The catalog of American music legend Elvis Presley will now be managed by Universal Music, according to an agreement announced Tuesday by the record label and an intellectual property management company.
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 Elvisa biographical film starring 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 hit songs 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 music industry to acquire the intellectual rights of the greatest artists, such as Bob Dylan and Bruce Springsteen.
Earlier this year, Universal bought the rights to British singer Sting.
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