BEFORE his death, legendary rock star Elvis Presley amassed an enormous amount of wealth.
Decades after the hitmaker’s death, Elvis’ estate and who owns it remains a topic of discussion among pop culture fans.
Does Shaq own Elvis Presley’s royalties?
On August 16, 1977, Elvis died of a heart attack in Memphis, Tennessee.
After his death, the rock music legend’s will named his father, grandmother, ex-wife Priscilla Presley and then nine-year-old daughter Lisa Marie as executors of his estate.
They managed his royalties under Elvis Presley Enterprises, which they formed in 1979.
On November 19, 2013, Authentic Brands Group issued a press statement revealing that it had acquired the royalties from Elvis.
The company stated, “We are honored to welcome Elvis to the ABG portfolio of brands and look forward to working with the Presley family and team at Elvis Presley Enterprises (EPE) to increase Elvis’ popularity and fan base around the world.” .”
Adding to her comments, Priscilla Presley shared, “This is an exciting day for Elvis and his fans.”
“We look forward to working with the ABG team to further promote the legacy of Elvis.”
She continued, “This is the opportunity the family envisioned to enhance the Graceland experience and enhance Elvis’ image around the world.”
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“While I will continue to own Graceland and the original artifacts, we look 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 aspect of this business is not to be confused with the fact that ownership will always remain with me and my family.”
Lisa Marie also commented, “However, this is a great partnership for our family and Elvis fans worldwide.”
In December 2015, Shaquille O’Neal signed with Authentic Brands Group.
Their agreement was that the company managed its likeness and marketing rights.
As Shaq and ABG entered the business together, the former also began taking more shares in the company.
In the years following the deal, the NBA legend eventually became the second-largest single shareholder in the brand management entity.
Because of his large investment in ABG, Shaq owns a percentage of Elvis’ royalties.
He also owns a percentage of Marilyn Monroe, Muhammad Ali, Forever 21, David Beckham and Barney’s New York.
When did Shaq get into business with ABG?
While discussing his investments with Earn Your Leisure, the basketball entrepreneur said: “I don’t like to come across as bragging, but I’ll ask you a question. Who owns Marilyn Monroe?”
“Who owns Elvis Presley? Who owns Forever 21? Who owns JCPenney? I!”
Shaq revealed, “My real business is that I own 50 brands.”
“When I retired, I looked around and I was like, ‘How is Michael Jackson and all these guys living forever?'”
While it’s not clear what percentage of Elvis, Marilyn, or Forever 21 he owns, the NBA legend detailed how he acquired so many shares in ABG after their deal in 2015.
“I took half of that money, put it back into the company, and now I’m number two in the company.”
“I put money back into the company, and now I own all these other brands, so if Shaq ever goes away, we’ll still have Elvis.”
https://www.the-sun.com/entertainment/5611622/does-shaq-own-elvis-presley-royalties-abg/ Does Shaquille O’Neal own Elvis Presley’s royalties?