Universal Music is acquiring the song catalog of Elvis Presley, dubbed the "King of Rock and Roll" and regarded as one of the most significant cultural icons of the 20th century, with a deal with Authentic Brands Group.

The financial terms of the deal were not disclosed, although Universal Music Publishing Group said on Tuesday it would approve and collect revenue when Elvis' songs are used in media, films or television.

The deal comes ahead of the June release of director Baz Luhrmann's drama "Elvis," a biopic of the "Heartbreak Hotel" singer, starring Tom Hanks and Austin Butler.

The rights to Elvis' catalog is currently owned by Authentic Brands Group, whose portfolio includes celebrity brands such as Marilyn Monroe and Muhammad Ali.

Widely acclaimed as the best-selling solo music artist of all time, Presley has sold more than 500 million records and holds the distinction for most songs charting on Billboard's Top 40 with 114 hits.

In 1973, Elvis made television and entertainment history with his "Elvis: Aloha from Hawaii via Satellite." It was the first, worldwide live satellite broadcast of a concert.

The deal comes as music companies look to boost royalties by purchasing or managing artists' catalogs after the pandemic delayed the release of new recordings and hit revenue streams.

Earlier this year, British singer-songwriter Sting sold his career music catalog to Universal Music, while Warner Music Group's publishing unit acquired late British rock star David Bowie's entire catalog spanning six decades.