Universal Music Group has partnered with Authentic Brands Group – a global brand owner, marketing and entertainment company – on a strategic initiative to acquire and actively manage artist brands, it was announced today.

Under the deal, UMG and ABG will work with artists, their representatives and legal heirs to leverage artists’ names and likenesses in pursuit of merchandise, memorabilia, licensing, brand experiences and media and entertainment opportunities worldwide in an effort to expand their legacies and tap new revenue streams.

Based in New York City, ABG’s existing portfolio of over 30 consumer brands and properties includes Elvis Presley, Thalia, Muhammad Ali and Marilyn Monroe.

In a statement, UMG chairman and CEO Sir Lucian Grainge said, “UMG and ABG have strong track records as powerful stewards of artist and celebrity brands. Through this initiative, we will invest in name and likeness rights to create unique opportunities for artists with the goal of greatly expanding their cultural and commercial impact.”

ABG founder, chairman and CEO Jamie Salter added, “We are honored to partner with the enormously talented team at UMG for this groundbreaking initiative. Together, UMG and ABG will work strategically to preserve the legacies of history’s greatest artists.”