Brand development and licensing company Authentic Brands Group LLC is buying the rest of Marilyn Monroe’s estate that it did not already own, writes peHUB‘s Luisa Beltran.
The report quoted James Salter, the company’s chairman and CEO, who said that Authentic Brands will now own all of Monroe’s intellectual property, which includes her name, image and likeness.
Joel Weinshanker, chairman and founder of the National Entertainment Collectibles Association, is selling his minority stake in Monroe to Authentic Brands, Salter told peHUB. Financial terms of the deal, which is expected to close in June, were not announced.
Based in New York, and with offices in Toronto and Los Angeles, Authentic Brands is owned by U.S. private equity firm Leonard Green & Partners. Leonard Green and Canadian private equity firm Knight’s Bridge Capital Partners partnered in a US$250 million investment in the company in 2010.
At the time of the Authentic Brands’ investment, Knight’s Bridge was a subsidiary of Canadian financial services company Counsel Corp (TSX: CXS). Last year, Counsel announced that it was winding down its PE business with a focus on maximizing the value of Knight’s Bridge’s assets and disposing of them over time.
In its 2013 financial report, Counsel said it had “successfully completed” its plan to dispose of non-core business assets.
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