robert sillerman daughter

But Fuller had an even bigger idea, a kind of interactive on-air talent show. (Rumors suggesting that Sillermans next big acquisition has been delayed have been a drag on the stock.) 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. 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. There is little profit to invest in potentially lucrative assets like the Heartbreak Hotel, across the street from Graceland. The founder. But isnt American Idol just another reality show that will soon run out of gas? The transaction renamed the company to Function (X), Inc. and changing its listing on the stock exchange to FNCX. We dont have enough time on this call to talk about the mistakes I made, said Sillerman during a 30-minute phone conversation from his New York City home, his voice gravelly and occasionally interrupted by a breathing apparatus due to a past bout with tongue cancer. Sillerman was a significant player on Broadway. [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. Im not very knowledgeable about real estate, he reportedly told the New York Post at the time. 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. Sillerman stood stone-faced on the cover of Billboard magazine. AI Is Creeping Into the Functional Music Market What HappensNext? Sillerman worth at the age of 71 years old? They wanted to marry content with distribution, where CKX will not be in the traditional distribution business. Embattled music executive Robert Sillerman, who founded the company that would eventually become ticketing and concert giant Live Nation, has died at the age of 71. Their daughter, Mackinley, died in 2012. 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. Sillerman was the owner of a range of television and radio stations during the 1970s and 1980s, In 1993 he formed SFX Broadcasting, and then built SFX Entertainmenta concert and stage performance promoter that was sold to Clear Channel in 2000 for $4.4 billion. Robert F.X. SFX now has a market capitalization of $88 million. In the mid-1970s he scraped together $600,000 and enlisted Cousin Brucie Morrow, then one of the top deejays in the country, to become his partner and buy a rock & roll radio station in Middletown, N.Y. Bob can sell igloos, says Morrow. Their daughter, Mackinley, died in 2012. Terms & Conditions. Contestants on the new Fox hit So You Think You Can Dance.. Connecting the show to phones, through the Internet, through merchandising, and ways I cant talk about yet.. Almost immediately after Sillerman closed on the Elvis deal, he opened his wallet again and purchased 19 Entertainment, a business with even more moving parts than Elvis. In 2017, he almost lost the home after defaulting on a $12.5 million. (A hip-hop-style remix of A Little Less Conversation was a No. 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. The massive property that was assembled from four different plots of land has just hit the market for a staggering $150 million. Lately Sillerman has become more guarded, though. . 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. 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. The company was sold to Clear Channel in 2000 and became the basis for Live Nation five years later. A version of this article was originally published in the December 12, 2005 issue of Fortune. Sillerman, Concert Industry Consolidator, Dies at 71 Roy Trakin November 26, 2019, 6:02 PM Click here to read the full article. While he pointed to lucrative deals with Anheuser Busch, MasterCard and T-Mobile and those companies increased yearly ad spend, the SFX CEO admitted that his earlier business models anticipated greater participation from brands. Though the Elvis business isnt that big yet, it gives us a window into how Sillerman operates. He sold the company in 1972 to the Boston ad firm, Ingalls. Earlier this month in Los Angeles county, two female attendees of Live Nation-run event HARD Summer died of apparent drug overdoses. 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. He was one of the producers of The Producers, the Broadway hit, written by his friend Mel Brooks, that ran for six years and pushed the limits of ticket prices on Broadway. I know nothing about EDM, Sillerman told Billboard in Sept. 2012. Sillerman attempted to rebrand the project as a Baccarat Hotel but this also failed. According to Billboard, Sillerman died of a. Capstar applied for and received permission to operate more than one class of radio station in the same market. 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." Thats not part of our strategy.. (A spokesman for Lisa Presley declined to comment. In 1989 he sold a group of radio stations to Westinghouse (now Viacom) for $389 million. The Securities and Exchange Commission today charged New Hampshire resident Robert F.X. What kind of person would grow up to have business dreams like these? Around that time Sillerman was diagnosed with tongue cancer and underwent chemotherapy, which sidelined him for several months. And game shows are the longest-lasting shows on TV. A brash figure in the financial pages, he bought and sold lucrative radio and concert businesses and controlled the Elvis Presley estate. We thought there were only three rock groups worth owning, says a source in Sillermans camp, Elvis, the Beatles, and the Stones. I have never had one single boring day., CKX has a 90-year lease on Elviss home.Richard Berkowitz Getty Images, Soden, who will continue running EPE in the new company, enhanced the Elvis business by expanding into merchandising and licensing. He likes to jump out of the bushes or hide in hotel rooms and scare people, says Cousin Brucie. 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. (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? Brandeis University Recent News and Activity Funding Round Sep 16, 2014 Robert F.X. Why? It runs in the family: Lisa Marie Presley signs autographs for NASCAR fans at Daytona Speedway this past July. [9] However, since doubts of Sillerman's take-private began to emerge in July, the company hasn't disclosed a bona fide competing offer. 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. Now when we dont need it, were flooded with it, Sillerman says. Ive tried to get him drunk to get him to tell me, says Brucie. Mr. Sillerman was the founder, a major shareholder and served as Executive Chairman of SFX Entertainment from its inception in 1997 until its sale to Clear Channel Communications in August 2000. He can outlast and outtalk anybody. Says a close colleague: His BlackBerry messages start at 6 A.M. and never stop into the night. When asked what exactly went wrong with SFX, Sillerman offered two explanations: mistakes in management and a misunderstanding of the complexity and time of marketing partnerships. He did not name any specific people with regards to personnel issues, though music industry sources pointed to the fact that many of the people who sold their businesses to SFX did not stay long after closing their deals. Sillerman with Rod Stewart and Dick Grasso at the NYSE. Even more worrying, SFXs cash reserves dwindled to $38.6 million. You and I buy a couple loaves of bread, Bob buys the bakery, Morrow told Budnick and Baron of Sillermans sales abilities, which by 1988, netted nearly $1 billion value in broadcast assets. Contestants on the new Fox hit So You Think You Can Dance.Jason Merritt FilmMagic/Getty Images, So why did Sillerman buy Fullers company? When Sillerman offered to take SFX private this spring, his board (which included many holdovers from CKX) allowed him to float a bid without having financing or equity partners lined up. Sillerman's net worth , money, salary, income, and . Anthony Effinger and Daniel Taub, "American Idol Sillerman Dealt Elvis Default Heartbreak in Vegas," Bloomberg.com, June 1, 2009. Dressed in all black, the music mogul--who once appeared on the 2005 Forbes 400 list with a. 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. But from 2013 to 2014, the increase slowed to 11%; this year, its only 2.5%. Sillerman paid $196 million to buy 19 Entertainment. At Ingalls he met a young copywriter, Laura Baudo, who would become his wife. Several managers and big-name acts from Ozzy Osborne to Shania Twain reportedly bristled over having to negotiate with such a corporate gorilla. [36] Sillerman was also a donor and fundraiser for the Democratic Party in the United States. In other words, distribution companies are falling all over each other to reach customers through new, competing outlets. Its funny, when we needed money we had a difficult time raising it. His father, Michael McKinley Sillerman, was a radio executive who went bankrupt when his son was 13. CKX has the rights to the Elvis name, image, likeness, and trademark, which are currently used in 100 or so merchandising and licensing deals. With reporting from Sue Radlauer and Zack O'Malley Greenburg in Jersey City, N.J. Sillerman was born into a media household, raised in the Riverdale section of the Bronx, and attended top private schools in New York City. 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. During its public run, the company also sold $295 million debt to finance additional acquisitions and fund operating losses. David Lieberman, "'American Idol' Owner CKX Sells To Financial Firm, Ending Robert F.X. 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. Brucie and Bob bought more stations and worked their magic on operations. Sillerman's income source is mostly from being a successful Executive. Sillerman, the New York businessman who consolidated a number of U.S. concert promoters in the 1990s and created the company that would eventually become Live Nation, died Sunday.. 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. Sillerman is largely responsible for helping create two of the biggest companies in music iHeartRadio and Live Nation through a series of deals he finalized in the late 1990s. A year later, Sillerman was pushed into bankruptcy over an unpaid $7.4 million promissory note to React Presents during the SFX rollup. 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. That didnt work out, but when we started talking, Insomniacs acquistion price was $10 million, he said. Sillerman has a $1 billion plan to conquer the world of dance music, read the publications cover line. They said music doesnt work on TV in America. Striking a deal shouldnt be that difficult. They acquired additional radio and TV stations, including WALL and WKGL (Middletown, New York); WJJB; (Hyde Park, New York); WHMP (Northampton, Massachusetts); WLOM (Orleans, Massachusetts); WRAN (Randolph, New Jersey); WPLR (New Haven, Connecticut) and the television station WATL (Atlanta). 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