However, Sam sold this contract and the catalogue of songs made at Sun Records to RCA, a record company, in late 1955, after which Elvis remained under contract to RCA.
He received an artist’s royalties on record sales, which were part of the contract he had negotiated.
However, in March 1973, Colonel Tom and Elvis went to RCA, suggesting Elvis be given a lump sum in lieu of all future artist’s royalties for anything recorded up to that time.
Of course, by 1973, Elvis had quite the back catalogue to work with, meaning this would have earned RCA a huge amount of money.
The deal was done, and RCA paid Elvis and Colonel Tom $5.4million (£4.2m) for the artist royalties, which was then split equally between the two men.