MJ's Estate Bidding for the marketing rights to Elvis Estate?
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By CLAIRE ATKINSON<br />June 13, 2013<br /><br />The sale of marketing rights to the Elvis Presley estate is shaping up as a real Heartbreak Hotel, The Post has learned.<br />Just three suitors have expressed interest in the assets — which will be sold alongside those of Muhammad Ali — just two weeks before initial bids are due, sources said.<br />The two assets are expected to fetch a total of $200 million, sources said.<br />The low turnout is not unexpected, as the Elvis assets being sold by Apollo Global Management are varied, running the gamut of music rights, a hotel, tours, potential movie rights, The King’s image and likeness, and more — which require a wide spectrum of talents and abilities for any one suitor.<br />Apollo will cancel the sale if it fails to attract what it considers a minimum bid, sources said.<br />The potential bidders include music-publishing company Sony/ATV, and investment firms Guggenheim Partners and G2 Investment Group.<br />G2 is run by Todd Morley, a former Guggenheim Partners executive.<br />The Raine Group, which is executing the sale on behalf of Apollo’s Core Media unit, previously known as CKx, has set a June 26 deadline for first-round offers.<br />“The current owners really did all they could with the Elvis estate,” one banking source told The Post. “They jacked up the ticket price and merchandise.”<br /><br />However, revenues of the estate have been hurt, the source added, by the shuttering last fall of the “Viva Elvis” show at the MGM in Las Vegas.<br /><br />The Raine Group is working in concert with entertainment lawyer John Branca, an executor of the Michael Jackson estate.<br />A bid by Sony/ATV — co-owned by the Michael Jackson estate — would be aimed at acquiring the Elvis music catalog included in the assets, sources said.<br />Sony/ATV would tie up with a partner that could take on operations at Graceland, Elvis’ former home in Memphis, Tenn.<br />Given Sony/ATV’s siblings, Sony Pictures and Sony Pictures TV, the company would be well placed to polish the Elvis brand.<br />G2, according to a source, is interested in both the Elvis and Ali businesses.<br /><br />A bid by Guggenheim Partners fits in with the company’s focus on live music and sports events.<br /><br />Core Media, then CKx, was purchased by Apollo Global Management for $509 million in 2011. At the time, Apollo was expecting returns from “Viva Elvis” to run for some time.<br /><br />Elvis Enterprises was acquired by CKx in 2005 when its CEO Bob Sillerman, paid $100 million for an 85 percent stake.<br />The balance is held by Lisa Marie Presley :icon_rolleyes: :icon_geek: .<br /><br />http://www.nypost.com/p/news/busines...KBMxqb48kSyjcO<br /><br /><br /><br />OMG! Please let this be true!! Those old white Elvis fans will be shitting their diapers if a black man owns Elvis' shit.I would looove for this to happen, just so I could see Prissy's bitter face every time she is asked about it in an interview. Funny how the karma police are coming but they are going in a different direction to the one Lisa expected lol :thjajaja121: !!!!
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