Authentic Brands Group has purchased Elvis Presley's intellectual property and the right to operate Graceland, the performer's home and a current tourist attraction, from CORE Media Group, according to Memphis Commercial Appeal. CORE Media Group owned 85 percent interest in Elvis Presley Enterprises, based in Memphis. Lisa Marie Presley owns the remaining 15 percent of the company.
The sale includes licensing and merchandising rights to Presley's image, name and likeness, as well as all photos, movies, television appearances and movie specials in which he appeared. The company will also own the rights to Elvis-related events, such as Elvis Week. While the management rights of Graceland will change hands, the property itself and the artifacts inside it will still belong to Lisa Marie Presley.
"We are honored to welcome Elvis into the ABG brand portfolio and look forward to working alongside the Presley family and the team at Elvis Presley Enterprises to increase Elvis' popularity and fan base worldwide," said Jamie Salter, chairman and CEO of Authentic Brands Group, in a statement.
Authentic Brands Group is no stranger to acquiring intellectual property of this type - it manages brands like Marilyn Monroe and Muhammad Ali as well.