According to Britain's Independent newspaper, Salter bought the rights from Anna Strasberg, whose late husband, actor Lee Strasberg, was Monroe's acting teacher and beneficiary of her will. The exact sum he paid has not been disclosed.
Salter, who also manages Bob Marley's image through his Authentic Brands firm, is convinced he can make the Some Like It Hot star more popular than ever.
He says, "Why does Lindsay Lohan aspire to be Marilyn Monroe? Why does Lady Gaga aspire to be Marilyn Monroe? The reason is that she is an iconic personality, she has great style, she is just simply elegant. She stands for glamour, and sex appeal, and - remember this - she proves that size doesn't matter. She is voluptuous, a real woman.
"The younger generation will fall in love with her the way we fell in love."
Marilyn Monroe died in 1962 at the age of 36.