Elvis Presley's Estate Suing Arista Music Germany
Tue, 06 Sep 2011 10:29:39
Reuters reports that the estate of The King –that'd be Elvis Presley-- is suing Arista Music in Germany for unpaid royalties from ringtones, downloads and apps that feature The King's hits! The King's music in the modern era -- how beautiful!
UK-based Calunius Capital, the exclusive adviser to a $60 million litigation fund, is backing a lawsuit against Arista Music, formerly RCA Records. The lawsuit alleges that Arista exploited Presley in a 1973 buyout agreement that left Presley with only a small share of the revenue from his sound recordings.
Under the 1973 agreement, initiated by RCA and Presley's manager, "Colonel" Tom Parker, RCA purchased the rights to Presley's back catalog of more than 1,000 recordings for $5.4 million, to be split evenly between Presley and Parker, the suit alleges.
As a result of the contract, Presley received an annual payment of around $10 for the worldwide rights to each song, which is "conspicuously disproportionate" to the revenue RCA made from the master recordings, according to the suit. Duh. Elvis got bent over with that deal.
What is your favorite Elvis Presley song?