Robert Sillerman's Function (X) Will Focus On 'Digital And Mobile'
February 17, 2011 at 4:00 AM (PT)
ALL ACCESS tipped you last week (NET NEWS 2/8), that the founder of the company that owns "American Idol" -- and the man who launched SFX ENTERTAINMENT -- was apparently back in the game. ROBERT F.X. SILLERMAN took control of dormant public company GATEWAY INDUSTRIES on FEBRUARY 8th, and sent its stock soaring from about 2 cents a share to nearly $3 after he said the company would be the launching pad for a new venture.
Previously, we were told the company would be renamed FUNCTION (X). Now we get more insight into that venture -- but not the whole story.
SILLERMAN said he "has made his investment in the Company to establish a new platform for investments in media and entertainment, with a particular emphasis on digital and mobile technology," reports YAHOO! FINANCE. "SILLERMAN is evaluating several initiatives aimed at combining certain established business principles with a new element enabled by digital and mobile distribution capabilities. An initial product under consideration would emphasize Smartphone application, with a goal of being ready for Beta testing in the 3rd quarter of 2011. The Company is not disclosing any details about this product for competitive reasons, and because this product has not reached the stage of a specific plan for its commercial adaptation."
SILLERMAN completed the recapitalization of GATEWAY INDUSTRIES following a reverse 1 for 10 stock split which became effective on FEBRUARY 16th.
You can follow the shares of FUNCTION X, which is now trading under symbol FNCX.