The King of Rock ‘n’ Roll has a new home.
Authentic Brands has acquired the licensing rights to Elvis Presley’s name and likeness and will partner with another company to operate the late entertainer’s Graceland mansion in Memphis, Tenn.
The financial terms were not disclosed, but last month The Post reported that Authentic Brands had emerged as the lead bidder after upping its offer to $125 million.
The brand-licensing company, which is run by Jamie Salter and backed by buyout shop Leonard Green, also purchased Muhammed Ali’s assets from Apollo’s Core Media as part of the deal.
Authentic Brands gains the licensing and merchandise rights to Elvis’ recordings, TV appearances and music specials as well as photos, imagery and album artwork.
As part of the deal, National Entertainment Collectibles Association, which manufactures the “Hunger Games” memorabilia, will operate Graceland, a top tourist attraction.
“We will usher in a new era of an enhanced Graceland experience, run for the fans, by a fan,” said Joel Weinshanker, the chief of National Entertainment Collectibles.
The singer’s ex-wife, Priscilla Presley, and daughter, Lisa Marie Presley, also suggested that Graceland would be expanded under new management.
While Weinshanker’s company will oversee the operations, Lisa Marie Presley stressed that the family will continue to own the mansion and her father’s “original artifacts.”
“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,” she said in a statement.
“However, this is a great partnership for our family and Elvis fans worldwide.”
Authentic Brand has snapped up the rights to a number of dead celebrities, including screen siren Marilyn Monroe and reggae legend Bob Marley.