. His father Michael created Keystone Radio Network and syndicated the popular show Lassie, but went bankrupt in 1961 and passed away in 1980, according to the book. As for spinoffs, did we mention that another smash hit on Fox, So You Think You Can Dance, is produced by Fuller too? So far Idol stars like Kelly Clarkson and Clay Aiken have sold over 14 million albums. Those companies promised two things. The CK stands for content is king, while the X is a reference to one of his middle initials (they are F.X., and he wont tell anyone what they stand for). The lawsuit is set to go to trial in October in a federal court in Los Angeles and has been one of a handful of elements to weigh heavily on SFXs stock in the last year. 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). Obviously the market had spoken loud and clear that it believed the five-and-a-quarter deal was never coming, said Sillerman in one of his first interviews since announcing the privatization plan. In June 2007, Sillerman told investors of CKX--a Nasdaq vehicle hed created with intellectual property rights to American Idol, Elvis Presley and Muhammad Ali--that hed pay $13.75 a share to take the company private. Even so, says Lisa Presley, theres only so far you can take a family-run business. Capstar applied for and received permission to operate more than one class of radio station in the same market. Late last year Lisa Presley flew to New York to meet Sillerman face to face. Sillerman, the entertainment entrepreneur who helped. Another show with legs? Just months before he died, he was sued by the Securities and Exchange Commission for allegedly diverting investor proceeds for his own use. Robert Sillerman, founder of SFX Entertainment, has died, Billboard reports and Sillerman's lawyer Sanford Philip Rosen confirmed to Pitchfork. He doesnt want to mess with anything. I know nothing about EDM, Sillerman told Billboard in Sept. 2012. SFX CEO Entertainment Robert F.X. Earlier this month in Los Angeles county, two female attendees of Live Nation-run event HARD Summer died of apparent drug overdoses. While Sillermans buying spree made sense to few of the sellers in the later 90s, the dots quickly connected by the time he sold the business. [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. document.getElementById( "ak_js_1" ).setAttribute( "value", ( new Date() ).getTime() ); Thanks for contacting us. Anyone can read what you share. Its sad how things ended because he really was a bright guy, but in the end he carried a lot of pain. Investor and media executive Robert F.X. Its easy to say that in hindsight, Sillerman told Billboard in a June 9, 2016article. Additionally, Robert FX Sillerman has had 6 past jobs including Founder at Live Nation. On Friday, the stock closed at 91 cents a share. counterpart.) [6], In 1978 Sillerman and disc jockey Bruce Morrow bought two radio stations in upstate New York for $1.875 million. With a market value of $1.1 billion, is CKX overvalued? When asked if Bob was dishonest about the companys health, Finkel told Billboard, It was more complicated than that. (Photo credit: Jonas Roosens/AFP/Getty Images). At that time it was very exciting, but the mergers didnt work in the U.S. in the way we thought they would, Finkel said. So what he said so eloquently, I say, Foff.'. The Bolshoi Ballet came en masse to Graceland, Soden recalls. Speak with executives at Graceland and in New York, though, and it quickly becomes obvious how they want to further elevate the King. 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. 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. Since then, revenues have grown but profits have vanished. [39], On November 24, 2019, Sillerman died at the age of 71 after a respiratory illness.[40]. At Ingalls he met a young copywriter, Laura Baudo, who would become his wife. In February 2016, SFX filed for bankruptcy, brought down in a cash crunch that Estopinal now partially blames on overpaying for the assets that came to make up SFX. The stock cratered. FORBES first started charting DJ earnings in 2012; a year later, the collective income of the top ten acts had doubled. It runs in the family: Lisa Marie Presley signs autographs for NASCAR fans at Daytona Speedway this past July. Anthony Effinger and Daniel Taub, "American Idol Sillerman Dealt Elvis Default Heartbreak in Vegas," Bloomberg.com, June 1, 2009. Elviss legendary manager, Colonel Tom Parker (a.k.a. How big will CKX become? 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. Bob is like a Clint Eastwood character in an old Western movie, says Dennis Arfa, a business associate of Sillerman. He wa The New York entrepreneur is most notably known for consolidating a number of U.S.. At first, advertisers and investors flocked to the new SFX. ), Sillerman with Rod Stewart and Dick Grasso at the NYSE.Henny Ray Abrams AFP/Getty Images. Sillerman, 57, a Wall Street operator with a long history of minting money in the . It was a very good, good combination, says Morrow. I could tell you, but Id have to kill you, he says. But when I took it to America, almost everyone rejected it, Fuller recalls. Undervalued? If we can, this will dwarf the first SFX. 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. Thats $4.3 millionlessthat what Sillerman and his wife Laura had paid for the residence at 151 E. 72nd St. when they bought it for $12 million in 2013. 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. He also carried heavy personal pain after the suicide of his 18-year-old daughter Mackinley in 2012, losing his only child in the home he shared with his wife Laura Baudo Sillerman. It comes with five bedrooms and 5 bathrooms. Early rewards included gift cards to retail establishments. This stands out as unique. It declared bankruptcy in 2016, and many of the assets it had amassed were sold off. What was most impressive about his $389 million deal with Westinghouse (which was convinced that it needed to become a big player in the business) in 1989 wasnt that it was his biggest score ever; it was the fact that the market for radio stations tanked soon after. Elvis was available. (Note: CKX also recently bought MBST, a small talent agency in L.A., which does advisory work for the Beatles company, so stay tuned.) There is little profit to invest in potentially lucrative assets like the Heartbreak Hotel, across the street from Graceland. Down the road EPE may construct more Graceland-like properties in places such as Dubai and Macau, and perhaps develop a concept similar to the Hard Rock Cafs in Europe. And I haven't a fucking clue what they do or what they're talking about. Sillerman was eventually pushed out of the company by creditors and it re-emerged as LiveStyle in 2017 with entertainment veteran Randy Phillips at the helm. At various points heated negotiations and lawsuits ensued between Sillerman and the likes of PaineWebber, Steinhardt Partners, and W.R. Huff, who alleged that Sillerman was trying to shortchange investors. The company was sold to Clear Channel in 2000 and became the basis for Live Nation five years later. We bought companies based on what we anticipated that we could bring in incremental sources of revenue.. He also made money on Broadway as an executive producer for Mel Brooks' musical The Producers. He also carried heavy personal pain after the suicide of his 18-year-old daughter Mackinley in 2012, losing his only child in the home he shared with his wife Laura Baudo Sillerman. Clear Channel would later spin off its concert holdings into Live Nation in 2005 with CEO Michael Rapino at the helm, which grewinto the most dominate company in music, with $15 billion in revenue reported in 2019. His cost basis on these shares? Dressed in all black, the music mogul--who once appeared on the 2005 Forbes 400 list with a. 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Part of that underwhelming reality may have to do with the public relations nightmares that can occur while running EDM festivals. CKX already carries a load of goodwill, $14 million from the Presley deal, and $111 million from the 19 transaction. In some ways, thats good news for Sillerman and SFX: the cost of talent is no longer skyrocketing. Thats the whole game., Robert F.X. Robert F.X. As the genre has grown in popularity, so too has the quantity of reports of drug-induced injuries and deaths at concerts. Sillerman has passed away at age 71, according to The New York Times. Sillerman, the entertainment. 2023 Billboard Media, LLC. By then Sillerman was already toiling away on his next project, SFX Entertainment, a company that would own concert venues and other media properties. American Idol is the No. ], in 1978 Sillerman and disc jockey Bruce Morrow bought two radio stations in New!, is CKX overvalued he died, he says stars like Kelly Clarkson and Clay Aiken have over... 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