Sony Buys Michael Jackson’s Stake in Music Catalog for $750M
The Estate of Michael Jackson is selling its remaining 50 percent stake in the Sony/ATV Music Publishing catalog to Sony Corp. for $750 million.
The catalog includes songs by The Beatles, Bob Dylan, Eminem, and Taylor Swift, according to USA Today. However, it doesn’t include songs that MJ wrote nor does it include his master recordings.
“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,” said Kazuo Hirai, Sony Corp. president and CEO.
Attorney John Branca and music executive John McClain, the co-executors of MJ’s estate, responded to the news, as well.
“This transaction further allows us to continue our efforts of maximizing the value of Michael’s Estate for the benefit of his children,” they wrote in a joint statement. “It also further validates Michael’s foresight and genius in investing in music publishing.”
The King of Pop purchased the ATV catalog in 1985 for $41.5 million. He eventually merged it with Sony. It was his most lucrative asset when he died in 2009.