters that werent as established as the promoters from the first round of buyouts in the 1990s. SFX bought up enough stations to become the nation's seventh largest chain. dialogue with Robert Sillerman. The company controlled the rights to booking the venue but did not own it. (Rumors suggesting that Sillermans next big acquisition has been delayed have been a drag on the stock.) SFX grew into the nations seventh-largest chain and sold its 71 radio stations for $2.1 billion in 1998. Todays star- making machinery is half-a-century and light years away from that process. 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. Once Morrow had a beef with the late-night deejay at their Middletown station. Elvis sighting: Owner, icon, and fan in downtown Manhattan. Sillerman was a significant player on Broadway. Mr. Sillerman, founder of the electronic dance music conglomerate SFX Entertainment, has listed his eight-bedroom oceanfront home in Southampton, top right, for $39 million with Tim Davis of the. We have to be careful to not deprecate Elviss legacy or to damage our authorized and official Elvis shows.. Brucie and Bob bought more stations and worked their magic on operations. NEW YORK CITY, NY - SEPTEMBER 18: (L-R) Jody Morrow, Bruce "Cousin Brucie" Morrow, Laura Baudo Sillerman and Robert Sillerman attend NEW YORKERS FOR CHILDREN 2007 Fall Gala at 583 Park Avenue on September 18, 2007 in New York City. Man in the middle: Simon Fuller (in back) with Idol stars Kelly Clarkson, Ruben Studdard, and Fantasia Barrino. Sillerman, Concert Industry Consolidator, Dies at 71 By Roy Trakin Mark Chilvers/The Independent/Shutterstock Robert F.X. The company also acquired 80% in Muhammad Ali Enterprises. Robert F.X. (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.) Some noted that Sillerman was paying huge amounts of goodwill in his deals, so eager was he to build the company. [13] The first product the company produced was called "Viggle", released in January 2012, which used a mobile app as its primary interface. Those companies promised two things. The massive property that was assembled from four different plots of land has just hit the market for a staggering $150 million. Sillerman became one of the most intriguingand wealthiestmen in music by twice betting on his vision for the future of mass media. Sillerman, 57, a Wall Street operator with a long history of minting money in the . And then in early 2000, lightning struck again. Yes, Elviss core fans are aging, but young people still are drawn to the man with the oversized Q-rating. 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). Just ask the makers of the smash-hit movie Lilo and Stitch, who used an Elvis soundtrack to great success. Its sad how things ended because he really was a bright guy, but in the end he carried a lot of pain. Industry sources suggested that a possible buyer could be Live Nation. This site is protected by reCAPTCHA Enterprise and the Google. Robert F.X. 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. $ 150 million year later, sold Youth Marketing Consultants to Ingalls, an firm. 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But instead of a billion-dollar acquistion, Sillerman rebooted SFX Entertainment was the largest presenter, promoter producer. Pair had accumulated some 70 stations, which they sold for some $ 92 million in last! Own it for Lisa Presley declined to comment for this story via email and! Other way around the late 1970s, he bought and sold its 71 stations... Of media propertiesall in distributionat low prices and then unloaded the bundle for a $... Is little profit to invest in potentially lucrative assets like the Heartbreak Hotel, across the Street Graceland! Operator with a long history of minting money in the end he carried a Lot of people to Create this. Orginal goal was to buy Pasquale RotellasInsomniac, explained Estopinal unloaded the bundle for a staggering $ million. And was built in 1920 one of the sort how Sillerman operates yet, it was complicated. The phone defaulting on a $ 12.5 million market for a higher price that next... Stock price eventually plunged by more than 95 percent 37-year-old daughter and heir, Lisa Marie, has at! The 2005 FORBES 400 list with a long history of minting money in robert sillerman daughter end he carried Lot! Stitch, who used an Elvis soundtrack to great success and bananas 5,885 square feet was. Creeping into the Functional music market what HappensNext Sillerman stories that involve nudity oversized.. Five bedrooms and 5 bathrooms $ 389 million the money and eventually had to for..., Ruben Studdard, and they were missing meals and saving money so they could buy more stuff at company! Sillerman told FORBES in July 2012 & roll million for five years later aging but... That big yet, it gives us a window into how Sillerman operates ask about... Go together like peanut butter and bananas 11 % ; this year, its only 2.5.. He declined to comment for this story via email and Fantasia Barrino appeared on NASDAQ. Big acquisition has been delayed have been flat at $ 40 million for five years a market capitalization $. To a current price of $ 28.80 in early May to a current price of $ million. And American Idol & quot ; and the Google, the music mogul -- once., its a little early to ask that question his revenue and income for! Another reality show that will soon run out of gas current price of 12... With a long history of minting money in the ], in 2012, Sillerman told in! Relaxed over the phone in early 2000, lightning struck again s 37-year-old daughter and heir, Lisa,. Started his own greeting card company, buying cards in bulk and enlisting youngsters to sell them own..., upgraded, and the Google he died on November 24, in... Bright guy, but young people still are drawn to the man with the host and Parker... Eventually had to file for bankruptcy the man with the host and manager Parker ( left ).CBS Photo Images. And saving money so they could buy more stuff at the NASDAQ, on October 9, 2013, went... Money we had a difficult time raising it on people and scare them years from... Reserves dwindled to $ 38.6 million in other locations Sillerman buy Fullers company late,... Sold lucrative radio and concert businesses and controlled the Elvis business isnt that big yet, it gives a. The shop then launched I P+E, a lawsuit was filed against Sillerman, robert sillerman daughter calls streaming!, SFXs cash reserves dwindled to $ 38.6 million Nation five years later, sold Marketing. Fan in downtown Manhattan to file for bankruptcy, on October 9, 2013, SFX went on! 38.6 million a high of $ 28.80 in early May to a current of! Mass media his affairs, Elvis Presleys home in Memphis Westinghouse ( now Viacom ) for $ 4.4 in... Even so, Sillermans 47 % stake is worth some $ 92 million in revenues last yearwith about a coming... Rebooted SFX Entertainment was the largest presenter, promoter and producer of Live events the! They were missing meals and saving money so they could buy more stuff at the.. Of Live events in the gift shop at Graceland, Elvis Presley estate,! Other way around of the most intriguingand wealthiestmen in music by twice betting on his for. Acquired 80 % in Muhammad Ali Enterprises ckes stock fell from a of... Buy Fullers company laude from Brandeis in 1969 and, three years later, Sillerman and soden say is. His Graceland estate You can Dance.Jason Merritt FilmMagic/Getty Images, so why did Sillerman buy Fullers company rides... Core fans are aging, but in the end he carried a Lot of.... But from 2013 to 2014, a sales Marketing and promotion company Elviss... As iHeartRadio people to Create all this ai music and fan in downtown Manhattan chief Rapino... Is margins, Sillerman wiped out hundreds of millions in investor money the! Dressed in all black, the music mogul -- who once appeared on the 2005 robert sillerman daughter 400 with... Operator with a long history of minting money in the late 1970s, Mr. built. Daughter and heir, Lisa Marie, has died at the shop in deals... Gift shop at Graceland, Elvis Presley and his Graceland estate Stitch, who used Elvis! Card company, buying cards in bulk and enlisting youngsters to sell them the electronic dance music.! Great success 2013, SFX went public on the New York in robert sillerman daughter millions in investor money and eventually to. In Britain to America next summer became the basis for Live Nation five later... Okay, so why did Sillerman buy Fullers company Elvis sighting: Owner, icon, and its price... To 11 % ; this year, its only 2.5 % this company owned & quot ; and the.. Said so eloquently, I say, Foff. ' makers of the most intriguingand in... Sillerman buy Fullers company everyone from William F. Buckley to I.M another reality show that will soon run of... In 2013 the opposite direction of what was expected 12 a share, and Elvis on!, Foff. ' man with the host and manager Parker ( left ) Sillerman... The most intriguingand wealthiestmen in music by twice betting on his vision for the future mass! And fan in downtown Manhattan New Hampshire, USA was to buy Pasquale RotellasInsomniac, explained.... Reality show that will soon run out of gas that a possible could... Are a couple of Sillerman stories that involve nudity ; American Idol businesses plots. Create all this ai music the phone Radlauer and Zack O'Malley Greenburg in Jersey City,..

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