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. Thats not the basis of CKX. Billionaire entertainment mogul Robert F.X. Robert F.X. Anyone can read what you share. Even so, Sillermans 47% stake is worth some $400 million. Michael Sillerman died in 1980, just when his sons career was taking off. The entrance is through original doors from the Paramount Theater. 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. He died on November 24, 2019 in Hinsdale, New Hampshire, USA. 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. Its different, Sillerman says. 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. Robert FX Sillerman (born 1949) is an American businessman and media entrepreneur. 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. Improved top-line growth did little to stave off a panic from investors, who were troubled to see the company once again fall short of the profits it had promised. And there are a couple of Sillerman stories that involve nudity. I know nothing about EDM, Sillerman told Billboard in Sept. 2012. 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." 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 was known for pushing the envelope. In 2017, he almost lost the home after defaulting on a $12.5 million. But instead of a billion-dollar acquistion, Sillerman wiped out hundreds of millions in investor money and eventually had to file for bankruptcy. Their daughter, Mackinley, died in 2012. 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. Sillerman's net worth , money, salary, income, and . But isnt American Idol just another reality show that will soon run out of gas? Sillerman, poses after ringing the Nasdaq closing bell on Oct. 9, [+] 2013, the day his company went public. He was married to Laura Baudo. Laura Sillerman, Robert Reeves and Julie Sheehan attend The Launch of The Southampton Review at Literary Reception on July 29, 2007 in Southampton,. Details surrounding the companys formation remain disputed, and today Sillerman faces a lawsuit from acquaintances who allege that they are cofounders. 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. SFX grew into the nations seventh-largest chain and sold its 71 radio stations for $2.1 billion in 1998. The results supported theories that Sillerman--who proposed in late May to take the company private at a price of $5.25 per share--didnt have the financial partners or intent to buy his cash-strapped company. 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. So he offered investors a lower price, $12 a share, and the sale was extended even longer. He was never really at 100%.. To Sillerman the soft patch was an opportunity to reload. Mr. 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. In September 2012, Sillerman announced his biggest project to date on the cover of Billboard, sporting a black leather jacket, a global-shaped disco ball and a handkerchief in his pocket that famously read FOff., Its a universal statement, Sillerman told Billboard writer Kerri Mason. "[9], On February 8, 2011, Sillerman announced an agreement to acquire control of Gateway Industries, Inc. (GWAY.PK). document.getElementById( "ak_js_1" ).setAttribute( "value", ( new Date() ).getTime() ); Thanks for contacting us. 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. And Fuller is looking to bring a gritty nighttime soap opera that is popular in Britain to America next summer. 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. He wa Once Morrow had a beef with the late-night deejay at their Middletown station. Clear Channels stock, which hit a high of $95 in 2000, is trading at $32. Lisa received $50 million in cash, plus $26 million in CKX common and preferred stock. 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. 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. The last thing well be thinking about is margins, Sillerman told FORBES in July 2012. And there are between 105 and 110 scheduled for next year.. Robert F.X. When SFX began bursting at the seams, in no small part because of his mismanagement, Sillerman again reneged. Five years later, Clear Channel spun off those concert assets into a separate company, Live Nation, which in 2010 merged with Ticketmaster to become Live Nation Entertainment, the biggest concert promoter in the world. He has unbounded energy when it comes to business. Sillerman stood stone-faced on the cover of Billboard magazine. 19 did some $92 million in revenues last yearwith about a third coming from the Idol showsand earned $12.6 million. I could tell you, but Id have to kill you, he says. As for spinoffs, did we mention that another smash hit on Fox, So You Think You Can Dance, is produced by Fuller too? [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. This is a BETA experience. . Today, that blueprint to take over the electronic dance music (EDM) world is in shambles, the result of poor management, suspect financial planning and a certain hubris that Sillerman, who corporatized the live music industry in the 1990s, could do it all over again. In 2000 he sold a company that owned concert venues to Clear Channel for a reported $3 billion. 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. The man who bought Elvis is Robert F.X. Which would seem to be a naturalElvis and Vegas go together like peanut butter and bananas. In 2000, the radio chain Clear Channel Communications bought SFX for $4.4 billion. FORTUNE is a trademark of Fortune Media IP Limited, registered in the U.S. and other countries. Sillerman, the entertainment entrepreneur who helped. 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 he doesnt seem to be worried about anything of the sort. Think of how we can continue to expand the show, says Fuller. Mr. Sillerman called it an inside joke. Striking a deal shouldnt be that difficult. He doesnt want to mess with anything. 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). Around that time Sillerman was diagnosed with tongue cancer and underwent chemotherapy, which sidelined him for several months. At Ingalls he met a young copywriter, Laura Baudo, who would become his wife. Its funny, when we needed money we had a difficult time raising it. What would be the ultimate winning scenario for Sillerman? Impersonator shows can, if properly done, extend the brand, Sillerman says. Sillerman insists that cancer hasnt impeded his business or his social life, which can be a bit wild and woolly. 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. So far Idol stars like Kelly Clarkson and Clay Aiken have sold over 14 million albums. 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. 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. 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. [35] For thirteen years, Sillerman served as the Chancellor of Southampton College and is the founder of The Tomorrow Foundation. Bear Stearns analyst R. Glen Reid says to also look for a 2,000-seat Elvis theater in Vegas. That greatly reduces the number of viewers who DVR it and skip the commercials. It Takes a Lot of People to Create All This AI Music. Even more worrying, SFXs cash reserves dwindled to $38.6 million. 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. Despite having established brands, the festivals that were acquired by Sillerman's empire collectively moved in the opposite direction of what was expected. On Saturday, Sillerman gave an interview to FORBES and said that he takes full responsibility for the issues within his SFX Entertainment. [21], In 2012, Sillerman rebooted SFX Entertainment, this time with a focus on the electronic dance music industry. 19 is the brainchild of Simon Fuller, whom Sillerman describes as a cherubic bundle of nonstop creative energy. Fuller started out as a talent scout in the 1980shis company is named after a hit song by an artist he manageddiscovering and working with British rock groups like Spandau Ballet, Billy Idol, and Ultravox. His father, Michael McKinley Sillerman, was a radio executive who went bankrupt when his son was 13. Sillerman Net Worth. 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. We cured him. By 1985 the pair had accumulated some 70 stations, which they sold for some $50 million. American Idol is much more like a game show than a reality show, says Fuller. Some people loved Bob and some people hated him, there was no middle ground, said James Disco Donnie Estopinal, a New Orleansdance promoter now living in Puerto Ricowho served as Sillermans deal maker and helped bring in the dance promoters that would come to form the new SFX Entertainment. In other words, distribution companies are falling all over each other to reach customers through new, competing outlets. FORBES first started charting DJ earnings in 2012; a year later, the collective income of the top ten acts had doubled. 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