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 BeatlesBob 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.”

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