Upon the surprise to even the biggest MM fan, Marilyn Monroe LLC was sold this month. Anna Strasberg, who has been behind the Marilyn Monroe LLC estate, has sold her rights as the "owner" of Marilyn Monroe. However, she will still be a minority partner in the new venture with Canadian Jamie Salter of Authentic Brands Group LLC, the new owners of Marilyn Monroe.
In a conference, Anna Strasberg made the following statement: "In light of my caring for the preservation of Marilyn Monroe's image over the years, and my personal and professional commitments to my husband, Lee Strasberg's, work, teaching, lecturing, and directing The Lee Strasberg Theatre & Film Institutes, and to my family, which now includes my grandchildren, I am pleased to let you know that I have entered into a partnership with Jamie Salter and ABG, who impressed me with their bold, imaginative ideas. I will remain involved, and I enthusiastically look forward to their innovative ideas and continuing to carry out with integrity Marilyn's great and timeless legacy."
Read the rest of the story below, as written by Janet Whitman for The Montreal Gazette
NEW YORK - Marilyn Monroe is about to get a makeover.
Rights to the late film icon's name and image were acquired Thursday from her estate by Toronto-based dealmaker Jamie Salter and his U.S. partners, who have plans to introduce a line of branded lingerie, handbags, jewellery and fragrances, and possibly a reality-TV show.
Mr. Salter, who divides his time between Toronto and New York, said the concept behind buying the rights to Marilyn Monroe was not unlike his purchase of a major stake in the rights to the image of Reggae singer Bob Marley with his former partners in Toronto a couple of years ago.
"Although there was some really good stuff and they did a lot of business, it was a lot of souvenirs like shot glasses and T-shirts," Mr. Salter told the Financial Post.
"Marilyn Monroe is no different than Marley. The brand needs to go into apparel, personal care, cosmetics, home, sunglasses, handbags, footwear, jewellery."
The aim is to target the mass-market to mid-tier.
"At the end of the day, we see her as glamour and high fashion, but at the same time she is loved by all," Mr. Salter said.
"She's the most iconic female personality in the world. She's timeless. The biggest and the best aspire to be like her: Madonna, Lady Gaga, Angelina Jolie, Lindsay Lohan. They love her."
Authentic Brands Group, the New York-based privateequity firm headed by Mr. Salter, purchased the rights to Marilyn Monroe with National Entertainment Collectibles Inc., an American manufacturer of collectibles.
Anna Strasberg, the wife of Ms. Monroe's former acting coach and now administrator of her estate, will remain as a minority partner in the joint venture.
Terms of the deal weren't disclosed, but a person familiar with the matter it was in the neighbourhood of US$20-million to US$30-million.
Although widely recognized around the globe, Ms. Monroe, who died almost 50 years ago, didn't make it into Forbes' annual Top-earning Dead Celebrities list.
Her likeness generated an estimated US$4-million to US$5-million in revenue last year.
Michael Jackson took the top spot with gross earnings of US$275-million, followed by Elvis Presley with US$60-million.
Mr. Salter said that with recent strides in technology, Ms. Monroe could appear in new movies.
The brand's new owners also have been in talks with a couple of partners about possible reality-TV shows themed around the deceased movie star and model.
Mr. Salter declined to discuss the proposals further. A report on Bloomberg News said one pitch was for a show called, Who Is the Next Face of Marilyn Monroe, which would feature contestants vying to represent the brand.
The 47-year-old dealmaker, who made a name for himself by snapping up famous brands such as Polaroid and Sharper Image, last year left Hilco Consumer Capital, the Toronto-based private-equity firm he helped launch four years ago.
His new private-equity fund, Authentic Brands, is backed by Leonard Green & Partners, a California privateequity firm that owns stakes Petco and Whole Foods.
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