Sony/ATV group is the leader in bid for Elvis Presley Enterprises
An investment group that includes Sony/ATV, the music publishing giant half-owned by the estate of Michael Jackson, is emerging as the favorite to acquire Elvis Presley Enterprises from Apollo’s Core Media Group which is selling EPE assets along with the name and likeness of Muhammad Ali.
According to a source other suitors, Universal Music Group and fashion merchandising giant, Iconix did not submit bids.
Sony/ATV, the music publishing arm of Sony, co-owned by the estate of the late King of Pop, already owns publishing rights to Elvis songs but pays royalties to the Elvis estate.
Those royalties will no longer need to be paid if it succeeds in buying the assets from Apollo.
Any successful bidder will have to work hard to polish the Elvis brand, which earned $55 million in both 2012 and 2011, according to Forbes, down slightly from the $60 million it earned in 2010.
Elvis' Daughter, Lisa Marie Presley retains a 15 percent interest in Elvis Enterprises, just as the Ali family holds a stake, about 20 percent, in the Ali assets being sold. Lisa Marie also owns Graceland Mansion & its grounds, and all of her Father's personal belongings.
source: http://elvisinfonet.com - Elvis Information Network
An investment group that includes Sony/ATV, the music publishing giant half-owned by the estate of Michael Jackson, is emerging as the favorite to acquire Elvis Presley Enterprises from Apollo’s Core Media Group which is selling EPE assets along with the name and likeness of Muhammad Ali.
According to a source other suitors, Universal Music Group and fashion merchandising giant, Iconix did not submit bids.
Sony/ATV, the music publishing arm of Sony, co-owned by the estate of the late King of Pop, already owns publishing rights to Elvis songs but pays royalties to the Elvis estate.
Those royalties will no longer need to be paid if it succeeds in buying the assets from Apollo.
Any successful bidder will have to work hard to polish the Elvis brand, which earned $55 million in both 2012 and 2011, according to Forbes, down slightly from the $60 million it earned in 2010.
Elvis' Daughter, Lisa Marie Presley retains a 15 percent interest in Elvis Enterprises, just as the Ali family holds a stake, about 20 percent, in the Ali assets being sold. Lisa Marie also owns Graceland Mansion & its grounds, and all of her Father's personal belongings.
source: http://elvisinfonet.com - Elvis Information Network
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