But nearly every time Sillerman sold, he and his investors made money. 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? Now that Sillerman's deal is dead, SFX is in a mad dash to find a new buyer. [36] Sillerman was also a donor and fundraiser for the Democratic Party in the United States. This is a long-term perspective, [but] a 10% return on equity from our perspective would be insufficient.. [2][3], Sillerman was born to a Jewish family in New York City, and was raised in the Riverdale neighborhood of the Bronx, the son of Estelle (Levande) and Michael McKinley Sillerman. 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. This year, there are 88 festivals that we anticipate doing, said Sillerman. In February 2014, a lawsuit was filed against Sillerman, for allegedly having defrauded a trio of business partners. Robert F.X. [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. 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. Before 157 West 57th Street became One57, that glassy billionaire's priapism which has come to stand for a whole battery of class . Think of how we can continue to expand the show, says Fuller. 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. and attractions such as Memphis' Graceland to Robert Sillerman, . This is a BETA experience. SFX bought up enough stations to become the nation's seventh largest chain. 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. SFX Entertainment is likely well-managed on the festivals and business unit level and the companys shortcomings, in our view, appear to be with holding company management and its board of directors, which have arguably destroyed shareholder value, said analyst Richard Tullo of Albert Fried. 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." He likes to jump out of the bushes or hide in hotel rooms and scare people, says Cousin Brucie. The company has teased burned investors with an "indication of interest" from an unnamed bidder. After that big deal, as with so many American business stories in 2000, things began to sour. ), Sillerman with Rod Stewart and Dick Grasso at the NYSE.Henny Ray Abrams AFP/Getty Images. Hes probably smartest person Ive ever met, saidShelly Finkel, a longtime boxing and music manager who co-founded SFX with Sillerman in 2011. Sillerman insists that cancer hasnt impeded his business or his social life, which can be a bit wild and woolly. Sony Pictures Television Nonfiction (formerly known as CKX, Inc., CORE Media Group, Inc. and Industrial Media, LLC) is an American company founded on February 7, 2005, that owns and develops entertainment content and intellectual property . [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. 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. Only Mike Darnell [at Fox] got it straight away., Man in the middle: Simon Fuller (in back) with Idol stars Kelly Clarkson, Ruben Studdard, and Fantasia Barrino.Ray Mickshaw WireImage/Getty Images. Pei through the hallowed halls. 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. AI Is Creeping Into the 'Functional' Music Market What H Meet the Women in Music Honoree Who Escaped the Iron Curtain, Bright Eyes Return to the Road With Eight-Date U.S.Tour, Brandi Carlile, Trey Anastasio & Stick Figure To Headline 2023 LevitateFestival, British Indie Rockers Lovejoy Announce 20-City U.S.Tour, It Takes a Lot of People to Create All This AIMusic. 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. Sillerman worth at the age of 71 years old? Yes, Elviss core fans are aging, but young people still are drawn to the man with the oversized Q-rating. To Sillerman the soft patch was an opportunity to reload. The stock cratered. But the company had no serious strategy, a former employee told Billboard at the time, and Sillermans frequent misrepresentations angered investors, including a plan to take the company private in May 2015 that collapsed when it became clear that Sillerman didnt have the $700 million needed to finance the deal. Sillerman paid $196 million to buy 19 Entertainment. He is also the founder of Viggle and the namesake of The Sillerman Center for the Advancement of Philanthropy at Brandeis University. 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. Robert F.X. 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. 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.. [10], Leading CKX, Inc., Sillerman bought majority rights to Graceland, the Elvis Presley estate;[11] as well as the assets of Simon Fuller's 19 Entertainment, whose assets include TV hit American Idol and managed clients including football player David Beckham. First, understand that Sillerman actually owns very little of Elviss music. He can outlast and outtalk anybody. Says a close colleague: His BlackBerry messages start at 6 A.M. and never stop into the night. Capstar applied for and received permission to operate more than one class of radio station in the same market. Fuller is signed up to head 19 Entertainment in a five-year contract. By then Sillerman was already toiling away on his next project, SFX Entertainment, a company that would own concert venues and other media properties. 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. At first, advertisers and investors flocked to the new SFX. [33] In 2000, Sillerman donated a $15 million gift through the Tomorrow Foundation to extend the library and for marine science scholarships. 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. Offers may be subject to change without notice. I thought he was asleep. Impersonator shows can, if properly done, extend the brand, Sillerman says. I dont want to say anything negative about someone who wasgood to me, but there were a lot of issues.. Robert F.X. (Photo: Robin Marchant/Getty Images). Then there are concert tours and merchandising. 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). 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%. That didnt work out, but when we started talking, Insomniacs acquistion price was $10 million, he said. Contestants on the new Fox hit So You Think You Can Dance.. He sold the company SFX Entertainment to Clear Channel for $4.4 billion in 2000. During its public run, the company also sold $295 million debt to finance additional acquisitions and fund operating losses. (Photo credit: Jonas Roosens/AFP/Getty Images), Increase Website Performance With Three Metrics, Europe Is Lagging Behind In Developing Large AI Models, Deepfakes - The Danger Of Artificial Intelligence That We Will Learn To Manage Better, Overview Of How To Create Deepfakes - Its Scarily Simple, Ukrainian Startups Showing Resilience In A Time Of War, Worried That Your Phone Is Spying On You? He sold the company in 1972 to the Boston ad firm, Ingalls. In 1989 he sold a group of radio stations to Westinghouse (now Viacom) for $389 million. 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. 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