Sillerman became one of the most intriguing and wealthiest men in the media business but died in bankruptcy, pursued by the government and suffering the painful complications of a decade. I dont want to say anything negative about someone who wasgood to me, but there were a lot of issues.. Bob is like a Clint Eastwood character in an old Western movie, says Dennis Arfa, a business associate of Sillerman. [4] After graduating from the Collegiate School, he attended Brandeis University. On Wall Street they like to say that Bob Sillerman hardly knows failure, but he saw it firsthand growing up. His plan was to spend $1 billion to buy EDM-related companies around the world, telling FORBES in 2012: If we do this with the right people this will be bigger than the first SFX.. In a July 2009 interview with the New York Post Sillerman admitted failure, stating with reference to the Flag project: "I'm not very knowledgeable about real estate. Attracting funds, at least at this point, wont be a limitation. After that big deal, as with so many American business stories in 2000, things began to sour. 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. It had earlier been trading on the NASDAQ exchange. 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. In fact, theres a hit TV show in the business of finding them. We cured him. By 1985 the pair had accumulated some 70 stations, which they sold for some $50 million. Additionally, Robert FX Sillerman has had 6 past jobs including Founder at Live Nation. 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. No question we could build a convention-sized hotel here, says Soden. If we can, this will dwarf the first SFX. A year later, Sillerman was pushed into bankruptcy over an unpaid $7.4 million promissory note to React Presents during the SFX rollup. 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. That business was built from a spree of acquisitions from 1997 to 2000 when Sillerman bought up Houston outfit Pace Concerts, New York promoter Delsener/Slater enterprises, Boston big man Don Laws Blackstone Entertainment, Los AngelesAvalon Attractions, Jack Boyles Cellar Door International, Bill Graham Presents in Northern California and Jimmy Koplicks 4,800-seat Oakdale Theater in Wallingford, Connecticut. "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. Robert Sillerman, founder of SFX Entertainment, has died, Billboard reports and Sillerman's lawyer Sanford Philip Rosen confirmed to Pitchfork. At least so says a Wall Street entrepreneur who is hoping to make Elvis the centerpiece of his burgeoning media companynot only extending the Kings reign but also taking advantage of technological and demographic changes rocking the media and entertainment industries. Robert F.X. 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. Robert FX Sillerman (born 1949) is an American businessman and media entrepreneur. . Sillerman's Dream," Deadline Holly- wood, May 10, 2011. FORTUNE may receive compensation for some links to products and services on this website. Michael Sillerman died in 1980, just when his sons career was taking off. After selling SFX Entertainment, Mr. Sillerman pursued various entertainment projects. In 19, Sillerman saw a small but dynamic media company with one of the hottest TV shows on the planet. Sillerman graduated from Brandeis University in 1969, avoided the Vietnam War draft due to an injury and eventually went on to buy 92.7 WALL-FM in Middletown, New York, with famed DJ Bruce Cousin Brucie Morrow, according to Ticket Masters. I liked him, she says. 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. The app will also display the social media activity for other shows at the same time, along with what rewards are available for changing the channel to competing programs. In February 2014, a lawsuit was filed against Sillerman, for allegedly having defrauded a trio of business partners. With reporting from Sue Radlauer and Zack O'Malley Greenburg in Jersey City, N.J. 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. But from 2013 to 2014, the increase slowed to 11%; this year, its only 2.5%. Says a top Wall Street banker: Hes a very smart guy, but I dont think you want to be sitting on the other side of the negotiating table from him.. Its main app NextGuide and Digit Reminder Button was integrated into Viggle software. SFX CEO Entertainment Robert F.X. Sillerman, 57, a Wall Street operator with a long history of minting money in the . Sillerman, poses after ringing the Nasdaq closing bell on Oct. 9, [+] 2013, the day his company went public. He seems to have a knack for selling just when markets are at their peak, which has given some buyers severe indigestion. As for spinoffs, did we mention that another smash hit on Fox, So You Think You Can Dance, is produced by Fuller too? DJ Afrojack (left) and Sillerman at the NASDAQ MarketSite in New York in 2013. On Saturday, however, Sillerman was fielding questions on whether the company would go bankrupt--he said there was a zero percent chance--and admitting that he didnt work with the right people. Its also unclear if he was ever the right man for the job. It runs in the family: Lisa Marie Presley signs autographs for NASCAR fans at Daytona Speedway this past July. The second floor boasts two main bedroom suites with ensuitemarble bathrooms, woodburning fireplaces and a large planted terrace. By that time Mr. Sillerman had turned his sights on another industry ripe for consolidation: the nationwide concert circuit, which had long remained a loosely connected network of venues and promoters who operated regional fiefs. The stock cratered. CKX already carries a load of goodwill, $14 million from the Presley deal, and $111 million from the 19 transaction. These are Sillermans strengths: identifying trends in the media business before others, then gathering and deploying capital to make the strategy work. An October IPO on the NASDAQ raised $260 million for the company with shares priced at $13, but in the space of two-and-a-half years, the price of the company dropped to a penny a share. [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. 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. Estopinal says he last saw Sillerman at a deposition, but he remembers sending Sillerman a note after the bankruptcy, acknowledging the failures of SFX while also thanking him for the opportunity to be part of the company. There are so many ways to exploit that level of awareness. Sillerman attempted to rebrand the project as a Baccarat Hotel but this also failed. (Photo: Robin Marchant/Getty Images). Part of that underwhelming reality may have to do with the public relations nightmares that can occur while running EDM festivals. He sold the company in 1972 to the Boston ad firm, Ingalls. Sitting kitty-corner from Graceland across Elvis Presley Boulevard, it is a 128-room boutique property with a small pool and a tiny bar, perennially packed to the gills with Elvis fans. Robert F.X. According to Billboard, Sillerman died of a. Hes probably smartest person Ive ever met, saidShelly Finkel, a longtime boxing and music manager who co-founded SFX with Sillerman in 2011. Robert Sillerman and Laura Baudo Sillerman attend NEW YORKERS FOR CHILDREN 2007 Fall Gala at 583 Park Avenue on September 18, 2007 in New York City. Over a few years in the late 1990s, Mr. Sillerman and his new company, SFX Entertainment, spent more than $2 billion acquiring dozens of promoters and venues, creating the concert worlds first truly national force. Contestants on the new Fox hit So You Think You Can Dance.Jason Merritt FilmMagic/Getty Images, So why did Sillerman buy Fullers company? 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. You may find him a bit quirky. Robert F.X. And Fuller is looking to bring a gritty nighttime soap opera that is popular in Britain to America next summer. Robert F.X. Despite having established brands, the festivals that were acquired by Sillerman's empire collectively moved in the opposite direction of what was expected. In each case Sillerman assembled a collection of media propertiesall in distributionat low prices and then unloaded the bundle for a higher price. Starting in the late 1970s, Mr. Sillerman built a portfolio of radio and television stations worth nearly $1 billion. Another $25 million from CKX went to pay off EPE debt. When the King died in 1977, his estate was a mess. While attending Brandeis University, he founded Youth Market Consultants, which sold magazine subscriptions to students and in turn advised companies on how to reach that market. Offers may be subject to change without notice. In 1989 he sold a group of radio stations to Westinghouse (now Viacom) for $389 million. This site is protected by reCAPTCHA Enterprise and the Google. In short order Sillerman went on a billion-dollar shopping spree, buying dozens of concert hallslike Roseland in New York and the Fillmore West in San Franciscoin major cities across the country. Mr. Sillerman, right, at the New York Stock Exchange in 1999 with its chairman, Richard Grasso, and the singer Rod Stewart shortly after stock in Mr. Sillermans company, SFX Entertainment, began being traded on the exchange. [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. 19 also manages the career of soccer superstar David Beckham and his wife, Victoria (a.k.a. Can we monetize that? . 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. We have estimated Robert F.X. He bankrolled Mel BrooksBroadway production of The Producers and was golf partners with NBA legend Michael Jordan. 19 is the brainchild of Simon Fuller, whom Sillerman describes as a cherubic bundle of nonstop creative energy. Fuller started out as a talent scout in the 1980shis company is named after a hit song by an artist he manageddiscovering and working with British rock groups like Spandau Ballet, Billy Idol, and Ultravox. The show is also being franchised in 100 countries. Recognizing the environment she was raised in, I thought she was astounding. A brash figure in the financial pages, he bought and sold lucrative radio and concert businesses and controlled the Elvis Presley estate. As a subscriber, you have 10 gift articles to give each month. 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. [36] Sillerman was also a donor and fundraiser for the Democratic Party in the United States. Moreover, those familiar with the live events industry know that festivals can lose millions of dollars in their early years as they try to build their fan bases. We were misinformed by an SFX spokesman. NEW YORK CITY, NY - SEPTEMBER 18: (L-R) Jody Morrow, Bruce "Cousin Brucie" Morrow, Laura Baudo Sillerman and Robert Sillerman attend NEW YORKERS FOR CHILDREN 2007 Fall Gala at 583 Park Avenue on September 18, 2007 in New York City. He was 71. Today about 600,000 visitors make the pilgrimage to Graceland each year (30% from abroad), paying between $22 and $55 apiece. All these ballet dancers from Russia were huge Elvis fans, and [their handlers] were asking for our help to get them out of here and back to rehearsal. Sillermans personal stake in the company, which was worth nearly $220 million when it went public, is now valued at less than $35 million. At Fridays price of 91 cents, SFXs shares are down 93% from its IPO price. 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. Industrial Media. 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. [37], In May 2012, Sillerman was accused of sexual harassment by an employee of Function X. American Idol is the No. The transaction renamed the company to Function (X), Inc. and changing its listing on the stock exchange to FNCX. Before Bob, the whole scene was a giant Ponzi scheme.. Elvis sighting: Owner, icon, and fan in downtown Manhattan. To Sillerman the soft patch was an opportunity to reload. When SFX began bursting at the seams, in no small part because of his mismanagement, Sillerman again reneged. 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. [6], In 1978 Sillerman and disc jockey Bruce Morrow bought two radio stations in upstate New York for $1.875 million. Late last year Lisa Presley flew to New York to meet Sillerman face to face. Jeopardy, Wheel of Fortune, The Price Is Rightthese shows go on for decades. This past season American Idol ratings averaged over 27 million viewers per episode, up 5% from last season. Besides buying Elvis Presley Enterprises from Lisa Marie Presley last February, Sillerman and his lieutenants have purchased the smash-hit TV show American Idol and other properties from a company called 19 Entertainment, which was owned by British pop impresario Simon Fuller. Backstage at The Ed Sullivan Show, 1956: Elvis with the host and manager Parker (left).CBS Photo Archive/Getty Images. Once Morrow had a beef with the late-night deejay at their Middletown station. Robert F.X. And then in early 2000, lightning struck again. The company acquired various promoters and electronic music festivals, as well as related companies in digital (including Beatportan electronic music store, online ticketing provider Paylogic, and web development agency Fame House). During its public run, the company also sold $295 million debt to finance additional acquisitions and fund operating losses. He sold the company SFX Entertainment to Clear Channel for $4.4 billion in 2000. Robert F.X. Its sad how things ended because he really was a bright guy, but in the end he carried a lot of pain. S&P Index data is the property of Chicago Mercantile Exchange Inc. and its licensors. 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. [39], On November 24, 2019, Sillerman died at the age of 71 after a respiratory illness.[40]. But nearly every time Sillerman sold, he and his investors made money. stand for? At first, advertisers and investors flocked to the new SFX. 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. It runs in the family: Lisa Marie Presley signs autographs for NASCAR fans at Daytona Speedway this past July.Jeff Gross Getty Images, Sillermans latest publicly traded corporate incarnation is called CKX. He died on November 24, 2019 in Hinsdale, New Hampshire, USA. 19 did some $92 million in revenues last yearwith about a third coming from the Idol showsand earned $12.6 million. In December 2016, former SFX board member Mitch Slater sued Sillerman for an unpaid $2.5 million loan from 2015. (Photo: Robin Marchant/Getty Images). American Idol is much more like a game show than a reality show, says Fuller. Some of those companies listed werent done deals, Estopinal tells Billboard, adding that Sillerman misrepresented his financing and capitalization as he put SFX together. Raised in the Bronx, New. 19 is currently renegotiating the fee for next season, and some think the ante could be upped to $2 million per episode (though a reported flap over American Idol judge Simon Cowells compensation could be complicating matters). We've received your submission. He. This year, there are 88 festivals that we anticipate doing, said Sillerman. 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. [13] The first product the company produced was called "Viggle", released in January 2012, which used a mobile app as its primary interface. 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. There is little profit to invest in potentially lucrative assets like the Heartbreak Hotel, across the street from Graceland. Its funny, when we needed money we had a difficult time raising it. 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.) Elvis's 37-year-old daughter and heir, Lisa Marie, has been unhappy . "Robert F. X. Sillerman," Wikipedia.org. Among them was former Beatport CEO Matthew Adell, who stepped down less than two years after selling his company for $50 million in early 2013. But instead of a billion-dollar acquistion, Sillerman wiped out hundreds of millions in investor money and eventually had to file for bankruptcy. Sillerman has passed away at age 71, according to The New York Times. Lisa Marie Presley, Elvis' daughter, had sold the majority of Elvis Presley Enterprises, . EDM Mogul Bob Sillerman Finds a Buyer for His $28 M. Townhouse. I just love it.". Sillerman, the entertainment. Brandeis University Recent News and Activity Funding Round Sep 16, 2014 There were people who told me, Im not doing a deal with this guy, hes going to die, Estopinal says. Early rewards included gift cards to retail establishments. CKX also gets royalty rights to 24 Elvis movies. [14] When things were going bad, he was looking for ways to try and make it work, Finkel said. As a business, though, Elvis has been stagnating. [6] Sillerman was married to copywriter Laura Baudo, whom he met at Ingalls. Sillerman, the entertainment entrepreneur who helped. He was never really at 100%.. Beyond the lawsuit, questions have also been raised about the fundamentals of a business that some analysts said relied on what they deemed a cultural fad. He sold the company in 1971, and then launched I P+E, a sales marketing and promotion company. Fuller is signed up to head 19 Entertainment in a five-year contract. Sillerman, the founder of SFX Entertainment, has died at the age of 71 due to respiratory illness. But he doesnt seem to be worried about anything of the sort. Im also confident that we will create a better experience for the fans, Mr. Sillerman said in an interview with The New York Times. For its money, CKX got a 90-year lease on Graceland, stipulating, among other things, that the premises may not be used as a massage parlor, a mortuary, or [for] the manufacture, sale, or distribution of feminine hygiene products. (Gives you an idea of how much attention Lisa and Soden pay to protecting Elviss image.) 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. 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. He loves to party. 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. The truth is, for all of Elviss transcendent mystique, EPE has never been much of a business. Mr. Sillerman gained control of the Presley estate. CKX also gets the publishing rights to 650 songs, but owns the more valuable royalty rights to only the few songs Elvis recorded after 1973. SFX now has a market capitalization of $88 million. Robert F.X. 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. Thats not the basis of CKX. CKEs stock fell from a high of $28.80 in early May to a current price of $12 and change. Former SFX Entertainment founder Robert Sillerman has agreed to pay a $179,000 fine after the U.S. Securities and Exchange Commission charged the businessman with fraud and illegally diverting fund Investor Robert Sillerman, who bought Elvis Presley Enterprises, photographed with Elvis impersonators, 2005. He wants to do what we want to do. Like what? I thought he was asleep. On August 14, Sillerman tabled his bid, saying that the markets made the ability to complete a deal virtually impossible., The fact the market said--which its entitled to--We dont believe that this deal is going to close is one thing, he said. 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.. [17][18] In December 2013 Viggle acquired Wetpaint for $30 million in stock and in early 2014 Viggle acquired Digit Media, an entertainment app producer. Bob went out and taught salespeople; I taught the on-air staff. The last thing well be thinking about is margins, Sillerman told FORBES in July 2012. In 2017, he almost lost the home after defaulting on a $12.5 million loan, The Post reported at the time. In addition to Mr. Sillermans brother, Ms. Baudo Sillerman survives him. When presented to the public--and later, Wall Street--the plan for SFX Entertainment seemed simple enough: roll up local EDM event organizers under one umbrella organization that could drive profits by providing structure and efficiency. (Per capita, Canadian Idol is much bigger than its U.S. Now that Im a part of CKX, I have the resources to do three or four. Sillerman hopes thats a positive, not a negative. When asked if Bob was dishonest about the companys health, Finkel told Billboard, It was more complicated than that. And I love it. Sillerman has taken legal action against the company, seeking about $15.8 to cover. 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. (Photo credit: Jonas Roosens/AFP/Getty Images). 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. Thats the whole game., Robert F.X. ), 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. Revenues at the company that manages his affairs, Elvis Presley Enterprises, have been flat at $40 million for five years. The company that emerged would become Clear Channel, which is now known as iHeartRadio. He doesnt want to mess with anything. He followed the 1998 sale with a Feb. 29, 2000, deal that Playbill called a quantum leap on the first Leap Day of the century, selling his concert and theatrical production firm SFX Entertainment to Clear Channel for $3.2billion. The New York entrepreneur is most notably known for consolidating a number of U.S.. F Former SFX Entertainment founder Robert Sillerman has agreed to pay a $179,000 fine after the U.S. Securities and Exchange Commission charged the businessman with fraud for illegally. 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. So he offered investors a lower price, $12 a share, and the sale was extended even longer. But Mr. Sillermans success ran out in recent years when he tried to repeat his concert model with a new version of SFX Entertainment, this time going after electronic dance music, or EDM a bull market in 2012, when Mr. Sillerman opened the company with a $1 billion war chest. On the subject of corporate partnerships, Sillerman said he underestimated the time it would take to sign up sponsors for SFXs events. 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. But if you walk down the street, youll be hard-pressed to find somebody who doesnt know what it is. Andreas Cornelius van Kuijk), sold the rights to RCAnow part of Sony BMGdecades ago. Sillerman told Estopinal he had $1billion to spend on the rollup on an S-1 form announcing the IPO of SFX, Sillerman listed holdings that included online marketplace Beatport, the American-arm of Dutch company ID&T that produced festivals Tomorrowland and Sensation, Electric Zoo founders Made Events, German promoteri-Motion and Australias Stereosonic festival producer Totem Onelove Group. 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. (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.) At the time, Sillerman said he expected to deliver equity and debt financing on the billion-dollar deal when a 60-day sale process was completed. Sillerman, the New York entertainment businessman who consolidated a series of companies and helped form the modern concert industry, died Sunday of a respiratory illness, Billboard. Sillerman the former owner of Graceland who consolidated radio stations and concert ticket sales has sold for $7.7 million. Investor and media executive Robert F.X. That lit a fire under the radio business, and Sillerman plunged back in, buying more radio stations, leveraging up his new company, and securing investments from the Bass family and Security Pacific bank, among others. Around that time Sillerman was diagnosed with tongue cancer and underwent chemotherapy, which sidelined him for several months. Robert F.X. 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. He rides into town and leaves with all the money and the women. But from 2013 to 2014, the whole scene was a bright guy but. Chicago Mercantile exchange Inc. and changing its listing on the planet 40 million for five years being franchised in countries... Contestants on the planet in February 2014, the company to Function ( X ), sold the company Entertainment! 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