Michael Jackson Music Catalog Sells To Sony For $750 Million
Sony has purchased the late Michael Jackson‘s music catalog for the price of $750 million.
Sony Buys Michael Jackson Music Catalog
Jackson’s estate made a deal with Sony to sell its remaining stake in his music catalog to Sony Corp for the nine-figure price tag, CNN reported Tuesday. By selling the stake, the estate has handed Sony/ATV Music Publishing full ownership. Sony also now has sole ownership of music by Bob Dylan, The Beatles, Wyclef Jean, Eminem, Taylor Swift and others.
“This agreement further demonstrates Sony’s commitment to the entertainment businesses and our firm belief that these businesses will continue to contribute to our success for years to come,” Sony Corp. president and CEO Kazuo Hirai wrote in a statement.
“This transaction further allows us to continue our efforts of maximizing the value of Michael’s Estate for the benefit of his children,” the co-executors of Jackson’s estate, attorney John Branca and music executive John McClain, wrote in a statement. “It also further validates Michael’s foresight and genius in investing in music publishing.”
Jackson’s estate still has a stake in EMI Publishing, Inc., and maintains the rights of songs that Jackson had written, as well as his master recordings.
Jackson’s estate, which benefits his children – Prince, Paris and Blanket – and his mother, has managed to pay off the debts that the pop singer had amassed prior to his untimely passing through deals such as the most recent one with Sony. The deal will officially close at the end of this month.