Wednesday, November 20, 2013

Authentic Brands Clinches Deal For Elvis Rights

Authentic Brands has acquired the licensing rights to Elvis Presley’s name and likeness and will partner with another company to operate the late entertainer’s Graceland mansion in Memphis, Tenn.

The financial terms were not disclosed, but last month The NYPost reported that Authentic Brands had emerged as the lead bidder after upping its offer to $125 million.

The brand-licensing company, which is run by Jamie Salter and backed by buyout shop Leonard Green, also purchased Muhammed Ali’s assets from Apollo’s Core Media as part of the deal.

Authentic Brands gains the licensing and merchandise rights to Elvis’ recordings, TV appearances and music specials as well as photos, imagery and album artwork.

As part of the deal, will also operate Graceland, a top tourist attraction.

The singer’s ex-wife, Priscilla Presley, and daughter, Lisa Marie Presley, also suggested that Graceland would be expanded under new management. Lisa Marie Presley stressed that the family will continue to own the mansion and her father’s “original artifacts.”

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