Sony Corporation has purchased late music star, Michael Jackson’s stake (50%) in Sony/ATV Music Publishing catalog for $750 million.
According to a statement released by Sony Corp. and the Estate of Michael Jackson, the sale is the culmination of a process that began in September 2015 when Sony exercised a right that has existed since the joint venture was formed by Michael Jackson and Sony in 1995. This right allows for one partner to purchase the other partner’s interest pursuant to a procedure outlined in the Sony/ATV operating agreement.
The catalog includes songs by The Beatles, Bob Dylan, Eminem, and Taylor Swift but has no claims on MJ’s songs and his master recordings, The Estate stated.
“This transaction further allows us to continue our efforts of maximizing the value of Michael’s Estate for the benefit of his children,” said John Branca and John McClain, Co-Executors of the Estate.
The King of Pop purchased the ATV catalog in 1985 for $41.5 million and then merged it with Sony. It was his most lucrative asset when he died in 2009.