(Los Angeles) The catalog of Elvis Presley, legend of American music, will now be managed by Universal Music, according to an agreement announced Tuesday by the record label and an intellectual property management company.
Posted at 2:05 p.m.
The latter, Authentic Brands Group (ABG), which owns its catalog, and Universal have not released financial details of their deal, which builds 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 aged 42 in 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 and viva 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, Universal bought out the rights to Sting.