The 64-year-old, whose charisma as well as prowess helped him become probably the most famous sportsman in the world, has received $50m (拢28.6m) in the cash deal. The rights are split, with 80% owned by CKX and 20% by Ali.
Soon after he retired from boxing in 1981, he was diagnosed with Parkinson's disease but has nevertheless dedicated his later years to publicly supporting good causes. He has been an ambassador for the UN and Jubilee 2000, the campaign for debt relief for developing nations, and set up the social responsibility and peace-advocating Muhammad Ali Centre in Louisville, Kentucky.
His image was used in a global Adidas campaign in 2004, where he was seen running with David Beckham and fighting in the ring with his daughter, and boxer, Laila Ali.
He and his fourth wife said they were happy to be working with CKX and its chief executive Bob Sillerman.
"This relationship with CKX will help guarantee that, for generations to come, people of all nations will understand my beliefs and my purpose," Ali said.
In talking about the deal, Sillerman did not give details of how CKX plans to use the rights, but said it would not change the Muhammad Ali Centre.
CKX last year paid $100m for 85% of Elvis Presley's estate and a 90-year lease on his Graceland home. According to The New York Times, it plans to replace the complex's Heartbreak Hotel with two hotels, shops, a convention space and an entertainment complex, as well as opening a museum exhibit and Elvis theme show in Las Vegas.
The deal prompts comparisons with George Foreman, whom Ali beat in the 1974 "Rumble in the Jungle". Foreman put his name to a fat-reducing grill for a company called Salton and eventually sold it the rights in 1999 for $137.5m.
Ali is believed to have earned much less from his commercial endorsements, which include an Adidas clothing line, Ali by Adidas, and a deal with computer games company EA Sports. CKX said Ali's name and image have generated around $7m in revenue in the last five years.
CKX also owns 19 Entertainment, having bought it last year for around 拢83m from Simon Fuller, who stayed on as chief executive. 19 owns the Pop Idol franchise and represents David and Victoria Beckham.
If you have an opinion on this or any other issue raised on Brand Republic, join the debate in the .