Sony buys off Michael Jackson’s estate for Sh. 76 Billion
We all knew him as a legend in the music industry, even after his death, Michael Jackson still gives us something to talk about.
His estate has appreciated in value at a rate that investors have termed ‘unusual’.
Michael Jackson’s estate has agreed to sell its remaining stake in a lucrative music catalogue to Sony Corporation for Sh. 76 Billion, which is equivalent to USD $750 Million.
The Jackson’s estate currently benefits his mother and his three children; Prince, Paris and Blanket.
The late philanthropist purchased the ATV portion of the catalogue in 1985 for $41.5 million and later merged it with Sony.
It remained his most lucrative asset at the time of his death in June 2009 at age 50, though by that point Jackson was hundreds of millions of dollars in debt.
The agreement for Jackson’s half-share of the Sony/ATV music publishing catalogue will give the company sole ownership of works by The Beatles, Bob Dylan and other renowned musicians, including Eminem and Taylor Swift.
However, the sale does not include rights to Jackson’s master recordings or songs that he wrote, and the singer’s estate will continue to have a stake in EMI Publishing, Inc.
Through a statement from the co-executors of Jackson’s estate, Lawyer John Branca and music executive John McClain, pointed out that the transaction further allowed them to continue with their efforts of maximizing the value of Michael’s Estate for the benefit of his children.