After "The King" heard "I Will Always Love You" for the first time, he expressed his interest in wanting to record his own version. Parton was excited about the possibility, but Presley never got to record the song. So why not?
As it turns out, Presley's manager, Colonel Parker, told Parton that Prelsey wouldn't record it unless he got 50% of the publishing. It was a tough choice for Parton, but she decided to turn down Presley's offer and hold on to her publishing rights.
Some people thought Parton was crazy for her decision, but it ended up working out in her favor. Once Houston recorded her version, which was a major hit, Parton earned millions in royalties.