(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.) When asked if Bob was dishonest about the companys health, Finkel told Billboard, It was more complicated than that. The stock cratered. But Sillerman was drawn to his fathers business. In characteristic form, Sillerman wont give investors any firm commitments. But instead of a billion-dollar acquistion, Sillerman wiped out hundreds of millions in investor money and eventually had to file for bankruptcy. around. As for Sillermans take on Lisa: I was impressed with how real and grounded she was. 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. Now, after lying in the weeds for a few years and fighting and beating cancer, Sillerman is at it again, pulling together another media empire, whichthough Sillerman wont acknowledge that he has an endgame in mindhell ultimately look to sell for another big score. Lately Sillerman has become more guarded, though. In other words, distribution companies are falling all over each other to reach customers through new, competing outlets. When his record company rereleased Elvis singles to promote his latest greatest-hits compilation in 2002, 19 of them became top five hits in Britain. Sillerman, the former CEO of Function (x), Inc., with orchestrating an offering fraud and diverting offering proceeds to repay loans he had previously made to the company. Synergy is not important. Sillerman insists that cancer hasnt impeded his business or his social life, which can be a bit wild and woolly. Working with Steve Hicksbrother of Tom Hicks, the head of Texas buyout firm Hicks MuseSillerman embarked on a dizzying run of acquisitions, creating one of the largest radio station companies in the country. Once a saver, always a saver: Warren Buffett says generational wealth isnt what it used to be in his annual letter Its bigger than the housing crisis: An influential economist just blamed NIMBYs for American decline, and Elon Musk CA Notice at Collection and Privacy Notice, Do Not Sell/Share My Personal Information. He died on November 24, 2019 in Hinsdale, New Hampshire, USA. He was 71. He was married to Laura Baudo. I thought he was asleep. Contestants on the new Fox hit So You Think You Can Dance.Jason Merritt FilmMagic/Getty Images, So why did Sillerman buy Fullers company? 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. However, since doubts of Sillerman's take-private began to emerge in July, the company hasn't disclosed a bona fide competing offer. Sillerman. No question we could build a convention-sized hotel here, says Soden. No, I dont think the mistakes I made had anything to do with my lack of background on this particular type of music, he said. [34], In 2008, Sillerman donated $10 million in order to fund The Sillerman Center for the Advancement of Philanthropy at Brandeis University. 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. And the show garners the highest ad rates on network TV, between $660,000 and $705,000 for a 30-second spot, which is higher than CSI or Desperate Housewives. 2023 Billboard Media, LLC. 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. 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. On this Wikipedia the language links are at the top of the page across from the article title. Robert F.X. He was a good guy, but he knew he did bad things, Estopinal tells Billboard, noting that Sillerman was suffering from the complications of throat surgery through all of the SFX misadventure. Capstar applied for and received permission to operate more than one class of radio station in the same market. [8], In 1989 Sillerman formed Capstar Communications. As his business world collapses around him, Sillerman seemed relatively relaxed over the phone. There was no retirement plan. The studio of course had a glass wall. On Friday, the stock closed at 91 cents a share. 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. [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. It declared bankruptcy in 2016, and many of the assets it had amassed were sold off. Elvis sighting: Owner, icon, and fan in downtown Manhattan. Mr. Sillerman called it an inside joke. Sillermans personal take was a reported $219 million. [22][23][24], On October 9, 2013, SFX went public on the Nasdaq. I suppose there are all kinds of gratifying lines of work, he says. He sold the company in 1971, and then launched I P+E, a sales marketing and promotion company. You may opt-out by, 2013, the day his company went public. unclear if newer events will have the same kind of draw. 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. Speak with executives at Graceland and in New York, though, and it quickly becomes obvious how they want to further elevate the King. [33] In 2000, Sillerman donated a $15 million gift through the Tomorrow Foundation to extend the library and for marine science scholarships. The house, formerly owned by Robert Sillerman, includes a 12,000. The second floor boasts two main bedroom suites with ensuitemarble bathrooms, woodburning fireplaces and a large planted terrace. ), Sillerman, who had extensive exposure to the rock & roll business as a radio executive and concert promoter, realized that owning the rights to a rock act could be a great business. Later, the private equity firm Apollo Global Management acquired CKX in 2011. In the years following that tragic 2012 event, he was often treated as a cartoon villain in the media, trying for a third, fourth and even fifth act in business, and some say the death of his daughter hardened him to any criticism. In the mid-1980s the Federal Communications Commission was beginning to loosen its restrictions on the number of radio stations that could be owned by a single operator. He made a lot of people wealthy, and he made himself even wealthier., Visit with Sillerman for an hour or two in his Manhattan office, and you are likely to get a rapid-fire discourse on politics from the 1960s to today, or rock & roll radio, or Thoreau, or education in America, or all of the above. Robert F.X. Before 157 West 57th Street became One57, that glassy billionaire's priapism which has come to stand for a whole battery of class . This stands out as unique. The New York entrepreneur is most notably known for consolidating a number of U.S.. Robert F.X. By then Sillerman was already toiling away on his next project, SFX Entertainment, a company that would own concert venues and other media properties. 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. I ask Lisa about Sillermans plans. And dont even think about asking him what his middle initials, F.X., stand for. "Robert Sillerman, SFX Entertainment Founder, Dies at 71", "Bio in the 2005 Forbes 400, he was #375", "Robert F X Sillerman purchases WAFL NY-New Jersey Knights for $11 million", "KJOI-FM's $75-Million Price an Industry Record: Station's Sale Key Part of $155-Million Ownership Shuffle That Also Affects KTWV, Westwood One", "Robert F.X. That seemed to sum everything up., A daily briefing on what matters in the music industry. He loves to party. The founder of SFX Entertainment rarely spoke about the impact of his daughter's death but his friends say it weighed on him and changed his outlook. Sillerman also bought the business of sports superagent David Falk (he repped Michael Jordan, among others) and other pieces of the sports world, such as figure-skating championships. But it had to be a biggie to make economic sense. CKX has the rights to the Elvis name, image, likeness, and trademark, which are currently used in 100 or so merchandising and licensing deals. Additionally, Robert FX Sillerman has had 6 past jobs including Founder at Live Nation. He was an executive. Sillerman's Dream," Deadline Holly- wood, May 10, 2011. The company also acquired 80% in Muhammad Ali Enterprises. Robert F.X. 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. 19 also manages the career of soccer superstar David Beckham and his wife, Victoria (a.k.a. In 2017, he almost lost the home after defaulting on a $12.5 million. 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. But the companys performance was weak, and its stock price eventually plunged by more than 95 percent. S&P Index data is the property of Chicago Mercantile Exchange Inc. and its licensors. This is a BETA experience. Hes obviously smart, and he doesnt b.s. Sillermans new frontier was to be EDM, a genre whose live events like Electric Daisy Carnival and Belgiums Tomorrowland were drawing millions of neon-wearing, glow stick-flashing young adults to festival grounds around the world. (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? Robert F.X. Meet the Women in Music Honoree Who Escaped the IronCurtain, Manson Accusers Recantation Cant Be Used for Now in Case Against Evan Rachel Wood, JudgeSays, Fadia Kader Joins Venice Music as EVP &GM. FORBES first started charting DJ earnings in 2012; a year later, the collective income of the top ten acts had doubled. Bob had his own way of doing things and it wasnt good in the end.. The third and fourth floors boast a bedroom with 20-foot ceilings, a woodburning fireplace, two bathrooms one of which has another woodburning fireplace and two dressing rooms. 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