FORM 4
Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934 or Section 30(h) of the Investment Company Act of 1940
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(Print or Type Responses)
1. Name and Address of Reporting Person *
Sillerman Investment Co III, LLC
  2. Issuer Name and Ticker or Trading Symbol
Function(x) Inc. [FNCX]
5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
__X__ Director __X__ 10% Owner
_____ Officer (give title below) _____ Other (specify below)
(Last)
(First)
(Middle)
902 BROADWAY, FL 11
3. Date of Earliest Transaction (Month/Day/Year)
08/22/2016
(Street)

NEW YORK, NY 10010
4. If Amendment, Date Original Filed(Month/Day/Year)
6. Individual or Joint/Group Filing(Check Applicable Line)
_X_ Form filed by One Reporting Person
___ Form filed by More than One Reporting Person
(City)
(State)
(Zip)
Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1.Title of Security
(Instr. 3)
2. Transaction Date (Month/Day/Year) 2A. Deemed Execution Date, if any (Month/Day/Year) 3. Transaction Code
(Instr. 8)
4. Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5)
5. Amount of Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 3 and 4)
6. Ownership Form: Direct (D) or Indirect (I)
(Instr. 4)
7. Nature of Indirect Beneficial Ownership
(Instr. 4)
Code V Amount (A) or (D) Price
Common Stock (1) (2)               30,811,268 D  

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Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security
(Instr. 3)
2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (Month/Day/Year) 3A. Deemed Execution Date, if any (Month/Day/Year) 4. Transaction Code
(Instr. 8)
5. Number of Derivative Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4, and 5)
6. Date Exercisable and Expiration Date
(Month/Day/Year)
7. Title and Amount of Underlying Securities
(Instr. 3 and 4)
8. Price of Derivative Security
(Instr. 5)
9. Number of Derivative Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 4)
10. Ownership Form of Derivative Security: Direct (D) or Indirect (I)
(Instr. 4)
11. Nature of Indirect Beneficial Ownership
(Instr. 4)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
Series C Preferred Stock (1) (7) 08/22/2016   A   23,264   08/22/2016   (10) Common Stock (7) (8) 7 (7) D  
Series C Preferred Stock (1) (7)               (7)   (10) Common Stock (7)   9 (9) D  
Warrants (right to buy) $ 3.51             10/24/2014 10/24/2019 Common Stoock 225,000   225,000 (3) D  
Warrants (right to buy) $ 2.98             11/25/2014 11/25/2019 Common Stock 150,000   150,000 (4) D  
Warrants (right to buy) $ 3.63             12/15/2014 12/15/2019 Common Stock 775,000   775,000 (5) D  
Warrants (right to buy) $ 1.78             03/16/2015 03/16/2020 Common Stock 350,000   350,000 (6) D  

Reporting Owners

Reporting Owner Name / Address Relationships
 Director  10% Owner  Officer  Other
Sillerman Investment Co III, LLC
902 BROADWAY, FL 11
NEW YORK, NY 10010
  X   X    

Signatures

 SILLERMAN INVESTMENT COMPANY III LLC   08/29/2016
**Signature of Reporting Person Date

 /s/ Robert F.X. Sillerman   08/29/2016
**Signature of Reporting Person Date

Explanation of Responses:

* If the form is filed by more than one reporting person, see Instruction 4(b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
(1) This transaction was exempt from the provisions of Section1 6(b) pursuant to Rule 16b-3 thereunder.
(2) The Reporting Person previously purchased 10,000 shares of the Issuer's Series C Preferred Stock at a price of $1,000 per share. 7,000 shares of Series C Preferred Stock were exchanged for 22,580,645 shares of the Issuer's common stock in a transaction exempt from the provisions of Section 16(b) pursuant to Rule 16b-3 thereunder.
(3) Warrants previously acquired by the Reporting Person, exercisable at $3.51 per share.
(4) Warrants previously acquired by the Reporting Person, exercisable at $2.98 per share.
(5) Warrants previously acquired by the Reporting Person, exercisable at $3.63 per share.
(6) Warrants previously acquired by the Reporting Person, exercisable at 1.78 per share.
(7) Subject to existing Exchange Agreement, the Series C Preferred Shares are convertible into common shares, the number of which will be based on the pricing at the time of conversion.
(8) Debt held by SIC III was exchanged for shares of Series C Preferred Stock.
(9) The Reporting Person previously held 3,000 shares of Series C Preferred Stock. The Reporting Person continues to hold those shares, but the terms of those shares were changed, such that the shares are no longer convertible by their terms. However, the shares are subject to an Exchange Agreement. See footnote (7).
(10) The Series C Preferred Shares are exchangeable for common shares pursuant to a pre-existing exchange agreement. Any exchange is subject to certain conditions, but there is no expiration on the time at which such exchange may occur.

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