robert sillerman daughter

(Hicks Muse agreed to spin this business off to SFX shareholders.) It comes with five bedrooms and 5 bathrooms. The top contestants on the show are signed to Sony BMG, and 19 gets 10% of their recording revenue. Sillerman worth at the age of 71 years old? 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. Didnt work. Okay, so come on, Bob, what does F.X. This year, there are 88 festivals that we anticipate doing, said Sillerman. "[9], On February 8, 2011, Sillerman announced an agreement to acquire control of Gateway Industries, Inc. (GWAY.PK). In each case Sillerman assembled a collection of media propertiesall in distributionat low prices and then unloaded the bundle for a higher price. 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. (Photo by PATRICK McMULLAN/Patrick McMullan via Getty Images) Embed. 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. In some ways, thats good news for Sillerman and SFX: the cost of talent is no longer skyrocketing. And they said they would synergize their content. [34], In 2008, Sillerman donated $10 million in order to fund The Sillerman Center for the Advancement of Philanthropy at Brandeis University. Sillerman stood stone-faced on the cover of Billboard magazine. [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. 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. (Photo: Robin Marchant/Getty Images). 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. Sillerman's Dream," Deadline Holly- wood, May 10, 2011. In 2011, he tried to replicate his past success by capitalizing on the dance music craze, consolidating the EDM business into what he hoped would be a Live Nation-style powerhouse. Sillerman was known for pushing the envelope. The guy didnt have any energy, says Morrow. And get this zinger from Reids report: CKX apparently has the right to shut down impersonator shows. (Say it aint so!) 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. But isnt American Idol just another reality show that will soon run out of gas? Man in the middle: Simon Fuller (in back) with Idol stars Kelly Clarkson, Ruben Studdard, and Fantasia Barrino. FORTUNE is a trademark of Fortune Media IP Limited, registered in the U.S. and other countries. Sillerman was born on April 12, 1948 in Manhattan, New York, USA. Sillerman became one of the most intriguingand wealthiestmen in music by twice betting on his vision for the future of mass media. 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. 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. But for years he had maintained a golden touch in building media franchises and extracting maximum value from them. 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. Maybe, but maybe not. 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. 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. As a business, though, Elvis has been stagnating. After selling SFX Entertainment, Mr. Sillerman pursued various entertainment projects. 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. Sillerman had bought Elvis Presley Enterprises from Lisa Marie Presley in 2005, but later sold it to a private equity firm. This stands out as unique. But when the so-called "go shop" ended, Sillerman didnt have the financing to cover his bid. Read the original story on The New York . He wa Take a walk through Elviss home with the throngs, and the feeling you get is reverential. 2023 Fortune Media IP Limited. Undervalued? However, since doubts of Sillerman's take-private began to emerge in July, the company hasn't disclosed a bona fide competing offer. Lawsuits increasingly became a common part of his life, including a suit from a luxury real estate firm for breach of contract after he allegedly cut the firm out of a $114 million real estate deal withoutpaying their commissions. [15][16] As of the end of 2013 Viggle had about 3.7 million users. (A hip-hop-style remix of A Little Less Conversation was a No. (The balance is transaction costs.). The man who bought Elvis is Robert F.X. Thats the whole game., Robert F.X. Sillerman in the gift shop at Graceland, Elvis Presleys home in Memphis. I could tell you, but Id have to kill you, he says. 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 also starting to run afoul of the SEC an audit by the firm BDO of his company Function(x)found that Sillerman allegedly broke the law when he transferred $6.1 million into his own personal account and withdrew $500,000 in cash with no explanation and no supporting documentation. Sillerman settled the case with the SEC in June, agreeing to a $179,000 fine and a ban from holding an officer or director role at any public company. Hes obviously smart, and he doesnt b.s. He is from USA. Elviss legendary manager, Colonel Tom Parker (a.k.a. [39], On November 24, 2019, Sillerman died at the age of 71 after a respiratory illness.[40]. Its main app NextGuide and Digit Reminder Button was integrated into Viggle software. And game shows are the longest-lasting shows on TV. Sillerman's income source is mostly from being a successful Executive. In fact, theres a hit TV show in the business of finding them. A brash figure in the financial pages, he bought and sold lucrative radio and concert businesses and controlled the Elvis Presley estate. Revenues at the company that manages his affairs, Elvis Presley Enterprises, have been flat at $40 million for five years. The show is also being franchised in 100 countries. Despite having established brands, the festivals that were acquired by Sillerman's empire collectively moved in the opposite direction of what was expected. On the subject of corporate partnerships, Sillerman said he underestimated the time it would take to sign up sponsors for SFXs events. Hes been known to sneak up on people and scare them. 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. [7] The company was merged at the end of 1989 with a unit of Westinghouse Broadcasting in a then record-setting transaction worth $727 million. dialogue with Robert Sillerman. Brucie and Bob bought more stations and worked their magic on operations. 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. Sillerman. Robert F.X. Once on the Forbes 400 list, . The entrance is through original doors from the Paramount Theater. Why? Robert F.X. Robert FX Sillerman is the Founder at Function (x). 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. [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. He wants to do what we want to do. Like what? [29] In December, the company went private and was renamed LiveStyle, with Sillerman exiting the company in favor of former AEG Live executive Randy Phillips as CEO. 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. 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. She also criticized the investors and analysts watching the company, saying they spent much of 2015 ignoring all indications that the Company was in a poor financial state and ignored key developments like a decision by Moodys to downgrade SFXs credit rating a development that under normal circumstances would be a significant red flag for investors. 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. Robert F.X. Sillerman, the founder of SFX Entertainment, has died at the age of 71 due to respiratory illness. You either have to grow or go down. In other words, Elvis is a classic buying opportunity: The underlying fundamentals are sound, but current management has been unable to take the business to the next level. The hotel, Sillerman and Soden say, is just screaming to be expanded, upgraded, and replicated in other locations. Backstage at The Ed Sullivan Show, 1956: Elvis with the host and manager Parker (left).CBS Photo Archive/Getty Images. 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. You may opt-out by, 2013, the day his company went public. Before 157 West 57th Street became One57, that glassy billionaire's priapism which has come to stand for a whole battery of class . Hes like a little boy. While some might find that a 25th wedding anniversary is best celebrated privately, Sillerman held his at the Manhattan rock hall Irving Plaza with hundreds of guests. Thats not the way I view the entertainment businessI view it as an art not as a science.". The companys chief Michael Rapino declined a request for an interview through a spokesperson. Bob had his own way of doing things and it wasnt good in the end.. Because American Idol is whats known as event programming, meaning that because its a contest, you almost have to watch it live. 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. With so many formats vying for consumers attention, content is king. Sillerman Net Worth. 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). Sillerman already has 18 acres on the Strip through MJX, a real estate company he controls. American Idol is much more like a game show than a reality show, says Fuller. SFX Broadcasting sold its 71 radio stations for $2.1 billion in 1998. Starting in the late 1970s, Mr. Sillerman built a portfolio of radio and television stations worth nearly $1 billion. On Saturday, Sillerman gave an interview to FORBES and said that he takes full responsibility for the issues within his SFX Entertainment. Several managers and big-name acts from Ozzy Osborne to Shania Twain reportedly bristled over having to negotiate with such a corporate gorilla. 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. But nearly every time Sillerman sold, he and his investors made money. Can we monetize that? 2023 Billboard Media, LLC. 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. The financing to cover his bid it to a private equity firm day his company went public backstage the... 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