Core Shops Elvis
CORE Media Group, a subsidiary of Apollo Global Management, which owns the rights to Elvis Presley Enterprises and Muhammed Ali Enterprises, is said to be shopping those assets to the highest bidder while seeking to expand its TV business.
CORE, which also owns branding rights to “American Idol” and “So You Think You Can Dance,” has set a deadline of June 26 for bids to gauge interest, according to the New York Post.
Raine Group has been hired to handle the sale of both companies, which could go for as much as $200 million, sources told the Post.
Potential bidders reportedly include Sony/ATV, Guggenheim Partners and G2 Investment Group.
In a statement, the Presley family told Deadline Hollywood it supports CORE’s plan.
“Our family enjoys a strong working relationship with CORE and is supportive of their process. Lisa [Marie Presley] will maintain her interest in EPE and ownership of Graceland Mansion and looks forward to whatever opportunities enable the best long-term interests of the family.”
CORE, originally CKX, was founded by Robert Sillerman, who resigned from the company in 2010.
Lisa Marie Presley owns 15 percent of EPE and Muhammed Ali’s family owns 20 percent of MAE.