Wednesday, March 16, 2016 9:50 pm
Michael Jackson was reportedly broke before his death on 25 June, 2009. But almost seven years after, his estate is getting richer with his investments, what with latest deal with Sony.
Sony will buy Jackson’s 50% share in Sony/ATV Music Publishing from the dead singer’s estate for $750m (£530m).
The company is the largest music publishing company in the world and owns the rights to millions of songs including some of the Beatles’ work, as well as music by Taylor Swift, Bryan Adams, Beyonce, Lady Gaga and Manic Street Preachers.
Sony will now control the whole company, which was formed in partnership with Jackson in 1995.
Jackson died in 2009 at the age of 50. The singer’s estate will still own Jackson’s master recordings and the publishing company that owns all the songs he wrote. It will also keep its stake in EMI Music Publishing Ltd which owns the publishing rights to the musical works of Robbie Williams, Ozzy Osbourne and Lenny Kravitz.
“This transaction further allows us to continue our efforts of maximizing the value of Michael’s Estate for the benefit of his children,” the co-executors of Jackson’s estate, attorney John Branca and music executive John McClain, wrote in a statement. “It also further validates Michael’s foresight and genius in investing in music publishing.”
Jackson bought ATV Music Publishing in 1985 for $41.5m from South African-born entrepreneur Robert Holmes à Court, before later merging the company with Sony.
The executors of Jackson’s estate, which benefits his mother Katherine and three children, known as Prince, Paris and Blanket, said that the original deal “is considered one of the smartest investments in music history”.
Read more at: The London Guardian