Sony Does Billion Dollar Deal With Jackson Estate - Noise11.com
Michael Jackson Thriller image noise11.com photos

Michael Jackson

Sony Does Billion Dollar Deal With Jackson Estate

by Music-News.com on March 15, 2016

in News

Executives from Sony Corporation have struck a deal with Michael Jackson’s estate worth $US750 million ($AU1,000,947).

The late pop icon owned a 50 per cent stake in Sony/ATV Music Publishing before he passed away at the age of 50 in 2009 and the new agreement bosses at Sony struck with Jackson’s executors means the entertainment conglomerate will become the sole owner of the music publishing company.

“The entertainment businesses have long been a core part of Sony and are a key driver of our future growth,” Sony President and CEO Kaz Hirai wrote in a statement released to Variety on Monday (14Mar16). “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 higher-ups agreed to the sum of $733 million (£513 million) for the buy-out, but payment instalments means Jackson’s estate will receive a total of $750 million. Although the deal is pretty much cemented, a firm agreement will be reached on the matter no later than 31 March (16).

Sony/ATV Music Publishing, a joint venture between Jackson and the entertainment corporation, was established in 1995 and it is considered to be the globe’s leading publisher of music, with the company either owning or administering over 3 million copyrights. EMI Music Publishing was acquired by Sony/ATV Music Publishing in 2012 for the tune of $2.2 billion (£1.5 billion).

Sony/ATV Music owns the copyrights for some of the most established acts in history, including Lady Gaga, the Beatles, Carole King, Stevie Wonder, the Supremes, the Rolling Stones and more.

Jackson fathered three children while he was alive, and representatives from his estate claim this significant deal will be very beneficial for his progeny.

“This transaction further allows us to continue our efforts of maximising the value of Michael’s Estate for the benefit of his children,” co-executors John Branca and John McClain said in a statement. “It also further validates Michael’s foresight and genius in investing in music publishing. His ATV catalog, purchased in 1985 for a net acquisition cost of $41.5 million (£29 million), 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.”

music-news.com

Quincy Jones Sues Michael Jackson Estate

——————————————————————————————————————————————

Never miss a story! Get your free Noise11.com daily music news email alert. Subscribe to the Noise11 Music Newsletter here

Listen to the Noise11 Music News channel now at iHeartRadio

Follow Noise11.com on Facebook and Twitter

NOISE11 UPDATES are now in Apple News

Related Posts

The Greatest Night In Pop
The Greatest Night In Pop ‘We Are The World’ Is One of the Best Docos Ever Made

When you have a spare 90 minutes to kill ‘The Greatest Night In Pop’, a new documentary about the making of ‘We Are The World’ is must see TV.

February 1, 2024
MJ will premiere in Sydney in 2025. Photo from the Original Broadway production featuring Myles Frost as Michael Jackson.
Michael Jackson ‘MJ’ UK Cast Announced

Lia Vollack, John Branca and John McClain, producers of the acclaimed Broadway musical MJ, announce casting for the UK premiere production which begins performances at the Prince Edward Theatre, London from Wednesday 6 March 2024 (Press Night: Wednesday 27 March 2024 at 7:00pm).

January 16, 2024
Michael Jackson Thriller vinyl
Michael Jackson Biopic Will Premiere In April 2025

The long-awaited Michael Jackson biopic will hit screens next April.

January 15, 2024
Michael Jackson Thriller vinyl
Michael Jackson Demo Tapes Removed From Sale

Michael Jackson's estate have successfully had some "extremely rare" unreleased recordings removed from sale.

December 17, 2023
MJ will premiere in Sydney in 2025. Photo from the Original Broadway production featuring Myles Frost as Michael Jackson.
Michael Cassel To Bring MJ The Musical To Australia

The hit Broadway Michael Jackson musical ‘MJ’ will debut in Sydney in February 2025.

December 8, 2023
Jason Singh Heavens Greatest Hits
Jason Singh To Take ‘Heaven’s Greatest Hits’ Around Australia

Jason Singh will tour his ‘Heaven’s Greatest Hits’ show around Australia in September, October and November 2023.

May 18, 2023
Paul McCartney at AAMI Park Melbourne on Tuesday 5 December 2017. Photo by Ros O'Gorman
Paul McCartney Has A Dance Hit In The USA

Paul McCartney and Michael Jackson’s ‘Say Say Say’ is a hit again with thanks to Kygo.

May 4, 2023