Latham and Paul Weiss win The King of mandates as Elvis IP estate sold
Latham & Watkins and Paul Weiss have acted on the sale of the intellectual property (IP) rights of American icons Elvis Presley and Muhammad Ali, for an undisclosed sum.
November 25, 2013 at 03:12 AM
2 minute read
Latham & Watkins and Paul Weiss have acted on the sale of the intellectual property (IP) rights of American icons Elvis Presley and Muhammad Ali, for an undisclosed sum.
The rights were sold last week by CORE Media Group to Authentic Brands Group (ABG), a portfolio company of private equity house Leonard Green & Partners and Joel Weinshanker, chairman of the National Entertainment Collectibles Association.
ABG, which also owns the rights to Marilyn Monroe and Prince, will now assume the global rights to a range of Elvis's IP assets, including the rights to major Elvis-themed events such as Elvis Week, an international celebration of Elvis' life and legacy.
As part of the deal, Weinshanker will acquire the rights to the management of Graceland operations, Elvis' home in Memphis, Tennessee, alongside ABG and Presley's family.
The rights to Ali's intellectual property includes the world's largest library of photographic images of the former heavyweight champion, his name and likeness, and trademark phrases including "Float like a butterfly, sting like a bee," and "The Greatest of All Time".
Latham advised ABG, fielding a corporate team led by New York private equity head Howard Sobel and corporate partner Paul Kukish. Finance partner Joshua Tinkelman, intellectual property partner Jeffrey Tochner in New York, Chicago-based tax partner Joseph Kronsnoble and a number of other Latham lawyers also provided advice.
Paul Weiss corporate partner James Schwab, who advised private equity giant Apollo Global Management on the acquisition of CORE in 2011, represented the client on the sale of the Ali and Presley estates.
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