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Tuesday, 15 March 2016
Sony To Buy Michael Jackson’s Shares For $750 Million
Sony has announced a deal of $750 million for Michael Jackson’s half of Sony ATV Music Publishing.
Sony ATV Music Publishing began as a joint venture in 1995 between Jackson and Sony, with Jackson owning 50% of the business
With this deal, Sony acquires full rights to over three million songs, including works by the Beatles, Bob Dylan and Taylor Swift.
The Jackson estate is said to be $250 million in debt, and this deal will reportedly help reduce that and give his children more financial power.
“The entertainment businesses have long been a core part of Sony and are a key driver of our future growth,” Kazuo Hirai, Sony’s president and chief executive, said in a statement. “These businesses will continue to contribute to our success for years to come.”