'Elvis Presley' sold to Authentic Brands Group - FOX13 News, WHBQ FOX 13

'Elvis Presley' sold to Authentic Brands Group

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MEMPHIS, Tenn. (FOX13) -

While the Presley family will continue to own Graceland, Authentic Brands Group, LLC of New York City will now manage licensing of all things Elvis.

ABG has bought Elvis Presley's intellectual property and the right to operate the Graceland tourist attraction.

There may be some confusion about this sale and how it will affect Graceland.

In a news release, Lisa Marie Presley made it clear she will continue to own Graceland and the original artifacts. She says she looks forward to working with the new partners, but the licensing and merchandising aspect of this business is not to be confused with the fact that the property will always remain with her and the Presley family.

RELEASE: Authentic Brands Group, LLC and Joel Weinshanker Complete the Purchase of Elvis Presley Intellectual Property and Graceland Operations

MORE: 2013 Graceland Lighting Ceremony

"While I will continue to own Graceland and the original artifacts, we are looking forward to working with our new partners to continue the growth and expansion we have been working towards," said Lisa Marie Presley. "The licensing and merchandising will always remain with me and my family. However, this is a great partnership for our family and Elvis fans worldwide."

Her mother, Priscilla, said this is the opportunity the family has been looking for to expand the Graceland experience and enhance the image of Elvis all over the world.

What will change is Joel Weinshanker will acquire the rights to the management of Graceland operations, including the mansion where Elvis lived, Global rights to a huge library of photos, artwork, album covers and other assets, including the rights to major Elvis themed events such as Elvis Week.

"We are honored to welcome Elvis into the ABG brand portfolio and look forward to working alongside the Presley family and the team at Elvis Presley Enterprises (EPE) to increase Elvis' popularity and fan base worldwide," said Jamie Salter, Chairman and Chief Executive Officer of ABG.

Locally, Graceland Enterprises spokesman Kevin Kern said most of us won't notice any real change.

While the people who manage the image of Elvis may have changed, for Graceland and the businesses surrounding it in Memphis it's business as usual.

A Graceland employee told FOX13 News who said to his knowledge no one has been laid off because of the new partnership.

So now Elvis joins a group of other famous brands managed by ABG including Marilyn Monroe, Muhammad Ali, Prince and others. But make no mistake The King is still The King no matter who's pulling the corporate strings.

By the way this sale will not have any effect on the annual lighting ceremony at Graceland, which will take place Friday, Nov. 22, at 6 p.m. A special guest will flip the switch on the blue lights surrounding the Graceland mansion.

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