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ABG buys Muhammad Ali estate

The company that manages the licensing rights of Marilyn Monroe and Elvis Presley announced Tuesday that they have purchased the rights to Muhammad Ali.

Authentic Brands Group will assume all of Ali's intellectual property, including what it says is the largest library of photos and videos of the boxer.

It also includes trademarks owned by the Ali estate including "Float Like A Butterfly, Sting Like A Bee," "Thrilla In Manila" and "Greatest Of All Time."

"We bought this partly because of who Ali was as a sportsman and partly because of who Ali is as a humanitarian," said Nick Woodhouse, president and chief marketing officer of ABG.

The company will manage Ali's brand along with the Ali family and Joel Weinshanker, chairman and founder of the National Entertainment Collectibles Association.

Woodhouse said his company would look for new partners based on Ali's six core principles: confidence, conviction, dedication, giving, respect and spirituality.

Terms of the sale by Core Media Group, which owns the rights to "American Idol," were not disclosed.

There are currently about 40 main brands that have licensed the rights to Ali, including New Era Cap, American Greetings, H&M, Dolce & Gabbana and adidas.

ABG owns other sports brands including Spyder, Prince, Ektelon and TapouT.