We cured him. By 1985 the pair had accumulated some 70 stations, which they sold for some $50 million. And there are between 105 and 110 scheduled for next year.. As a business, though, Elvis has been stagnating. Sillerman denied this when talking to FORBES, noting that he never founded the company with Moreno and stopped working with him after learning of past legal run-ins, a conclusion that Feldman also disputes. The company was sold to Clear Channel in 2000 and became the basis for Live Nation five years later. 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. The company controlled the rights to booking the venue but did not own it. The duos tactics could be unorthodox. When the King died in 1977, his estate was a mess. 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. [12], In May 2009, Credit Suisse filed a request for summary judgment in New York State Supreme Court, alleging Sillerman had failed to pay the outstanding balance due under a credit agreement with Flag Luxury Properties LLC and that Sillerman defaulted on a series of payments due since April 2008, totaling $21.4 million. Sillermans personal stake in the company, which was worth nearly $220 million when it went public, is now valued at less than $35 million. And I love it. 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. But for years he had maintained a golden touch in building media franchises and extracting maximum value from them. CKX Inc. has been flying under the radar despite owning stakes in some of the biggest pop culture icons of our time, including "American Idol," Elvis Presley . 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. Perhaps the bigger question centers on the inherent limits of EDMs popularity. 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. [4] After graduating from the Collegiate School, he attended Brandeis University. Elvis's 37-year-old daughter and heir, Lisa Marie, has been unhappy . In addition to Mr. Sillermans brother, Ms. Baudo Sillerman survives him. Sillerman, Concert Industry Consolidator, Dies at 71 By Roy Trakin Mark Chilvers/The Independent/Shutterstock Robert F.X. Today about 600,000 visitors make the pilgrimage to Graceland each year (30% from abroad), paying between $22 and $55 apiece. [25][26] Defaulting on a $10.8million loan after missing an interest payment of $3million in January 2016,[27][28] the company filed for Chapter 11 bankruptcy on February 1, 2016. No question we could build a convention-sized hotel here, says Soden. Sillerman's Dream," Deadline Holly- wood, May 10, 2011. Robert F.X. 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. And the King is content! I meet the people whose places we're buying. 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. Clear Channels stock, which hit a high of $95 in 2000, is trading at $32. Why? Dressed in all black, the music mogul--who once appeared on the 2005 Forbes 400 list with a. It Takes a Lot of People to Create All This AI Music. He managed Annie Lennox and the Eurythmics, and then created the Spice Girls. Try A Different OS, Get Vaccinated? Could it be that Sillerman didnt fully understand this--or just how skittish it would make brands? Sillerman was known for pushing the envelope. Their daughter, Mackinley, died in 2012. Even so, says Lisa Presley, theres only so far you can take a family-run business. In September 2012, Sillerman announced his biggest project to date on the cover of Billboard, sporting a black leather jacket, a global-shaped disco ball and a handkerchief in his pocket that famously read FOff., Its a universal statement, Sillerman told Billboard writer Kerri Mason. The company has teased burned investors with an "indication of interest" from an unnamed bidder. Pei through the hallowed halls. Whether I will actually select one or more [equity partners] will depend on what the final price is, he said of any future bid. SFX, however, had problems from day one. The guy didnt have any energy, says Morrow. Once Morrow had a beef with the late-night deejay at their Middletown station. That seemed to sum everything up., A daily briefing on what matters in the music industry. I thought he was asleep. And $6.5 million went to Priscilla Presley for use of the family nameeven though Sillerman wasnt legally obligated to pay her anything, since Priscilla and Elvis were divorced, and Elviss estate went to Lisa Marie. And I haven't a fucking clue what they do or what they're talking about. It declared bankruptcy in 2016, and many of the assets it had amassed were sold off. Sillerman the former owner of Graceland who consolidated radio stations and concert ticket sales has sold for $7.7 million. 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. Offers may be subject to change without notice. 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 has passed away at age 71, according to The New York Times. Those companies promised two things. With Finkel by his side and Estopinal giving the pair needed credibility, Sillerman set out to once again consolidate the dance music business by buying up dance promoters in Europe, Asia and North America. (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.) Later, the private equity firm Apollo Global Management acquired CKX in 2011. The studio of course had a glass wall. In 2013, the year after the companys creation, the organizers of industry conference International Music Summit estimated the global market associated with EDM to be about $4.5 billion in sales. [8], In 1989 Sillerman formed Capstar Communications. FORTUNE is a trademark of Fortune Media IP Limited, registered in the U.S. and other countries. But it had to be a biggie to make economic sense. 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. Mr. Sillerman largely withdrew in recent years, moving to New Hampshire and dealing with the fallout from the collapse of several businesses. (Per capita, Canadian Idol is much bigger than its U.S. This stands out as unique. The 66-Year-Old Rave King of Wall Street In the past few years, Bob Sillerman has become notorious in the dance music industry for buying up a string of once-independent rave promoters in order. Sillerman was born into a media household, raised in the Riverdale section of the Bronx, and attended top private schools in New York City. Helped by federal deregulation of radio ownership rules, the two were able to quickly amass a chain of more than 70 stations, which they sold in 1997 to a larger rival, Capstar Broadcasting, for $2.1 billion. (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? These are Sillermans strengths: identifying trends in the media business before others, then gathering and deploying capital to make the strategy work. (Photo credit: Jonas Roosens/AFP/Getty Images). He wa Robert F.X. Once on the Forbes 400 list, he also briefly owned the WLAF's New York/New Jersey Knights. 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.) Bob can sell anythingit doesnt matterhe has that kind of head. (Morrow says it was he who enlisted Sillerman, not the other way around. We bought companies based on what we anticipated that we could bring in incremental sources of revenue.. Late last year Lisa Presley flew to New York to meet Sillerman face to face. Another $25 million from CKX went to pay off EPE debt. Sillerman, a triathlete who loves vigorous games of volleyball and basketball, has recovered and now sports a yellow Livestrong bracelet. [9] [37], In May 2012, Sillerman was accused of sexual harassment by an employee of Function X. 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. 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. Industry sources suggested that a possible buyer could be Live Nation. CKX has the rights to the Elvis name, image, likeness, and trademark, which are currently used in 100 or so merchandising and licensing deals. Think of how we can continue to expand the show, says Fuller. It had earlier been trading on the NASDAQ exchange. A crucial part of his strategy was using the nationwide audience at SFXs shows to lure sponsorship deals by big consumer brands like Smirnoff and Levis. At first, advertisers and investors flocked to the new SFX. 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