I’ve researched this topic extensively. Novel Romance LLC, like any franchise, typically has its rights owned by the parent company or the original creator. If it’s a book series turned into a franchise, the author or their estate usually retains the rights unless they’ve sold them to a publisher or studio. For example, if 'Novel Romance' started as a book, the author might own the rights, but if it’s a collaborative project, the LLC itself could hold them.
In cases where the franchise expands into films, games, or merchandise, rights often get divided. The parent company might own the overarching brand, while individual creators or studios hold licenses for adaptations. It’s a tangled web, but contracts and copyright law dictate most of it. If you’re curious about a specific franchise, digging into public records or press releases from the creators can shed light on who currently controls the rights.