The seller, which includes collector Chris Davidson and partners, is receiving an undisclosed sum that includes the right to open an Elvis museum in Hawaii, though CKX would own a substantial interest in the property. Hawaii served as the location for three of Mr. Presley's films and perhaps most famously, was home to the 1973 concert "Elvis, Aloha from Hawaii," which was broadcast worldwide and ultimately viewed by more than 1.5 billion people around the world.

CKX has heretofore focused on acquiring globally recognized entertainment content and related assets, including all things Elvis. In addition to his name, image and likeness, the company owns the operations of Graceland and proprietary rights to the "Idols" television brand, including the American Idol series in the US, the Pop Idol series in the UK and local adaptations of the Idols television show format which, collectively, air in over 30 countries around the world.

"As we have mentioned on numerous occasions, establishing a major presence for the 'Elvis' brand in Las Vegas is an important priority of the company," says CKX chief executives Robert Sillerman. "The closure of the museum together with the purchase of the artifacts and memorabilia currently located there clears the way for implementation of our plan."