If youre a 15-year-old boy or girl and youve had your heart broken, and you hear Crying on Spotify, its going to pull you in, asserts Alex Orbison, the son of Roy and one of the administrators of his fathers estate. Sillerman and his company CKX Inc. Lisa Marie Presley retained 15% ownership in Elvis Presley Enterprises. Its very, very different. All Rights Reserved. Jack Soden is President and CEO of Elvis Presley Enterprises, Inc. Jack grew up in Kansas City, Missouri and attended Regis University in Denver, Colorado. Though he was a massive star in his lifetime, Presleys posthumous popularity has been unprecedented. All persons and departments at Graceland/Elvis Presley Enterprises can be reached through the following mailing address, street address and phone numbers: Graceland/Elvis Presley Enterprises, Inc. P.O. And that brings up a strange but true fact: Shaq is on the receiving end of some of those dollars. [3] He was also ordered to hand over any Elvis audio recordings or visual images that he owned. Elvis Presley Enterprises Inc. Elvis Presley Enterprises, Inc. provides entertainment services. According to a 1989 Los Angeles Times article, his "average concert gross in the mid-'70s was $130,000 a night," which puts him in the. Do you think I trust you? And I said, I hope so. He says, Why wouldnt I be partners with you? In addition to his Memphis home and museum, Graceland, the late Presleys song catalog is the jewel of his estate holdings. Shaquille ONeal is an institution all on his own. The issue thats most likely to come up, Rahn added, is that Lisa Marie Presleys daughters now several generations removed from Elvis himself may not want to keep their assets and could instead opt to cash out. . It deals with a lot of perspective and emotion., Elvis team is also making headway in the streaming world. Already filming in Australia, the project stars Austin Butler, known for playing Manson acolyte Tex Watson in Once Upon a Time. Me., He added, My real business is I own 50 brands.. . Footwear News is a part of Penske Media Corporation. The Company offers entertainment through bands, orchestras, and entertainers. A fixture of music history, Graceland reports hosting 500,000 visitors a year across its 13-acre grounds and 17,552 square feet. This was finally settled after a poor deal with Tom Parker to sign the rights away to Elvis songs decades ago. You present him as this iconic American story., The approach applies not only to Agent King but also to an untitled Presley biopic to be directed by Baz Luhrmann. Parker, who was prescient about the value of songwriters catalogs in recorded music, demanded early on that Presley (and himself) receive half the publishing on songs he recorded. The economy and markets are "under surveillance". But attendance was disappointing, and the show closed after just more than two years. This includes a share of all licensing and merchandising related to the star. Over the years, Presleys estate has generated significant income from his fame as a singer and performer. Elvis first signed a contract with Sam Phillips at Sun Records in 1954. Due to his extensive investment in ABG, Shaq owns a percentage of Elvis' royalties. Later, Parker and Presley's estate squared off in another legal battle that was settled out of court in 1981. Or is it something that as generations fade those feelings fade with time?. Elvis seems to have endured longer than any of them.. Graceland is located at 3764 Elvis Presley Boulevard in the Whitehaven, Memphis neighborhood, about nine miles (14 kilometres) south of central Memphis and fewer . The band was together five years, releasing two albums and touring the U.S. several times. Butler also won best actor for his role as the rock and roll legend. Theres talk of downplaying Elvis age during birthday celebrations (his 85th happened in January, with tickets as high as $875, which included a Graceland tour guided by Priscilla). When the fans protested, the company reinstated the less pricey products. These plans are all part of a major effort to make Presley cool again. This winters Elvis: Seen and Unseen tour, featuring surviving members of his TCB band playing along to video footage of Presley, was postponed, for the second time, due to unforeseen circumstances with the archival footage. ELVIS PRESLEY ENTERPRISES, INC. Elvis Presley Enterprises, Inc. (EPE) is the corporate entity that was created by the Elvis Presley Trust to conduct business and manage its assets. If Elvis was in Memphis for a day, he rarely paid in cash. In 1982, Graceland opened to the public, allowing fans to get access to the main floor of Elvis home, plus his cars and his gun collection. Thats going to be the next big thing: Elvis will teach you how to play guitar. This includes a share of all licensing and merchandising related . Elvis Presleys estate is owned by a trust set up by the singer before his death in 1977. Authentic Brands Group snapped up those rights in a $145 million deal. Aside from his amazing voice, he was well-known for his exceptional performances. (Photo by Frank . The company is headquartered in Memphis, Tennessee. In 2020, one Presley executive told Rolling Stone that the Presley estate was worth around $400 or $500 million. Graceland opened for tours on June 7, 1982. Thats all that Drake and Justin Bieber wanted. When people say, Your dads music was a long time ago, I say, Heartbreak happens in real time. In addition to a hologram tour, the Orbison family is also planning a collection of his hits with overdubbed orchestration (a tactic the Presley estate has tried with two albums lately). With all the focus now on everything Elvis, things could get messy, according to legal experts who specialize in estates of high-net-worth individuals. When Elvis died in August 1977, Lisa Marie became the joint-heir to his estate along with Elvis' father Vernon and his grandmother Minnie Mae . He covers platforms, e-commerce and the influencer economy. by Charlie Kerlinger | Nov 16, 2022 | Famous Musicians. Sillerman, whose other company, SFX, was rolling concert promoters into a company . Despite the troubles Presley's estate may have run into in the past, the latest movie to feature the King of Rock N' Roll may help generate some revenue for those who still own part of it. But since the rock legends death in 1977, that posthumous payload has seen its share of twists and turns, with everything from his music catalog to his likeness rights buffeted by the winds of capitalism. By the early Eighties, his estate was tanking, plagued by a $10 million IRS bill and income slumping to less than $1 million a year. The attention inspired Marshall Crenshaw to record Bens Im Sorry (But So Is Brenda Lee) for his Downtown album. One of the things that happens when administering somebodys estate is that thats the opportunity to present all valid creditors claims, Roshan said, adding that creditors get priority over heirs. She has made her fathers personal effects and mansion property available for tours of. 2023 Fairchild Publishing, LLC. Elvis Presley earned a good living being on the road. Who owns Forever 21?" Shaq continued. When Elviss father and grandmother died, their amounts of the will also went to Lisa Marie. As previously stated, Lisa Marie Presley retains a 15% ownership stake in the company and her mother, Priscilla Presley, retains a 2% ownership stake. That generation is harder, concedes Salter. Presley is survived by her three daughters, actor Riley Keough and twins Harper and Finley Lockwood, from two different ex-husbands. Although the rock star was a cash cow while alive, his lavish spending habits and shortsighted deal-making left the family in dire straits once he was gone. Imagine where we are for anybody else. In 2019, Authentic Brands Group CEO Jamie Salter told FN that moments before ONeal closed the deal to sign away half of his brand proceeds to ABG, he turned to Salter with an idea. Copyright 2023 Market Realist. According to Rolling Stone, Elvis Presleys estate will be worth $400-500 million by 2020. FN and Footwear News are registered trademarks of Fairchild Publishing, LLC. In addition to Graceland and its related attractions in Memphis, including the Heartbreak . I said, Yeah. He says, Id like to invest it in ABG. And I said, Hold on, I dont understand. They received rave reviews in Rolling Stone and People magazine and video airplay on MTV. ONeal has owned shares in ABG since 2015, when the sports icon signed an agreement to let the company manage his likeness and marketing rights. In 2005, an 85% stake in Elvis Presley Enterprises was sold to media company CKX for $114 million. Born into the spotlight, Presley split her youth between Graceland and Los Angeles after her parents Elvis and Priscilla Presley divorced. Brands die as they get older, and the reason brands die as they get older is because the older generation goes away, says Salter, whose company also represents Marilyn Monroe and Muhammad Ali. Elvis Presley Enterprises is a company founded in 1971, a year after Elvis Presleys death, by his widow, Priscilla Presley, and former manager, Colonel Tom Parker. [+] Frank Micelotta/Invision/AP Elvis Presley was always reputed to be a free-spender. In 2020, the estates value was $400 to 600 million, a source told Rolling Stone. Still, Salter isnt ruling out AI. Plans to expand Graceland fell apart after the 2008 stock market crash; in 2011, CKX was sold to a private-equity firm, which two years later put the rights to the licensing of the Presley estate on the market. It also licenses the use of Elvis image and likeness for commercial purposes. Rolling Stone is a part of Penske Media Corporation. One came two decades ago when Dutch DJ-producer Junkie XL remixed A Little Less Conversation, and now Raleigh whose company administers the publishing for Susan Aberbach and her children, heirs to early Presley publishers Julian and Joachim Jean Aberbach expects a new one with Elvis. So, Lisa Marie does not own any royalties on sales of recordings made before 1973 when the deal was made. Footwear News is a part of Penske Media Corporation. Some are surprising: After the U.S., his second-biggest market is Brazil? The 10 Best Running Shoes for Plantar Fasciitis, According to Experts, Report: Gap Inc. 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Lurhmann took over an office at Graceland and incorporated the estates resources into his work. [1] In 1993, Graceland purchased the property and all the shops and attractions in what is now known as Graceland Plaza are owned and operated by EPE. [1] After Vernon's death in 1979, Elvis' ex-wife Priscilla Presley, as Lisa Marie's legal guardian, began co-managing the trust along with the National Bank of Commerce in Memphis, which was the bank Elvis and Vernon had done business with, and Joseph Hanks, who had been Elvis and Vernon's accountant for a number of years,[1] and formed EPE in 1979. [1] The plaza was built in the sixties, and had been a typical suburban strip shopping center. I look around now, and Im not so sure people remember [him], says Jay Fishman, managing director of Financial Research Associates, a business valuation firm that specializes in celebrity estates, once appraising Michael Jacksons estate in a court hearing. Lisa Marie Presley, second right, her daughter Riley Keough, left, and her twin daughters Finley Lockwood and Harper Lockwood, arrive at the 24th annual Elle Women in Hollywood Awards at the Four Seasons Hotel Beverly Hills on Monday, Oct. 16, 2017, in Los Angeles. Jonathan Ferro drives you through the market moving events from around the world on Bloomberg's The Open. [3] Following many court cases against business and private parties, EPE helped to push through new copyright and trademark legislation in the United States. Lisa Marie Presley stands next to her childhood crib displayed with other mementos in the exhibit Elvis Through His Daughters Eyes, at Graceland in Memphis, Tenn., in 2012. EPE is a Graceland-based company that manages Elvis Presley's name, image, and likeness. [5] She decided against this because she had no plans to sell off her daughter's first home. A musician in her own right, Presleys passing has prompted messages of heartbreak from many celebrities. Making an Elvis movie without Elviss music wouldnt be very good. When Elvis Presley died in 1977, he left behind a legacy that has only grown in the decades since his death. Unfortunately, when Presley died his entire estate was only worth around $5 million and he was largely in debt, mainly due to his reputation for being a lavish spender. Lisa Marie Presley will be laid to rest on the property. Elvis Presley Enterprises receives the publishing royalties for Elvis songs. In September of 2014, it was announced that a company called Authentic Entertainment had purchased the masters to all of Elvis Presleys recordings for an undisclosed amount. And I think it would help bring Elvis back as a younger artist., You dont present him as a rocker. [5] In response to this, Parker countersued. Ive seen it. Lisa Marie is currently in the process of selling Graceland Mansion and its grounds, but the estate is still worth millions of dollars. You dont present him as a rocker. [1], By the mid-1980s EPE was interested in securing the rights to Elvis' image and intellectual property. Theres always complications anytime a single asset owner deceases and their assets are now going to go to multiple people because they may have different needs, different desires, said Scott Rahn, founding partner at RMO LLP. The Presley family retains ownership of Graceland and its original items. He also owns a percentage of Marilyn Monroe, Muhammad Ali, Forever 21, David Beckham, and Barney's New York. This site is protected by reCAPTCHA Enterprise and the Google. And whatever that spark is, is good at the end of the day., With Presley, one solution is to go younger, starting with the animated Agent King. While the Presley estate was annually pulling in $60 million a decade ago, that number has since fallen by 30 percent, according to Forbes. Lisa Marie Presley still owns 100% of the property, which includes the mansion and the surrounding grounds, as well as costumes, furniture, awards, cars, and other items. Lisa Marie's estate retains sole ownership of the mansion itself, as well as her father's personal effects. He also owns 155 Five Guys Burgers restaurants, 40 24-hour fitness centers, 17 Auntie Annies Pretzel restaurants, 150 carwashes, and several nightclubs in Las Vegas, a shopping center, and a movie theater. ABG acquired Elvis' royalties in November 2013 from Elvis Presley Enterprises, which was run by the late music icon's family. In Presleys and his managers minds at the time, they would lean heavily on touring revenue for income. The legacy of Elvis has been celebrated and appreciated all over the world. Though ABG purchased controlling interest in Elvis Presley Enterprises in 2013, Lisa Marie Presley (who . See @BazLuhrmanns #ElvisMovie only in theaters June 24. Who owns Forever 21? As more attention is put on Elvis Presley in the wake of his recent Baz Luhrmann-directed biopic, questions about Presleys estate and massive fortune and lucrative royalties have arisen. ONeal is the second-largest individual shareholder of Authentic Brands Group, the company behind dozens ofbrand and retailer acquisitionsincluding Forever 21, Barneys New York, JCPenney and Reebok. To Bob Sillerman, who bought the king's name and likeness, it was worth $114 million. Its a question that has been the subject of much debate, and the answer is far from simple. Many are inquiring about the value of Elvis Presleys estate as a result of his death. Heres a look at the complicated history of who owns Elvis Presleys masters. Its not a linear, week-by-week biopic. Estimates. The pandemic delayed Elvisproduction Hanks was in Australia to film the movie when he famously came down with COVID-19 in March 2020 until early last year. But 50 years after Presleys last Top 10 hit, is it too late? Later, Sam sold the catalog of songs to RCA Records. Olivia DeJonge is also featured in the film along with Natasha Bassett. Do you think I trust you? And I said, I hope so. He says, Why wouldnt I be partners with you? She created a new trust, the Elvis Presley Trust, to keep up the good work, and established Elvis Presley Enterprises (EPE) as its business arm. In a conference room in the offices of Authentic Brands Group, the firm in charge of licensing and marketing Presley, executives are discussing the many projects theyve been working on since taking over the estate in 2013. Elvis Presley Enterprises, Inc. provides entertainment services. Life & Style Home Entertainment Music Elvis Presley: Who gets Elvis Presley's royalties? Team Elvis is also planning to de-emphasize Presleys connection to rock. Her mother Priscilla Presley is also actively involved in the company. While most of Presley's estate belongs to the late rock star's daughter, a deal that was made before his death rerouted all of the royalties from his music away from his estate. The film grossed $287 million at the global box office and is widely expected to be nominated for best picture at the Oscars. Circumstances are further complicated by Presleys personal financial issues. Taking over what he says the previous owners deemed a declining asset, Weinshanker turned Graceland into an Elvis theme park, complete with museums, restaurants, and a theater. With a new biopic, booming publishing valuations and his continued cultural cache, the value of Presley's estate is doing gangbusters. The technology is here, but politics may stand in the way. The deciding factor could ultimately be how closely Elvis descendants want to keep control of his legacy or at least, in Graceland, its physical manifestation. And thats what was going on with Elvis.. There could be potential lawsuits if the creditors claim is rejected by the estate.. [3] Priscilla and the Trust weren't prepared to let Parker continue to handle Elvis's business affairs, and petitioned the court to that end. Upon his return, they told him theyd come up with one: Daydream Believer, a hit by the Monkees. In addition to EPE, there are a number of other companies that own the rights to Elvis Presley's image, including his former record label, RCA, and his former management company, Elvis Presley Enterprises. After Elvis Presley's death in 1977, his estate and assets were placed in the care of his father. Its weird, says the manager of one classic-rock act. By subscribing, I agree to the Terms of Use and Privacy Policy. Celebrity News Elvis Presley's Net Worth Reveals Who Inherited His Estate After He DiedLook Back at His Rock n Roll Career Graceland didn't pay for itself, after all. All of those issues are now going to come to the forefront, she added. Benny Roshan, chair of Greenberg Gluskers Trusts and Probate Litigation Group, raised the possibility that her successors will have to deal with creditors or litigation claims. Its an unexpected choice for an Elvis biopic, says Raleigh, co-president of Raleigh Music Group, which administers 25% of Presleys song catalog, who approved the Stevie Nicks and Chris Isaak cover for the film. Graceland is open to the public and Lisa Marie is said to retain 100 percent ownership of it. I put money back in the company, and now I own all those other brands, Shaq told Earn Your Leisure. Graceland draws 700,000 visitors a year, and Presleys posthumous popularity is constant, with occasional spikes from movies or other cultural events. There are film and TV projects, including Agent King, an offbeat animated series coming to Netflix next year. Lisa Marie Presley is estimated to be worth $350 million, while Priscilla Presley is worth $100 million. She was hospitalized Thursday after suffering a cardiac episode. Lisa Marie Presley owns the majority of her fathers belongings, because his father, Elvis, left all of his personal effects to her. In conclusion, listen to Lisa Marie talk about her beloved father below: EPE (Elvis Presley Enterprises) holds the publishing rights to all of the songs recorded by Elvis. (Executives at Graceland maintain that over half of the sites visitors are under 35. In January 2010, EPE was owned by CKX, Inc., a parent company created by Robert Sillerman, who had purchased 85% ownership of EPE from Lisa Marie Presley in 2004 for $100 million. The industry still has monetary legs over the past decade, the combined road earnings of the Rolling Stones, U2, Bruce Springsteen, and Elton John were $3.4 billion. So if Shaq ever goes away, s**t, we still got Elvis.. The Presley estates earnings have slipped in the past decade but a new team is hellbent on overhauling his image, A $9,800 surfboard with Andy Warhols portrait of Elvis. You present him as this iconic American story., Its an ambitious plan, which some in the industry feel could work. The property became a mecca for fans, yet also gained a reputation as tacky and crassly commercial. Presley's estate, named Elvis Presley Enterprises, Inc., includes his Memphis mansion (Graceland), licensing of any Elvis products, and development of music, internet, or other media related to . I dont know the point of that., In an office at Sony, Jackson is at work on a box set documenting the 50th anniversary of three intense days of 1970 Presley sessions, and hes also in the midst of supplying master tapes for Luhrmanns biopic. In 1977, Elvis died of a heart attack at only 42. More than 60 years after his first momentous sessions at Sun Records, his empire is in need of a reboot. [3][4] His preliminary finding was that Parker's management deal of 50% was extortionate compared to the industry average of 15-20%. Theres been no more beautiful of a human being than that, right there, he says, pointing to a box set with a photo of peak Fifties Presley on its cover. The New York Post reports that she owed over $1 million in taxes at the time of her passing. ), That statistic lies at the heart of the issue facing the future of classic-rock revenue. These intermittent revenue boosts are crucial for the investors who have plowed tens of millions into Presleys estate in recent years. You Might Be Surprised by the Notable Name. However, after Elvis' death, it became filled with Elvis souvenir shops, which carried mostly bootleg items not licensed by the Presley Estate. Elvis Aaron Presley (January 8, 1935 - August 16, 1977), often referred to mononymously as Elvis, was an American singer and actor.Dubbed the "King of Rock and Roll", he is regarded as one of the most significant cultural figures of the 20th century.Presley's energized interpretations of songs and sexually provocative performance style, combined with a singularly potent mix of influences . This site is protected by reCAPTCHA Enterprise and the Google Privacy Policy and Terms of Service apply. Elvis Presley Enterprises is a company founded in 1971, a year after Elvis Presley's death, by his widow, Priscilla Presley, and former manager, Colonel Tom Parker. The Presley estate is expected to be worth between US$400 and 500 million by 2020 as a result of ongoing merchandise and branding sales. In the current arrangement, the running of the Presley estate is split between ABG and Joel Weinshanker, a former rock manager who moved on to the profitable collectible and memorabilia world. (Priscilla had acted as an executor but was not in the will, since she and Elvis were not married when he died.) Inc.[3] However, because Parker was still entitled to 50% of all Elvis' income, and after taxes were taken off, the overall amount going towards the upkeep of the estate was less than $1 million a year. If youre going to try to be as important as Billie Eilish or Post Malone, youre fighting a fools errand, says the executive in the classic-rock field. All that changed with Presleys death in 1977. Will the assets depreciate in value? 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According to Forbes, the NBAs all-star center is the worlds richest athlete. The Wide Shot brings you news, analysis and insights on everything from streaming wars to production and what it all means for the future. But the future looks daunting, especially with many classic-rock acts retiring from the road and CD sales slowing every month. But its income is still impressive: Forty million a year for a guy who died over 40 years ago is fucking incredible, says an executive who works with a leading classic-rock act. But who actually owns Elvis Presleys music? Lisa Marie Presley is the sole beneficiary of her father's estate, which includes his royalties. He has appeared in commercials for both Papa Johns and Dominos Pizza in addition to commercials. Baz Luhrmanns splashy Elvis biopic attempts to make the King relevant to a new generation. The 50-year-old sports icon and savvy businessman has earned millions through a diverse portfolio of ventures. Sillerman and his new media and entertainment company CKX acquired an 85% interest in Elvis Presley Enterprises, including its physical and intellectual properties. [4] However, Judge Joseph Evans, aware that Lisa Marie Presley was still a minor, appointed attorney Blanchard E. Tual to investigate Parker's management. Shaquille ONeal is an institution all on his own. He has a long list of business ventures that he has successfully launched in recent years to raise his estimated $350 million fortune. Heres How Much Money She Makes & How She Spends It, Can You Make Your Feet Get Smaller? [ONeal] says, You know all that money youre going to give me? Salter told FN. He was one of the most influential voices in the industry. Revenue mostly comes from operating Presley's Graceland mansion in Memphis, including tours of it and an associated museum, visitor's center, the Heartbreak Hotel. If a green pivot is to happen, power grids must become supergrids, continent-spanning networks that can move green energy thousands of miles. Shaq has a number of other investments in addition to his business. Michael Jackson and Priscilla married in February 1992, but they only lasted ten months. So if Shaq ever goes away, s**t, we still got Elvis.. It took even longer for his 50 percent fee to be removed from all of Presley's dealings. "[6] Presleys estate has made hundreds of millions of dollars since his death, and a large portion of that has come from the sale of his music. The 50-year-old sports icon and savvy businessman has earned millions through a diverse portfolio of ventures. Helped by the use of Cant Help Falling in Love in Crazy Rich Asians, his songs were streamed a respectable 544 million times last year, ranking him in the top 200 most-streamed artists of 2019 well behind everyone from Drake to Michael Jackson, but ahead of Creedence Clearwater Revival and Guns N Roses. Elvis Presley's royalties do not go to his estate or his family. The couple divorced in May 1993. Around that time, his ex-wife, Priscilla, took charge and put together the first of several new teams to overhaul the estate. The city of Memphis, the state and Elvis Presley Enterprises are squabbling over how this happened and how to fix a slide that brought some $20 million of Graceland Project bonds down to. She has been a journalist for over 20 years, having joined the Times in 2019 and reported for the Financial Times, Wall Street Journal and Dow Jones Newswires, and Bloomberg News and Businessweek Magazine. His fortune and assets were left to his family, but who still owns the rights to Presley's legacy and work? [1], Interest in Graceland was such that EPE decided to expand its operation. EPE owns the rights to Elvis's name and likeness, and some music publishing. [3], On August 14, 1981 Judge Evans ordered EPE to sue Parker for mismanagement. The estate, however, doesnt profit as much from other valuable Presley holdings in 1973, Parker made a deal to sell all of Presleys master recordings to RCA Records for $5.4 million, which means the label pays no royalties to the estate for tracks released before 1973. Elvis death at the age of 42 in 1977 was extremely difficult to manage, and his estate was heavily impacted. Lisa Marie Presley, the daughter of Elvis, inherited his vast wealth. Instead of receiving future royalties, they received a lump sum for anything recorded up to that time. Im gonna show you what the real Elvis is like tonight. Dont miss @AustinButler and @TomHanks in THE film of the summer. EPE has a net worth of $50 million as of 2019. Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world. In 2005, Elvis daughter, Lisa Marie, sold 85% of Elvis Presley Enterprises to CKX, run by the late Robert F.X. . Co-created by Priscilla Presley, the show will aim for a BoJack Horseman feel, where a cartoon Elvis goes undercover as a crime-busting government spy. It is crazy to think about how much Lisa Marie could make these days if Colonel Tom had not sold most of the royalties! 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Much of Elvis best-known music the material recorded before 1973 had already been sold to RCA by the rock stars manager, former carnival barker Col. Tom Parker. There was money to be made so a company was founded to create this icon, and it has controlled his image " The author describes EPE as a "well-run marketing machine" that runs on tight regulation of Elvis's images and lawsuits, when necessary. EPE also owns the rights to Elvis name and likeness, as well as some music publishing. Nothing will change with the operation or management, the representative said in an email. Thanks to a series of savvy deals by Presleys longtime manager, Col. Tom Parker, played by Tom Hanks in Elvis, the estates holdings include a huge, perennially profitable chunk of his publishing even though Presley, like Frank Sinatra and others of the pre-rock era, was known as a singer and performer. The RCA Records label is used to release Elvis recordings, as Sony BMG owns Elvis recordings. I would say the estate controls close to half of the good stuff., Aside from Graceland, the bulk of the Presley estates value is in the 650 compositions for which it owns co-publishing rights. Weinshanker says the estate first went back and forth with Baz over rights to songs, as well as other intellectual-property holdings such as the singers name and likeness, trademarks, merchandising and, of course, anything pertaining to Graceland, in 2018. Weinshankers Graceland Holdings company owns the bulk of Elvis Presley Enterprises, which operates Graceland, produces Elvis-related live shows, and built and runs the profitable Guest House at Graceland hotel, a four-star luxury hotel that opened in 2015. FN and Footwear News are registered trademarks of Fairchild Publishing, LLC. The sale included the original recordings of songs like Heartbreak Hotel and Hound Dog, as well as the master tapes for Presleys movies and TV appearances. As a subsidiary of Graceland Enterprises Inc., Elvis Presley Enterprises Inc. is in charge of Elvis Presleys estate. The next task Soden had was to corral all of the unlicensed Elvis products on the market and create a new paradigm for the intellectual property (trademark and copyrights) of a celebrity s image. Per his will, she was put in charge of a new trust to run the family business, Elvis Presley Enterprises. Presley's estate, named Elvis Presley Enterprises, Inc., includes his Memphis mansion (Graceland), licensing of any Elvis products, and development of music, internet, or other media related to the rocker's image. But it didnt grow. Who owns the royalties to Elvis Presley's music? Elvis Presley . The cost: $100 million. Heres How Much Money She Makes & How She Spends It, Can You Make Your Feet Get Smaller? In fact, some of those dollars come straight from the King of Rock n Roll. ABG acquired Elvis royalties in November 2013 from Elvis Presley Enterprises, which was run by the late music icons family. Elvis Presley may have died 43 years ago, but on a recent morning in midtown New York, plans are underway to resurrect him. [5] The case against Parker was settled out of court in 1983, with the estate paying him $2 million,[5] and the termination of his involvement in any Elvis related earnings for five years. Eventually, the cost of managing the estate was estimated to be more than it would bring in revenue every year, which put those in charge of EPE in a tough situation. Were going to build this company together. And thats how he became the second-largest shareholder of ABG.. Thanks largely to Presley's ex-wife, Priscilla, who took over the estate after Vernon's death, within 10 years EPE was worth $100 million. Hes the guy who was 18 and straight out of a not-great high school, trying to make something of himself, says Jackson. Now that I have your attention, let's update what has happened to EPE in the last three years. [1] EPE's business extends far beyond the Graceland operation, however, and includes worldwide licensing of Elvis-related products and ventures, the development of Elvis-related music, film, video, television and stage productions, the ongoing development of EPE's Internet presence, the management of significant music publishing assets, and more. Due to his extensive investment in ABG, Shaq owns a percentage of Elvis' royalties. They split $5.4 million, which would be around $31.5 million today. Authentic Brands Group owns the licensing rights to a number of iconic public . EPE's business extends far beyond the Graceland operation, however, and includes worldwide licensing of Elvis-related products and ventures, the development of Elvis-related music, film, video, television and stage productions, the . EPE, for instance, "absolutely refuses to license a product picturing an overweight Elvis." In a July 2019 interview with Earn Your Leisure, Shaq said, I dont like to seem like Im bragging, but Im going to ask you a question: Who owns Marilyn Monroe? Her assets are to be inherited by her three daughters. All Rights Reserved. At one point, taxes and maintenance expenses were costing Graceland over $500,000 a year, the mansions website claims. [ONeal] says, You know all that money youre going to give me? Salter told FN. Aiming to go upscale, the company cut back on keychains and other low-price tchotchkes and introduced $100-and-up Dolce & Gabbana Elvis T-shirts. In 2019, Authentic Brands Group CEO Jamie Salter told FN that moments before ONeal closed the deal to sign away half of his brand proceeds to ABG, he turned to Salter with an idea. Lisa Marie Presley's estate retains a 15% ownership in the company and she continued to be involved until her 2023 death. At the time, CKX probably overpaid, says Mark Roesler, whose company CMG Worldwide has represented the estates of Marilyn Monroe, Jackie Robinson and, for six years in the 80s, Presley. The company endeavors to turn Elvis Presley's former estate into an international tourist destination. #TCB pic.twitter.com/bZaeOGcjZL. In 1973, his manager, Colonel Tom Parker, arranged for Presley to sell royalties for his entire back catalog to that point upward of 1,000 songs for a flat $5.4 million. Send us a tip using our anonymous form. I put money back in the company, and now I own all those other brands, Shaq told Earn Your Leisure. At present, Lisa Marie owns 15 percent of EPE. in Hollywood; Tom Hanks will play Parker, and Yola has been cast as pioneering gospel singer-guitarist Sister Rosetta Tharpe. But it does work for the context.. "Playboy," Millings responded. He also owns a percentage of Marilyn Monroe, Muhammad Ali, Forever 21, David Beckham, and Barney's New York. He's the second-largest independent stakeholder in Authentic Brands Group, a brand management firm that owns the likenesses of celebrities such as Marilyn Monroe, Elvis Presley and O'Neal . The property is in a trust that will now go to the benefit of Lisa Maries children, a Graceland spokesperson said. The film features stars like Austin Butler, who plays Elvis, and Tom Hanks, who snagged the role as Elvis' manager, Colonel Tom Parker. In the years that followed the deal, the NBA legend eventually became the second-largest individual shareholder of the brand management entity. (She is currently in the midst of a lawsuit with her former business manager, claiming he squandered her $100 million inheritance and left her with only $14,000.) Authentic Brands Group picked up the rights to Elvis' intellectual property and . Its real. Offers may be subject to change without notice. In 2005, Elvis' daughter, Lisa Marie, sold 85% of Elvis Presley Enterprises to CKX, run by the late Robert F.X. I put money into the business, and now I own all of its other brands, according to Shaq. To the likely relief of some fans, ABG also nixed plans brought up by the estates previous overseer for an Elvis hologram. Before Elvis expanded it, the house contained 10,266 square feet. Yet, as previous estate owners have learned, modernizing Elvis can involve a certain amount of heartbreak. There are still hundreds of classic-rock radio stations, even if they attract smaller numbers than country, Top 40, and adult contemporary. In fact, some of those dollars come straight from the King of Rock n Roll. Who owns Elvis Presley? Graceland is a mansion on a 13.8-acre (5.6-hectare) estate in Memphis, Tennessee, United States, once owned by American singer Elvis Presley.Presley is buried there, as are his parents, paternal grandmother, grandson, and daughter. But in 2004, she agreed to sell off 85% of Elvis Presley Enterprises assets, including Elvis likeness rights, for around $100 million to music entrepreneur Robert F.X. Hoping to make the business more profitable, Lisa Marie sold an 85 percent interest in the company in 2005 to CKX, the company that also owned American Idol. During the 1980s, RCA Records was acquired by BMG, and in 2004, the company merged with Sony Music Entertainment to form Sony Music Group. Atlanta-area Papa Johns locations are owned and operated by Shaquille OShaugnessy. Later, EPE was wholly owned by the "Elvis Presley Trust" and Elvis' daughter, Lisa Marie Presley until February 2005, when Robert F.X. By the end of that decade, the Presley estate was making $15 million annually. Though the company is noted in the retail space for reviving struggling brands, it also has ownership to the rights of many celebrity royalties, including Marilyn Monroe, Muhammad Ali, David Beckham and, yes, Elvis Presley. What do you do?, Other estates are counting on the fundamental emotional appeal of older songs to connect with those who were born decades after rock began. Elvis Presley Enterprises (EPE) manages the late singer's estate and licenses his name, likeness, and songs for a variety of commercial purposes including clothes and accessories. Lisa Marie Presley owns 15% of those rights, while Universal Music owns 85%. 2 . In 1993, Elvis daughter, Lisa Marie Presley, turned 25. Dr. Martens Celebrates 10 Years of the Jadon Boot Heres Why Its a Combat Boot for the Ages. When Presley died in 1977, his will named his father Vernon Presley as the executor and trustee of his earnings, with his grandmother and daughter Lisa Marie being beneficiaries. I said, Im going to the restroom now, and when I come back, I want the title of three Beatle songs, and you cant use your phones, he recalls. The manager, Barry Siegel, counter-sued, accusing Presley of wasting her inheritance and owing him money. When ABG took over, it too found that Presleys older fans can be exacting. Cash poured through the doors. 60 minutes featuring the brightest minds on Wall Street, taking you through the most important hour of the trading day. At the time of his death, Elvis was estimated to have a net worth of $30 million. Will there be a resurgence? ABG purchased Elvis royalties from Elvis Presley Enterprises, which was run by the late music icons family, in November 2013. Elvis Presley was a pop music and pop culture icon who had a lasting impact on the world. You have to either grow or go down, she said. Does This Bus Stop at 82nd Street? After Elvis Presleys death in 1977, his daughters Lisa Marie and Priscilla Presley split his estate equally. I said, Yeah. He says, Id like to invest it in ABG. And I said, Hold on, I dont understand. Elvis Presley Enterprises, Inc. (EPE) is the corporate entity that was created by the Elvis Presley Trust to conduct business and manage its assets, including the Graceland operation. In 1973, Colonel Tom got a deal for himself and Elvis. When you get to this generation, are they going to want to hold on to, maintain and honor those legacies? asked Rahn. Priscilla has three previous marriages and two children, which qualifies her for a large amount of experience in the family business. Lisa Marie is now the worlds richest woman as a result of Michael Jacksons estimated US$825 million worth of assets. Market Realist is a registered trademark. It needs to remind people that, Look, that guy existed once.. However, the rights to all Elvis Presley recordings before 1973 are owned by RCA Records (owned by Sony Entertainment). What Is Gisele Bndchens Net Worth? The Elvis Presley catalog is owned by Elvis Presley Enterprises, which is a subsidiary of Graceland Holdings. Who owns Forever 21? This site is protected by reCAPTCHA Enterprise and the Google Privacy Policy and Terms of Service apply. Billboard estimates Presleys catalog generated publishing royalties that averaged $12 million annually over the last three years; of that, Authentic Brands took about $4.5 million. Though . The answer may surprise you. Who owns the rights to his legacy now? The home's . When Lisa Marie Presley turned 25, she became the owner of her father, Elvis Presleys estate. The 200 Greatest Singers of All Time She was also the owner of Elvis Presley Enterprises, Inc. until 2005 when she sold 85 percent of the estate's business holdings to CKX, Inc., excluding Elvis' famous home, Graceland. Lisa Marie Presley, who died Thursday at 54, will be laid to rest at her fathers Graceland estate, next to her late son, Benjamin Keough. Priscilla, too, remains aboard as a consultant, appearing at important Presley events. Elvis Presley Enterprises, Inc. (EPE) is a corporate entity created by "The Elvis Presley Trust" to conduct business and manage its assets, including Graceland. Theyre not growing up with rock.. Youve got the traditional Elvis fans who know everything about him, and youve got other fans who might listen to Cant Help Falling In Love because a different artist might have covered it and they discovered Elvis original.. Elvis Presley Enterprises. All rights reserved. Elvis Presley is known as the "King of Rock and . Unfortunately, this was due to a bad deal by Elviss former manager, Colonel Tom Parker. They know the value of Elviss brand and would know best how to incorporate Graceland into their existing licensing business, Lovell explained in an email. In 2011, a private-equity firm bought CKX, then sold the Presley licensing rights to another company, Authentic Brands Group, for a reported $145 million. This includes a share of all licensing and merchandising related . When we get to his centennial, thatll feel like hes old, says John Jackson, the Sony Music VP who oversees Presleys back catalog. Thats less than the Beatles (whose song catalog is said to be worth more than $1 billion) and Queen (thanks to Bohemian Rhapsody, the surviving members top Presley at $575 million). The pair split the money 50/50 and RCA legally received all of the royalty commissions from his extensive catalogue of music. ABG acquired Elvis royalties in November 2013 from Elvis Presley Enterprises, which was run by the late music icons family. It became a nightmare, he says, 49 rooftop restaurants and bars in L.A. to soak in the best city views, Student heckling of David Zaslav speech was cancel culture, Boston University president says, Journalist Lisa Ling lands at CBS News after 9 years at CNN, WGA blasts studio executive pay in message to Comcast, Netflix shareholders, The Little Mermaid swims to the top of the box office. After graduation, he went to work in the . Dr. Martens Celebrates 10 Years of the Jadon Boot Heres Why Its a Combat Boot for the Ages. Authentic Brands Group, whose portfolio includes Marilyn Monroe and Muhammad Ali, currently owns Elvis catalog. He is one of the wealthiest athletes in the world due to his investments and business ventures. Billboard is a part of Penske Media Corporation. Photo credit: Artware, Visitors queue up outside Graceland, the most profitable part of the Elvis Presley business. When Michael Jackson, Lisa Marie Presleys onetime husband, died, he left behind half a billion dollars in debt but by 2018, his portfolio had brought in four times that.). Authentic Brands Group owns the licensing rights to a number of iconic public figures. Fortune reported at the time that the deal garnered CKX a 90-year lease on the mansion as well as the publishing rights to 650 Elvis songs, although the royalty rights to far fewer. Spurious claims on the estate, he said, are also likely to start coming out of the woodwork. Royalty and Streaming Companies Have the Least Correlation to Gold, Who Owns PFL? Nowadays, the Sony Music-owned RCA Records has earned an average $23.5 million in annual revenue over the past three years, according to Billboard estimates. Theres an Elvis filter on Snapchat, which gives you his face, pompadour, and bedazzled jacket. Her stake in the estate, though diminished after past deals, is still sizable; in addition to Graceland, she retained ownership of her fathers costumes, cars, awards and other possessions, according to the mansions website. The new Elvis film stands to turbo-charge this kind of listening trend. Brian Contreras is a technology reporter with the Los Angeles Times. [3] Due to an ill-advised agreement between Parker and Elvis which gave RCA sole ownership of all his recording royalties prior to 1973, the estate was relying heavily on the income from Factors Etc. The estate is also considering subtler strategies. In 2005, the jukebox musical All Shook Up closed on Broadway after only six months. Thats where we are with the Beatles, Jampol sighs. Its 2022. Elvis Presley Enterprises, Inc. (EPE) is a corporate entity created by "The Elvis Presley Trust" to conduct business and manage its assets, including Graceland. 2023 Fairchild Publishing, LLC. 1 on Regional Mexican AirplayChart. Licensing and merchandising related to the star are included in this agreement. Were going to build this company together. And thats how he became the second-largest shareholder of ABG.. Digital humans are very interesting, he says excitedly. There is no doubt that Lisa Marie owns the majority of the Presley estate, but before his death, a deal was made that diverted all royalties from his music. EPE (Elvis Presley Enterprises) holds the publishing rights to all of the songs recorded by Elvis. It is a merchandising and entertainment company that controls the commercial use of Elvis Presleys name, image, likeness, voice, and music catalog. Her fathers legacy is back in the mainstream (if it ever left) after a hit biopic directed by Baz Luhrmann and starring Austin Butler was released by Warner Bros. this summer. However, between 2005 and 2015, the revenue fell again rapidly, which left Presley's daughter Lisa Marie, who inherited the estate, only about $14,000 in cash and thousands in unpaid debts and taxes. The Graceland website states, "Lisa Marie Presley retains 100% sole personal ownership of Graceland Mansion itself, and its over 13-acre original grounds and her father's personal effects - meaning costumes, wardrobe, awards, furniture, cars, etc.". A few years later, Cirque Du Soleil mounted a Las Vegas show, Viva Elvis, featuring Presley footage accompanied by dancers. Her net worth is estimated to be $50 million, having been married three times. Given that Presley was one of the first rock stars,the campaign to bring him back amounts to what one music executive calls a canary in the coal mine for the legacy of rock & roll. These figures include Marilyn Monroe, Elvis Presley, Muhammad Ali, Shaquille ONeal, and others. Elvis Presley, the King of Rock and Roll, earns more in death than most people ever will in life. Weinshanker's Graceland Holdings company owns the bulk of Elvis Presley Enterprises, which operates Graceland, produces Elvis-related live shows, and built and runs the profitable Guest House at . Lisa Marie Presley had a lavish childhood. It is a merchandising and entertainment company that controls the commercial use of Elvis Presley's name, image, likeness, voice, and music catalog. In 2005, Lisa Marie sold 85 percent of her shares of EPE to an entertainment company called CKX. In 1973, Presley and Parker went to RCA and negotiated a $5.4 million deal for all future royalties from the songs he had made up until that point. Bruce Springsteen: A Die-Hard Phillies Fan? Those 17 and under account for just 1.6 percent. It pulled in 3,000 people on its first day and went on to draw 700,000 attendees a year. Presley retains 100% ownership of the Memphis mansion and its 13 acres of grounds, as well as her fathers personal belongings, which include costumes, awards, furniture, and cars. When youre dealing with someone as great as Roy or Elvis, people just need reminding of how great they were and some kind of awareness, Orbison says. Through it all, Graceland now a national historic landmark stayed in Presleys hands. She claimed to be more than $16 million in the hole in 2018, and subsequently sued her longtime business manager over alleged financial mismanagement. At the head of the table, CEO Jamie Salter confidently promises that next year will be probably the biggest year in the history of Elvis Presley.. Now thanks to Presleys prevailing cultural relevance, with a new film out Friday and publishing valuations soaring on potential future earnings a new source tells Billboard the Presley estate is worth more like $1 billion. Of all the songs the Elvis filmmakers ran by Peter Raleigh for publishing approval, one jumped out at him: Cotton Candy Land, a 1963 ballad Elvis Presley sang to a sleeping girl in It Happened at the Worlds Fair. Our first reaction was, This is crazy, admits ABG exec Marc Rosen. Lisa Marie still retains ownership of Graceland and her fathers personal possessions, and she still owns 15 percent of Elvis Presley Enterprises. But we want to take chances; we want to take risks. Salter adds they were partly convinced by a younger employee at the firm: He said, People are gravitating to emojis and all these different characters.
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