Sony ATV, the major music publishing giant Michael Jackson purchased in 1985, may now be preparing to pull itself away from the late singer’s estate.
Details below…
In 1985 Jackson bought into company which owns the publishing rights for over 750,000 songs which includes numbers released by the likes of Beyonce, The Beatles, Taylor Swift, Marvin Gaye and Lady Gaga.
In 1995, he entered a 50-50 venture deal with the company and would have pocketed $390 million had he sold his half in 2007.
Now, in 2015, his estate is in talks with the company to make major changes.
For, Sony Corp now wants to own 100% of ATV and is likely to buy out the estate to make it happen.
Jackson had been deeply in debt in 2006 when he agreed to give Sony an option to buy his half of the catalog at some later date. Sony exercised that option sometime last month. “The structure of a joint venture is sometimes difficult to manage,” the source says.
The Beatles lost control of much of their publishing in the Sixties after a series of complicated business deals. When Jackson bought the catalog, for $47.5 million, Paul McCartney unsuccessfully bid against him.
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Jesus take the wheel
Karma!….He was in debt, Paul is almost a billionaire, the Beatles continue to be the greatest music act of all time. RIP Michael.
Estate said they aren’t selling. Karma? Michael outbid him where’s the karma in that? Anyways bye.
Karma is Paul thinking he could use his buddy MJ to buy him Sony after he and his band mates made their own bad business decisions to lose their music rights. He was trying to get over in MJ abd he said “f*** u I’m keeping this for myself.” Don’t be mad the young, childish 20 something yr old black man was not stupid enough to be fooled by his 40 something white friend. Anyways MJ>>>>>>>>>>Paul McCartney solo career
MJ wasn’t in debt, and he’s earned 1.5 billion since his death. MJ >>>>> paul the turtle
It ain’t going down like that…Bye Felicia!
racist b***h!
That was a brilliant business deal MJ did by buying that Sony ATV catalog. And, he made millions from it too. Profited more than triple the amount BACK, than what he paid. His immature & childish spending ways is what lead him into debt. Also, paying those multi-million $ settlements to keep him from going to jail… For THOSE accusations.
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And on top of that, MJ was overgenerous with charity. Giving multiple charity/colleges/schools/hospitals etc… MILLIONS upon MILLIONS. That ranged from 250 – 300 million dollars of his own money. Too many, dumb decisions is why he was in DEEP dept BEFORE he died. Now, in 2015… MJ’s estate is paid in full. He’s worth more than 500 million now. But, he had to die, for that to happen.
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Selling the rest of Sony ATV, is a great decision on MJ’s estate part. They will profit big time, but unfortunately greedy ass Sony will OWN everything. This company practically owns almost ALL major artist publishing’s/songs. I wonder, if Sony owns Mariah’s music too? Those hackers needs to release MC’s unheard materiel. I know they got it. shoot… RIP MJ
Let them sell it, Michael’s estate doesn’t need it. Michael’s estate is earning many millions every year on Michael’s album sales, tribute tours and merchandise. The Sony Catalog isn’t necessary! Michael’s family is set for life, Michael’s been #1 in Forbes list of the highest earning dead artists or six years, the only year he was down to #2 was in 2011 when Liz Taylor temporarily overtook him, the year after he returned to number one again and is still there. RIP!
For*
You are STUPID! They’re obviously selling it for a quick buck. Smh…
And who are you? Who cares if they sell it or not, it’s not like they need it.
company which owns the publishing rights for over 750,000 songs which includes numbers released by the likes of Beyonce, The Beatles, Taylor Swift, Marvin Gaye and Lady Gaga.
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My faves OWNS their own masters. Poor pest.
Its so obvious that they killed man for $. It looks like nothing will ever be done about it.