Sony to buy Michael Jackson's share of music catalogue
Sony are buying Michael Jackson's stake in Sony/ATVMusic Publishing for a staggering $750 million.
Sony Corp have announced the huge deal with the late singer's estate, which is a huge profit on the $41.5 million the Thriller hitmaker paid for the ATV catalogue in 1985, and the sale is expected to be finalised by the end of this month.
John Branca and John McClain, co-executors of the late star's estate, said the deal ''further validates Michael's foresight and genius in investing in music publishing''.
They added: ''His ATV catalogue, purchased in 1985 for a net acquisition cost of $41.5m, was the cornerstone of the joint venture and, as evidenced by the value of this transaction, is considered one of the smartest investments in music history.''
His estate will maintain its holdings in Mijac Music, which owns all the songs written by Michael, as well as EMI Music Publishing. The joint Sony/ATVMusic Publishing venture was launched in 1995 and owns copyright for some of the biggest songs in the world, including New York, New York by Frank Sinatra, Elvis Presley's Jailhouse Rock, I Heard it Through the Grapevine by Marvin Gaye, The Beatles' All You Need Is Love and The Mission Impossible Theme.
Kazuo Hirai, Sony's president and chief executive, said in a statement: ''The entertainment businesses have long been a core part of Sony and are a key driver of our future growth. ''These businesses will continue to contribute to our success for years to come.''
And Michael Lynton, chief executive of Sony Entertainment, said the deal would help the company ''adapt to changes in the music publishing business''.