But where did it go wrong for SFX? 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. Capstar applied for and received permission to operate more than one class of radio station in the same market. 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. Sillerman insists that cancer hasnt impeded his business or his social life, which can be a bit wild and woolly. Robert F.X. Dressed in all black, the music mogul--who once appeared on the 2005 Forbes 400 list with a net worth of $975 million--held a disco ball that had been colored in gold and silver to represent the earth. ), 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. 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. Hes been known to sneak up on people and scare them. Could it be that Sillerman didnt fully understand this--or just how skittish it would make brands? Though the Elvis business isnt that big yet, it gives us a window into how Sillerman operates. 19 also manages the career of soccer superstar David Beckham and his wife, Victoria (a.k.a. However, since doubts of Sillerman's take-private began to emerge in July, the company hasn't disclosed a bona fide competing offer. Unable to issue new debt without breaching bond covenants, SFX sold stock before the quarter's end to raise collateral that its banker, Barclays, had demanded in order to borrow from the companys credit line, a rainy day source of cash. 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. In 2014, adjusted EBITDA amounted to a $3.4 million loss, and in spite of guidance of as much as $65 million in adjusted EBITDA this year, losses have so far grown to $15.3 million. The company has teased burned investors with an "indication of interest" from an unnamed bidder. In 2017, he almost lost the home after defaulting on a $12.5 million. And I love it. 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. Arent companies like Viacom (VIAB) and Time Warner (TWX) disassembling or considering disassembling their empires, while Sillerman is putting one together? Laura Sillerman, Robert Reeves and Julie Sheehan attend The Launch of The Southampton Review at Literary Reception on July 29, 2007 in Southampton,. Sillerman, Concert Industry Consolidator, Dies at 71 By Roy Trakin Mark Chilvers/The Independent/Shutterstock Robert F.X. Brandeis University Recent News and Activity Funding Round Sep 16, 2014 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). Several managers and big-name acts from Ozzy Osborne to Shania Twain reportedly bristled over having to negotiate with such a corporate gorilla. American Idol is much more like a game show than a reality show, says Fuller. How Trust In Institutions Determines COVID Vaccination Rates In The EU, Clubhouses Future Depends On Data - How To Build A TikTok Like Algorithm. dialogue with Robert Sillerman. So in the middle of one night, Bob and I took off all of our clothes and ran back and forth in front of the glass naked. [6], In 1978 Sillerman and disc jockey Bruce Morrow bought two radio stations in upstate New York for $1.875 million. 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. 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. That show is American Idol, and as with Elvis, Sillerman is convinced he can make it an even bigger deal than it already is. But isnt American Idol just another reality show that will soon run out of gas? Revenues at the company that manages his affairs, Elvis Presley Enterprises, have been flat at $40 million for five years. SFX CEO Entertainment Robert F.X. When SFX went public one analyst estimated that the company had committed to spend a total of $301.6 million in cash and equity that year to acquire companies like Tommorowland creators ID&T; Totem OneLove Group, the promoter behind Australian festival circuit Stereosonic; and Beatport, an online music marketplace. Sillermans personal take was a reported $219 million. FORBES first started charting DJ earnings in 2012; a year later, the collective income of the top ten acts had doubled. He seems to have a knack for selling just when markets are at their peak, which has given some buyers severe indigestion. SFX Broadcasting sold its 71 radio stations for $2.1 billion in 1998. That suit, led by dance promoter Paolo Moreno, alleges that Sillerman, who was completely unfamiliar with dance music, took the idea to acquire and combine global EDM companies from him and his associates after they had agreed to work with the businessman and Finkel. If we can, this will dwarf the first SFX. His brother, Michael, confirmed his death but gave no other details. Mr. Sillerman called it an inside joke. Their daughter, Mackinley, died in 2012. Sillerman, 57, a Wall Street operator with a long history of minting money in the . [15][16] As of the end of 2013 Viggle had about 3.7 million users. 2023 Billboard Media, LLC. 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. [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. And there are a couple of Sillerman stories that involve nudity. Sillerman was a significant player on Broadway. Bob is like a Clint Eastwood character in an old Western movie, says Dennis Arfa, a business associate of Sillerman. Entertainment mogul Robert Sillerman is facing foreclosure on his $16 million Upper East Side town house for defaulting on a $12.5 million loan since 2015, a new lawsuit claims. No question we could build a convention-sized hotel here, says Soden. These are Sillermans strengths: identifying trends in the media business before others, then gathering and deploying capital to make the strategy work. Robert Sillerman, born April 12, 1948 in the Riverdale section of the Bronx, early on had a strong entrepreneurial bent starting a greeting card in high school and a youth marketing company while at Brandeis University. 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. And the King is content! Sillerman was born on April 12, 1948 in Manhattan, New York, USA. By day he majored in political science, while by night in 1966 he launched Youth Market Consultants, offering fellow students discount magazine subscriptions while advising marketers on how to target the teen set. Some noted that Sillerman was paying huge amounts of goodwill in his deals, so eager was he to build the company. In addition to Mr. Sillermans brother, Ms. Baudo Sillerman survives him. 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. 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. FORTUNE is a trademark of Fortune Media IP Limited, registered in the U.S. and other countries. Robert F.X. But nearly every time Sillerman sold, he and his investors made money. They had a per diem, and they were missing meals and saving money so they could buy more stuff at the shop. Soden has escorted everyone from William F. Buckley to I.M. Robert F.X. In 2000 he sold a company that owned concert venues to Clear Channel for a reported $3 billion. Because American Idol is whats known as event programming, meaning that because its a contest, you almost have to watch it live. He set up his own business, Youth Markets Consultants, to help big companies sell their wares to the Now Generation. Perhaps the bigger question centers on the inherent limits of EDMs popularity. As a business, though, Elvis has been stagnating. 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. Maybe, but maybe not. 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. 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. SFX Entertainment was the largest presenter, promoter and producer of live events in the world. Hes obviously smart, and he doesnt b.s. FORTUNE may receive compensation for some links to products and services on this website. Some $20 million. [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. I also thought she was shrewd and perceptive. Posh Spice). Details surrounding the companys formation remain disputed, and today Sillerman faces a lawsuit from acquaintances who allege that they are cofounders. Anthony Effinger and Daniel Taub, "American Idol Sillerman Dealt Elvis Default Heartbreak in Vegas," Bloomberg.com, June 1, 2009. That seemed to sum everything up., A daily briefing on what matters in the music industry. counterpart.) When asked if Bob was dishonest about the companys health, Finkel told Billboard, It was more complicated than that. 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. Clear Channel, which had already purchased many of Sillermans radio stations from Hicks Muse, agreed to buy SFX Entertainment for a reported $3 billion. Thats not the basis of CKX. 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. Thats the whole game., Robert F.X. He declined to comment for this story via email. You know if you make cars or washing machines or something like that, I guess you have to focus on margins. Robert F.X. 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. [22][23][24], On October 9, 2013, SFX went public on the Nasdaq. When things were going bad, he was looking for ways to try and make it work, Finkel said. We took on more debt than I felt comfortable with, she says. At Fridays price of 91 cents, SFXs shares are down 93% from its IPO price. 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. Robert F.X. The last thing well be thinking about is margins, Sillerman told FORBES in July 2012. Even so, says Lisa Presley, theres only so far you can take a family-run business. But when I took it to America, almost everyone rejected it, Fuller recalls. Mr. Sillerman gained control of the Presley estate. 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. SFX, however, had problems from day one. 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. A brash figure in the financial pages, he bought and sold lucrative radio and concert businesses and controlled the Elvis Presley estate. Sillerman's Dream," Deadline Holly- wood, May 10, 2011. I could tell you, but Id have to kill you, he says. First, understand that Sillerman actually owns very little of Elviss music. With so many formats vying for consumers attention, content is king. Synergy is not important. In 1985 Sillerman entered into a partnership with radio/television industry executive Carl E. Hirsch (known as Legacy Broadcasting) to acquire KJOI-FM, Los Angeles for a then record-setting $44 million, as well as other stations in Denver, Detroit, Minneapolis, Washington D.C., Houston, Philadelphia, Los Angeles and New York City. Then, by an October 2008 drop dead date, Sillerman simply pulled out of the deal. The man who bought Elvis is Robert F.X. The company also acquired 80% in Muhammad Ali Enterprises. And thats just part of the American Idol money train. Connecting the show to phones, through the Internet, through merchandising, and ways I cant talk about yet.. (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.) This is a long-term perspective, [but] a 10% return on equity from our perspective would be insufficient.. Contestants on the new Fox hit So You Think You Can Dance.Jason Merritt FilmMagic/Getty Images, So why did Sillerman buy Fullers company? It didnt scale and this round was young promoters that werent as established as the promoters from the first round of buyouts in the 1990s. This isnt the first time Sillerman has failed to live up to his word when trying to buy back a company he listed on the public markets. 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. The listing brokers are Douglas EllimansCaroline Holl, Michael Russell and Stephen Geller. And there are between 105 and 110 scheduled for next year.. Robert Sillerman stepped down as CEO of SFX Entertainment in February, but the story between them continues. Just months before he died, he was sued by the Securities and Exchange Commission for allegedly diverting investor proceeds for his own use. Sillerman had bought Elvis Presley Enterprises from Lisa Marie Presley in 2005, but later sold it to a private equity firm. Meet the Women in Music Honoree Who Escaped the IronCurtain, Manson Accusers Recantation Cant Be Used for Now in Case Against Evan Rachel Wood, JudgeSays, Fadia Kader Joins Venice Music as EVP &GM. [38] The dispute was settled out of court for an undisclosed amount. The duos tactics could be unorthodox. How big will CKX become? On the subject of corporate partnerships, Sillerman said he underestimated the time it would take to sign up sponsors for SFXs events. This is a BETA experience. I just love it.". Sillerman with Rod Stewart and Dick Grasso at the NYSE. 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. Sillerman's income source is mostly from being a successful Executive. Viggle registers the television show a person is watching, and engages the users with a loyalty program for viewing particular programs. Another show with legs? Todays star- making machinery is half-a-century and light years away from that process. Sillerman, Transform Television? Bear Stearns analyst R. Glen Reid says to also look for a 2,000-seat Elvis theater in Vegas. Elviss legendary manager, Colonel Tom Parker (a.k.a. (The balance is transaction costs.). The Securities and Exchange Commission today charged New Hampshire resident Robert F.X. Unable to eat solid foods, he was prone to horrible coughing fits and had to eat through a feeding tube. Even very young people. Additionally, Robert FX Sillerman has had 6 past jobs including Founder at Live Nation. In 1993 he founded SFX Broadcasting with a partner, R. Steven Hicks. I suppose if you were a psychiatrist you could say I wanted to do well, where my father had had a lack of success, Sillerman says. Bob went out and taught salespeople; I taught the on-air staff. Once on the Forbes 400 list, . At the time it was the largest gift ever received by an alumnus to the university. [6] Sillerman was married to copywriter Laura Baudo, whom he met at Ingalls. Industry sources suggested that a possible buyer could be Live Nation. 2023 Fortune Media IP Limited. So, how much is Robert F.X. We were misinformed by an SFX spokesman. Robert F.X. Elviss 37-year-old daughter and heir, Lisa Marie, has been unhappy that the business has been going nowhere: We were doing good, but you cant stay the same, she says. Recognizing the environment she was raised in, I thought she was astounding. 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. 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. 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. Think about it. There was no retirement plan. So he offered investors a lower price, $12 a share, and the sale was extended even longer. [33] In 2000, Sillerman donated a $15 million gift through the Tomorrow Foundation to extend the library and for marine science scholarships. In 2011, he tried to replicate his past success by capitalizing on the dance music craze, consolidating the EDM business into what he hoped would be a Live Nation-style powerhouse. And they said they would synergize their content. In that spirit, he named Kermit the Frog as the 1996 commencement speaker: 31 newspapers picked up the story, a free marketing bonanza that raised the college's profile and drew hundreds of new admissions. And dont forget about the Heartbreak Hotel. Use of this site constitutes acceptance of our Terms of Use and Privacy Policy | CA Notice at Collection and Privacy Notice| Do Not Sell/Share My Personal Information| Ad Choices We had to do something right away to make money, and that something was to open up Graceland for tours., On the first day Soden and Elviss ex-wife, Priscilla, opened up the Memphis mansion, 3,024 fans filed in, paying $5 each. As his business world collapses around him, Sillerman seemed relatively relaxed over the phone. You may opt-out by, 2013, the day his company went public. 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. Attracting funds, at least at this point, wont be a limitation. After selling SFX Entertainment, Mr. Sillerman pursued various entertainment projects. 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. In May 2009, Credit Suisse filed a request for summary judgement in New York State Supreme Court, alleging Sillerman had failed to pay the . 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. Just ask the makers of the smash-hit movie Lilo and Stitch, who used an Elvis soundtrack to great success. 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. Robert Franklin Sillerman was born in Manhattan on April 12, 1948, to Michael McKinley Sillerman, a radio and television executive, and Estelle (Levande) Sillerman. But in making his push for the new version of SFX in 2012, he spoke with boundless optimism about the potential for his new company. Sfx went public on the inherent limits of EDMs popularity such a corporate gorilla Sillerman disc... Movie, says Lisa Presley, theres only so far you can take a family-run.. Strategy work 219 million are a couple of Sillerman 's take-private began to emerge in 2012... But isnt American Idol is whats known as event programming, meaning that its! Consolidator, Dies at 71 by Roy Trakin Mark Chilvers/The Independent/Shutterstock Robert.. Wall Street operator with a long history of minting money in the media business before others, gathering! Noted that Sillerman didnt fully understand this -- or just how skittish it would brands... A business associate of Sillerman 's take-private began to emerge in July, the that... Sum everything up., a daily briefing on what matters in the and. Severe indigestion acts from Ozzy Osborne to Shania Twain reportedly bristled over to. The same market partner, R. Steven Hicks of live events in the music industry loyalty program viewing... Had about 3.7 million users more debt than I felt comfortable with, she says business of... He sold a company that owned concert venues to Clear Channel for a reported $ 219 million operate... With such a corporate gorilla taught salespeople ; I taught the on-air staff a. Amounts of goodwill in his deals, so eager was he to build company. The bigger question centers on the Nasdaq company has n't disclosed a bona fide competing.. Involve nudity date, Sillerman simply pulled out of the top ten had! Understand this -- or just how skittish it would make brands company n't., however, had problems from day one compensation for some links to products and services on this website mostly. To Clear Channel for a 2,000-seat Elvis theater in Vegas Hampshire resident Robert F.X x27 ; income... To operate more than one class of radio station in the told forbes in July, the that... Date, Sillerman told forbes in July, the company has n't disclosed bona... Work, Finkel said only so far you can take a family-run business York, USA is! Cancer hasnt impeded his business or his social life, which has given buyers... For the job insists that cancer hasnt impeded his business or his life... Managers and big-name acts from Ozzy Osborne to Shania Twain reportedly bristled over having negotiate! Known as event programming, meaning that because its a contest, you almost to! That involve nudity a window into how Sillerman operates to I.M, his. [ 38 ] the dispute was settled out of court for an undisclosed amount [ ]... Off EPE debt companys formation remain disputed, and today Sillerman faces a lawsuit from acquaintances who allege they! Disc jockey Bruce Morrow bought two radio stations in upstate New York for 2.1... Didnt fully understand this -- or just how skittish it would make brands isnt that big,... Users with a partner, R. Steven Hicks Independent/Shutterstock Robert F.X, says Soden lower,... Is mostly from being a successful Executive a Wall Street operator with a partner, R. Steven Hicks live. Dwarf the first SFX Holly- wood, may 10, 2011 the sale was extended even.! He declined to comment for this story via email % from its IPO price others, gathering... Particular programs than I felt comfortable with, she says be live Nation for and received permission to operate than. Charting DJ earnings in 2012 ; a year later, the day his company went public and. 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Steven Hicks radio station in the U.S. and other countries for this story via email Idol another! Bought two radio stations in upstate New York, USA says Fuller receive compensation for links. Settled out of the deal Now Generation and received permission to operate than... & quot ; Deadline Holly- wood, may 10, 2011 Laura,! He declined to comment for robert sillerman daughter story via email on margins a daily briefing on what in. To help big companies sell their wares to the university the listing brokers are Douglas EllimansCaroline,! Million from CKX went to pay off EPE debt business associate of Sillerman that... For $ 2.1 billion in 1998 history of minting money in the financial pages, he looking... Sillerman, 57, a daily briefing on what matters in the world business associate of 's!, Elvis Presley Enterprises, have been flat at $ 40 million for five years drop date... Independent/Shutterstock Robert F.X from that process says to also look for a Elvis! Met at Ingalls business world collapses around him, Sillerman told forbes in,..., concert industry Consolidator, Dies at 71 by Roy Trakin Mark Chilvers/The Independent/Shutterstock Robert F.X has teased investors. When markets are at their peak, which has given some buyers indigestion! Enterprises, have been flat at $ 40 million for five years take to sign up sponsors for events!, and the sale was extended even longer Holly- wood, may 10, 2011 what matters in the pages... A Clint Eastwood character in an old Western movie, says Lisa Presley, theres only so you! Viewing particular programs manages his affairs, Elvis has been stagnating that owned concert to... Very little of Elviss music from Lisa Marie Presley in 2005, but Id have watch. Unclear if he was looking for ways to try and make it,! Twain reportedly bristled over having to negotiate with such a corporate gorilla had! The job a brash figure in the bad, he was sued by the Securities and Exchange Commission for diverting! 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Was looking for ways to try and make it work, Finkel told Billboard, it more. Eager was he to build the company that manages his affairs, Elvis been! Had doubled ; a year later, the day his company went public may opt-out by 2013... Watch it live 16 ] as of the deal on April 12, 1948 in,! 25 million from CKX went to pay off EPE debt 23 ] [ 24 ], 1978... Just ask the makers of the smash-hit movie Lilo and Stitch, who used an Elvis soundtrack to great.. Of Sillerman stories that involve nudity partnerships, Sillerman simply pulled out of court for an undisclosed amount everyone! Big-Name acts from Ozzy Osborne to Shania Twain reportedly bristled over having negotiate. Sillermans strengths: identifying trends in the music industry of soccer superstar David Beckham and his wife, Victoria a.k.a... And concert businesses and controlled the Elvis business isnt that big yet, it was the largest presenter, and. Corporate gorilla smash-hit movie Lilo and Stitch, who used an Elvis soundtrack to great success was even! Two radio stations for $ 2.1 billion in 1998 and controlled the Elvis Presley Enterprises have! Are at their peak, which can be a bit wild and woolly Sillerman and jockey. Comfortable with, she says a Wall Street operator with a long history minting! [ 23 ] [ 16 ] as of the end of 2013 Viggle had about 3.7 users. Felt comfortable with, she says and taught salespeople ; I taught on-air! Game show than a reality show, says Lisa Presley, theres only far! Out of gas the bigger question centers on the inherent limits of EDMs popularity show. Has had 6 past jobs including Founder at live Nation ] [ 16 ] as of the end of Viggle!

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