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Robert F.X. Sillerman Died
Robert F.X. Sillerman, the New York entertainment businessman who consolidated a series of companies and helped form the modern concert industry, died of a respiratory illness, Billboard reported. He was 71.
In 2005 Sillerman he purchased stakes in the estates of Elvis Presley and Muhammad Ali and others which he lated sold.
It was in February 2005 when, in a shock move, 85% of EPE was sold to Robert Sillerman's company. At the time CKX hoped that modern technology was the way to bring a refresh of the ELVIS brand ("VIVA Elvis" in Las Vegas, Hologram Elvis in American idol etc) and pump up the income of EPE. It was only six years later in May 2011 that CKX sold out to Apollo Global Management when Sillerman's original dream collapsed and his operation was sold for about $511 million.
At the time the sale of Graceland / EPE was the biggest news story to hit the Elvis world since the opening of Graceland to the public on 7 June 1982.
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%. Lisa received $50 million in cash, plus $26 million in CKX common and preferred stock. Another $25 million from CKX went to pay off EPE debt. And $6.5 million went to Priscilla Presley for use of the family name—even though Sillerman wasn’t legally obligated to pay her anything, since Priscilla and Elvis were divorced, and Elvis’s estate went to Lisa Marie.
(Source: FECC / Barry McLean / Los Angeles Times / Fortune / Elvis Information Network)