Sony Buys Out Michael Jackson’s ATV Music Publishing
It’s been reported that Sony will acquire Michael Jackson’s share of Sony/ATV publishing for a whopping $750 million (£526 million). Within that lies a catalogue of priceless records from The Beatles, Bob Dylan, Eminem, Taylor Swift and more — easily a smart purchase in the long run; this is also a great sale for the Jackson estate, given that Jackson’s debt was somewhere around $250 million.
Said Sony chief executive Kazuo Hirai:
The entertainment businesses have long been a core part of Sony and are a key driver of our future growth. These businesses will continue to contribute to our success for years to come.
Outside of this, the Jackson estate will retain a 10% stake in EMI Music Publishing and 100% of MiJac Music (which contains Michael Jackson’s own discography, as well as related artists that he discovered). Previously, Sony shared half of the Sony/ATV Music Publishing catalogue with Jackson, an agreement that was made in 1995.