We took on more debt than I felt comfortable with, she says. [4] After graduating from the Collegiate School, he attended Brandeis University. 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. Sillerman was known for pushing the envelope. What about a world champion Idol drawn from all the different nations? The show venue may be moved from Los Angeles to Las Vegas to save money (and perhaps to fill a certain 2,000-seat theater). He bankrolled Mel BrooksBroadway production of The Producers and was golf partners with NBA legend Michael Jordan. Try A Different OS, Get Vaccinated? You may opt-out by, 2013, the day his company went public. The listing brokers are Douglas EllimansCaroline Holl, Michael Russell and Stephen Geller. 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 orginal goal was to buy Pasquale RotellasInsomniac, explained Estopinal. 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. 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. In 2017, he almost lost the home after defaulting on a $12.5 million loan, The Post reported at the time. The Securities and Exchange Commission today charged New Hampshire resident Robert F.X. 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. around. As for Sillermans take on Lisa: I was impressed with how real and grounded she was. Robert F.X. Sitting kitty-corner from Graceland across Elvis Presley Boulevard, it is a 128-room boutique property with a small pool and a tiny bar, perennially packed to the gills with Elvis fans. In May 2009, Credit Suisse filed a request for summary judgement in New York State Supreme Court, alleging Sillerman had failed to pay the . [8], In 1989 Sillerman formed Capstar Communications. Sillerman, Concert Industry Consolidator, Dies at 71 By Roy Trakin Mark Chilvers/The Independent/Shutterstock Robert F.X. In each case Sillerman assembled a collection of media propertiesall in distributionat low prices and then unloaded the bundle for a higher price. on fraud charges for his work with Function (X). Robert Sillerman, founder of SFX Entertainment, has died, Billboard reports and Sillerman's lawyer Sanford Philip Rosen confirmed to Pitchfork. First, understand that Sillerman actually owns very little of Elviss music. Lately Sillerman has become more guarded, though. He wa And game shows are the longest-lasting shows on TV. [33] In 2000, Sillerman donated a $15 million gift through the Tomorrow Foundation to extend the library and for marine science scholarships. In 2010, he re-emerged with a second strings-attached take-private bid, but CKXs board chose to sell the company to Apollo Global for $5.50 a share, a bruising result for investors. Sillerman, the entertainment entrepreneur who helped. This isnt the first time Sillerman has failed to live up to his word when trying to buy back a company he listed on the public markets. Ive tried to get him drunk to get him to tell me, says Brucie. 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. . Sillerman had bought Elvis Presley Enterprises from Lisa Marie Presley in 2005, but later sold it to a private equity firm. With reporting from Sue Radlauer and Zack O'Malley Greenburg in Jersey City, N.J. He just didnt a fabout anything, said one former business partner who did not want to share their name. Before 157 West 57th Street became One57, that glassy billionaire's priapism which has come to stand for a whole battery of class . 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. Thats the whole game., Robert F.X. He set up his own business, Youth Markets Consultants, to help big companies sell their wares to the Now Generation. 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. If we can, this will dwarf the first SFX. Sillermans personal take was a reported $219 million. There are so many ways to exploit that level of awareness. CKX also gets royalty rights to 24 Elvis movies. 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. As his radio empire grew, Sillerman increasingly came up against Federal Communications Commission regulations restricting his ability to own multiple public broadcast stations, until 1996 and the passage of the Telecommunications Act, which lifted the restriction on owning multiple radio and television stations in a single market, paving the way for Sillermans firm to merge with Command Communicationsand become SFX Broadcasting. [39], On November 24, 2019, Sillerman died at the age of 71 after a respiratory illness.[40]. With so many formats vying for consumers attention, content is king. Even very young people. Its main app NextGuide and Digit Reminder Button was integrated into Viggle software. The last thing well be thinking about is margins, Sillerman told FORBES in July 2012. Perhaps the bigger question centers on the inherent limits of EDMs popularity. 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. And dont even think about asking him what his middle initials, F.X., stand for. Not a clue. 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. The hotel, Sillerman and Soden say, is just screaming to be expanded, upgraded, and replicated in other locations. Says a top Wall Street banker: Hes a very smart guy, but I dont think you want to be sitting on the other side of the negotiating table from him.. But an informed source says that Lisa Presleys spending habits were also an issue: She had been running through $5 million to $7 million a year, amounts that closely matched the annual net income of EPE. This stands out as unique. Whether I will actually select one or more [equity partners] will depend on what the final price is, he said of any future bid. There was no retirement plan. 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. 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. Just ask the makers of the smash-hit movie Lilo and Stitch, who used an Elvis soundtrack to great success. [6], In 1978 Sillerman and disc jockey Bruce Morrow bought two radio stations in upstate New York for $1.875 million. [35] For thirteen years, Sillerman served as the Chancellor of Southampton College and is the founder of The Tomorrow Foundation. [17][18] In December 2013 Viggle acquired Wetpaint for $30 million in stock and in early 2014 Viggle acquired Digit Media, an entertainment app producer. The company was sold to Clear Channel in 2000 and became the basis for Live Nation five years later. Sillerman stood stone-faced on the cover of Billboard magazine. Robert F.X. 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. Unable to issue new debt without breaching bond covenants, SFX sold stock before the quarter's end to raise collateral that its banker, Barclays, had demanded in order to borrow from the companys credit line, a rainy day source of cash. According to Billboard, Sillerman died of a. (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.) Billionaire entertainment mogul Robert F.X. He was an executive. Another show with legs? Additionally, Robert FX Sillerman has had 6 past jobs including Founder at Live Nation. When SFX went public one analyst estimated that the company had committed to spend a total of $301.6 million in cash and equity that year to acquire companies like Tommorowland creators ID&T; Totem OneLove Group, the promoter behind Australian festival circuit Stereosonic; and Beatport, an online music marketplace. When asked if Bob was dishonest about the companys health, Finkel told Billboard, It was more complicated than that. I know nothing about EDM, Sillerman told Billboard in Sept. 2012. ), Sillerman with Rod Stewart and Dick Grasso at the NYSE.Henny Ray Abrams AFP/Getty Images. 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