Elvis Presley Enterprises sold to Authentic Brands Group

The money-making enterprise called Elvis Presley has been sold.

Authentic Brands Group said on Tuesday it has bought Elvis Presley's intellectual property from CORE Media Group and is partnering with the founder of another company to operate the Graceland tourist attraction.

The purchase gives Authentic Brands control of Elvis Presley Enterprises, which manages the licensing and merchandising rights to Presley's image, name and likeness, in addition to a massive collection of music, photos, movies, television appearances and performance specials featuring the King of Rock 'n' Roll.

As part of the deal, National Entertainment Collectibles Association founder Joel Weinshanker acquires Graceland's operating rights, according to a statement announcing the sale. Weinshanker, Authentic Brands and the Presley family will partner in operating Graceland, it added.

A purchase price wasn't disclosed, and an Authentic Brands spokesman didn't return a call seeking comment. The New York-based intellectual property corporation, also known as ABG, manages brands including Marilyn Monroe and Muhammad Ali.

"This is an exciting day for Elvis and his fans," Priscilla Presley, the singer's former wife, said in a statement. "We look forward to working with the ABG team to further promote the legacy of Elvis. This is the opportunity the family has been envisioning to expand the Graceland experience and enhance Elvis' image all over the world."

Presley's daughter, Lisa Marie Presley, said she will continue to own the Graceland home and the original items inside it.