Sony to pay US$750m for Jackson venture Entertainment
Print Edition
SONY yesterday said it will pay Michael Jackson’s estate US$750 million for the late pop star’s share of a music venture that owns the rights to songs by some of the biggest names in music history.
The deal will see Sony pick up Jackson’s 50 percent stake in Sony ATV Music Publishing, which owns several million titles including those written by the Beatles and Bob Dylan.
Sony will now control all of the company, whose catalogue also includes hits by pop star Taylor Swift, rapper Kanye West, Sam Smith and Lady Gaga.
Sony ATV Music Publishing was formed in 1995 by the Japanese electronics giant and the late “King of Pop,” who transformed music with iconic hits like “Thriller” and “Beat it.”
Jackson died in 2009 at the age of 50. His estate said it will still own his master recordings and the publishing company that owns all the songs he penned. It will also keep its stake in EMI Music.
The singer, a notoriously profligate spender, turned to music publishing rights at the height of his stardom as he looked for a place to invest his fortune. The proceeds from the catalogue offered vital revenue for the star later in his life as he struggled to pay his expenses and released little new material.
Jackson said he first learned of the music publishing business from former Beatle Paul McCartney, who bought the copyright to songs by Buddy Holly and other classic artists.
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