NEW YORK, Miss. — The intellectual property of Mississippi son Elvis Presley was sold this week to Authentic Brand Groups (ABG) in New York. The group owns the intellectual property of other big stars like Marilyn Monroe and Muhammad Ali. Why did they want to own “The King?”
“Two reasons. One was obviously Elvis’s place in pop culture and how he is woven in the fabric of American and global society so clearly. He is someone and his estate is very valuable but also a lot of fun to work with. And then secondly, because we already own the estate of Marilyn Monroe we felt we already knew how to take this to the next level. We will obviously put Elvis in the same, if not higher category than Marilyn Monroe,” said Nick Woodhouse, president of ABG.
As for how much the estate cost, ABG is keeping that a secret. Elvis’s legacy generates about $32 million a year.
