From a description of a comic book of the same name:
"In the 1997 of Elvis Shrugged, only one record company exists after absorbing or driving out the others - Sony/Time/Warner. Perhaps it's a bit extreme but after real mergers like Turner and Time-Warner or Disney buying ABC, it's not that far fetched. Under the guise of fiscal caution, Sony/Time/Warner has eradicated all music except rock. But S/T/W becomes desperate to find anyone to keep the public happy when the most innovative composers and singers began disappearing. As Jon Peters and Peter Gubers say, "...we need new blood. Certainly nothing chancy or innovative. Just new faces to do the same old thing, which is what the rock industry has always been about."
Madonna refuses to work for Sony/Time/Warner and teams up with the rejuvenated (via Austrian youthfulness treatments and bionics) Frank Sinatra to record some revolutionary music they found. But Sony/Time/Warner manages to absorb their tiny company, Madonna tries to trace the missing musicians while Old Blue Eyes fends off Colonel Parker (now a scientifically preserved floating head) and Andrew Lloyd Webber on behalf of Sony/Time/Warner.
Madonna finds that Elvis is alive. After his 1970 comeback concert, Elvis broke with the Colonel's, preferring to write his own experimental music. While Elvis soul searched in Tibet, the Colonel had a clone replace him, but when Elvis discovers that the clone has become a sick parody, he engineers the clone's death in the most embarrassing way possible. Then he enlists other musicians to the cause, the first batch of whom, like John Lennon, Roy Orbison and Sammy Davis Jr., fake their deaths and join Elvis in an island hideaway - Blue Hawaii - where they can create music without profit-driven pressure."