NEW YORK, NY – Leading media entrepreneur Robert F.X. Sillerman announced that he has reached an agreement to acquire control of Gateway Industries, Inc. (GWAY.PK) to serve as the vehicle for his new venture. Upon closing of the transaction, Gateway Industries, Inc. will be recapitalized and renamed Function (X), Inc. with the ticker symbol (FNCX).
Sillerman has a proven track record of pioneering some of the most successful and profitable businesses in television, radio, promotion, marketing and live entertainment. With the sales of SFX Entertainment and SFX Broadcasting, Sillerman has driven some of the largest transactions in the history of live entertainment and radio. Berenson & Company, LLC is the exclusive financial advisor to Function (X) Inc. on this transaction, which is expected to close shortly. Further details about Function (X) will be announced in the coming weeks.
About Robert F.X. Sillerman
In February 2005, Sillerman formed CKx (NASDAQ: CKXE) to engage in the ownership, development and commercial utilization of entertainment content including American Idol. Sillerman announced his resignation as the Chairman and Chief Executive Officer of CKx in May 2010, to bid to acquire the company and to pursue other ventures. He remains CKx’s largest shareholder. Sillerman is also the Chairman and Chief Executive Officer of Circle Entertainment Inc. (CEXE).
Sillerman was the founder, Executive Chairman and a major shareholder of SFX Entertainment, the world’s largest presenter, promoter and producer of live entertainment, from 1997 until its sale to Clear Channel Communications in August 2000. Previously, he was a founder, major stakeholder and served as Executive Chairman of SFX Broadcasting, a leading owner and operator of radio stations, from 1992 to 1998, when he sold the company to an affiliate of buyout firm Hicks, Muse, Tate & Furst.