Michael Jackson estate’s 50 percent
According to several reports, Sony/ATV is set to buy out the Michael Jackson estate’s 50 percent interest in the company for $750 million, which the late singer started as a joint venture with Sony 21 years ago. In 1985, Jackson purchased ATV for $47.5 million, which houses some of the best publishing rights to Beatles songs. Ten years later Jackson merged ATV with Sony’s publishing sector.
Upon the deal’s closure, which is subject to closing conditions and regulatory approval, the Jackson family will retain ten percent interest in EMI Music Publishing and Mijac Music. The latter is the publishing company that owns songs written by Michael Jackson, his master recordings, along with songs written by other writers.
Part of the money from Sony will go towards paying off the $500 million debt that the estate had seven years ago, and the remainder will go to his three children, who are the beneficiaries of his estate.
