The Elvis Presley brand has been sold to Authentic Brands Group, owner of the image rights of Marilyn Monroe.
Authentic Brand Group announced that it had purchased the King of Rock ‘n’ Roll’s intellectual property.
The deal includes image, name, and likeness, in addition to pictures, films, television shows, and music specials.
Price of the deal has not been disclosed, but Elvis is still one of the world’s most profitable entertainers.
As part of the agreement, Elvis’s daughter Lisa Marie will continue to own Graceland, her father’s former home in Memphis.
When Elvis died in 1977, he reportedly had around $5 million in the bank.
Boost popularity, fan base
The acquisition gives Authentic Brands control of Elvis Presley Enterprises, which operates the licensing and merchandising rights to Presley’s image.
Last year, profit from his estate reached $55 million, which comes from careful marketing of his image and from Graceland, which is a hugely popular tourist spot.
The company plans to boost Elvis’ popularity and fan base worldwide.