Michael Jackson Estate Seeks to Acquire Elvis Presley's Assets
Apollo's Core Media Group is seeking to sell Elvis Presley's assets as well as the name and brand rights of Muhammad Ali.
The Elvis Presley assets being put up for sale include Graceland estate, Heartbreak Hotel, his costumes, cars, planes, and many of his songs.
The company Sony/ATV, in which the Michael Jackson Estate holds a fifty percent stake, currently holds the publishing rights to Elvis's songs but pays a portion of the royalties as an "artist's share" to the Elvis estate. If Sony/ATV were to purchase the songs being sold, it would no longer be obligated to make that payment to the Elvis estate.
So far, the Sony Corporation on behalf of the Sony/ATV copyright company, the G2 Investment Group, and Iconix have volunteered to participate in the auction for the Presley assets.
The auction has proceeded to a second round. In the first round, the Elvis Presley assets were priced at approximately two hundred million dollars, but in the second round the figure was reduced to between one hundred and one hundred and fifty million dollars. The reason for this reduction is that Elvis's properties — Graceland and his hotel — are in need of major renovations.
Zack O'Malley, Forbes writer and author of the book Michael Jackson Inc., says the King of Rock and Roll is showing signs of aging. His Cirque du Soleil show in Las Vegas was not successful and closed earlier than planned. Elvis only generated $55 million in revenue during 2011 and 2012. O'Malley estimates Elvis will continue to bring in tens of millions of dollars annually but is uncertain whether growing that figure will be straightforward.
Beyond this, any deal involving Elvis — such as making a film about his life — must receive the approval of the Presley family. Lisa Marie, Michael Jackson's ex-wife and Elvis's daughter, holds a fifteen percent share of her father's assets.
Source: eMJey.com / billboard
Apollo's Core Media Group is seeking to sell Elvis Presley's assets as well as the name and brand rights of Muhammad Ali.
The Elvis Presley assets being put up for sale include Graceland estate, Heartbreak Hotel, his costumes, cars, planes, and many of his songs.
The company Sony/ATV, in which the Michael Jackson Estate holds a fifty percent stake, currently holds the publishing rights to Elvis's songs but pays a portion of the royalties as an "artist's share" to the Elvis estate. If Sony/ATV were to purchase the songs being sold, it would no longer be obligated to make that payment to the Elvis estate.
So far, the Sony Corporation on behalf of the Sony/ATV copyright company, the G2 Investment Group, and Iconix have volunteered to participate in the auction for the Presley assets.
The auction has proceeded to a second round. In the first round, the Elvis Presley assets were priced at approximately two hundred million dollars, but in the second round the figure was reduced to between one hundred and one hundred and fifty million dollars. The reason for this reduction is that Elvis's properties — Graceland and his hotel — are in need of major renovations.
Zack O'Malley, Forbes writer and author of the book Michael Jackson Inc., says the King of Rock and Roll is showing signs of aging. His Cirque du Soleil show in Las Vegas was not successful and closed earlier than planned. Elvis only generated $55 million in revenue during 2011 and 2012. O'Malley estimates Elvis will continue to bring in tens of millions of dollars annually but is uncertain whether growing that figure will be straightforward.
Beyond this, any deal involving Elvis — such as making a film about his life — must receive the approval of the Presley family. Lisa Marie, Michael Jackson's ex-wife and Elvis's daughter, holds a fifteen percent share of her father's assets.
Source: eMJey.com / billboard