Universal Music to manage Elvis Presley’s song catalog

Universal´s publishing arm will represent Elvis Presley´s song catalog, according to the terms of a new deal announced Tuesday by the company and Authentic Brands Group, an intellectual property management outfit.

The companies did not provide the financial terms of the deal, which builds on a pre-existing relationship between them.

The agreement comes just months before the June release of Baz Luhrmann´s anticipated biopic "Elvis," starring Austin Butler and Tom Hanks.

Presley, who died at 42 years old in 1977, is among music´s best-selling artists with more than 500 million records sold, with hits including "Can´t Help Falling In Love" and "Viva Las Vegas."

APG´s portfolio also includes stars like Marilyn Monroe and Muhammad Ali.

The agreement is the latest development in a music rights rush that´s seen companies pay enormous sums for the catalogs of superstars including Bob Dylan and Bruce Springsteen.

Earlier this year Universal also acquired Sting´s publishing catalog.