Sony Buys Michael Jackson Stake in Music Venture for $750 Million
Sony Corp. has reached an agreement with the estate of Michael Jackson to acquire the late music star’s interest in their joint music business for $750 million.
Terms of the deal call for Sony to pay $733 million for Jackson’s 50% stake in Sony/ATV Music Publishing, as well as previously announced distributions, with payments totaling $750 million.
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Sony/ATV Music Publishing, established in 1995 as a joint venture between Sony and Jackson, touts itself as the world’s leading music publisher. Together with EMI Music Publishing, Sony/ATV owns or administers more than 3 million copyrights; it also controls “New York, New York,” “All You Need Is Love,” “You’ve Got a Friend,” “Moon River,” “Jailhouse Rock,” “The Mission Impossible Theme,” “Ain’t No Mountain High Enough,” “Over the Rainbow,” “Stand by Me” and “I Heard It Through the Grapevine.”
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The estate said the transaction will not affect its continuing interests in other music assets, including all of Jackson’s master recordings as well as Mijac Music, the publishing company that owns all of the songs written by Jackson as well as songs by some of his favorite songwriters and artists that were acquired during his life. The estate will also retain its ownership interest in EMI Music Publishing.
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