An agreement was announced on Tuesday by the record label and the intellectual property management company Authentic Brands Group (ABG), which owns its catalog. This agreement is the latest in a major movement in the music industry to acquire the intellectual rights to the catalogs of the biggest stars.
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The catalog of singer Elvis Presley, legend of American music who died in 1977, will now be managed by the firm Universal Music, according to an agreement announced Tuesday, April 12 by the record company and an intellectual property management company. The latter, Authentic Brands Group (ABG), which owns its catalog, and Universal have not released the financial details of their agreement, which is based on a pre-existing partnership.
The announcement comes a few weeks before the theatrical release of the highly anticipated Elvis, biopic with Austin Butler and Tom Hanks, which will have its world premiere at the Cannes Film Festival in May.
Elvis Presley, who died at 42 on August 16, 1977, is one of the most successful musicians in history with more than 500 million records sold, including his hits Can’t Help Falling In Love, Suspicious Minds and Long live Las Vegas.
ABG also owns the rights for Marilyn Monroe and Mohamed Ali. This agreement is the latest in a vast movement in the world of the music industry to acquire the intellectual rights to the catalogs of the greatest artists such as Bob Dylan or Bruce Springsteen. Earlier this year, in February, Universal bought the rights to Sting and his former band The Police.