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 Authentic Brands Group said Tuesday it has bought Elvis Presley's
intellectual property from CORE Media Group and is partnering with
the founder of another company to operate the Graceland tourist
attraction.
The purchase gives Authentic Brands control of Elvis Presley
Enterprises, which manages the licensing and merchandising rights to
Presley's image, name and likeness, in addition to a massive
collection of music, photos, movies, television appearances and
performance specials featuring the King of Rock 'n' Roll.
As part of the deal, National Entertainment Collectibles Association
founder Joel Weinshanker acquires Graceland's operating rights,
according to a statement announcing the sale. Weinshanker, Authentic
Brands and the Presley family will partner in operating Graceland,
it added.
A purchase price wasn't disclosed. Also known as ABG, Authentic
Brands Group is a New York-based intellectual property corporation
that manages brands including Marilyn Monroe and Muhammad Ali.
"This is an exciting day for Elvis and his fans," Priscilla Presley,
the singer's former wife, said in a statement. "We look forward to
working with the ABG team to further promote the legacy of Elvis.
This is the opportunity the family has been envisioning to expand
the Graceland experience and enhance Elvis' image all over the
world."
Presley's daughter, Lisa Marie Presley, says she will continue to
own the Graceland home and the original items inside it.
"The licensing and merchandising aspect of this business is not to
be confused with the fact that the property will always remain with
me and my family," Lisa Marie Presley said.
Elvis Presley died at age 42 in Memphis on Aug. 16, 1977.
The Graceland home opened for tours on June 7, 1982. Presley-related
exhibits, restaurants and gift shops selling clothing and
memorabilia are located across the street from the home. More than
500,000 people visit Graceland each year, bringing in millions in
tourist revenue for its owner and the city.
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Elvis Presley Enterprises runs a worldwide merchandising and
licensing business that keeps Elvis' legend strong. In 2012, Elvis
Presley Enterprises CEO Jack Soden said the licensing business
generated about $32 million a year in revenue.
Plans to refurbish and modernize the tourist attraction had been put
on hold, but they could be renewed now that the sale is complete.
Priscilla and Lisa Marie Presley both mentioned a possible expansion
of Graceland in their statements Tuesday.
CORE Media Group was bought by private equity firm Apollo Global
Management in 2011 for $511 million. Formerly known as CKx Inc.,
CORE Media owns rights to "American Idol" and "So You Think You Can
Dance."
National Entertainment Collectibles Association is a media and
entertainment distribution company operating in the United States
and internationally.
[Associated
Press; ADRIAN SAINZ]
Copyright 2013 The Associated
Press. All rights reserved. This material may not be published,
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