Michael Jackson‘s estate is gearing up to say farewell to its shares in the music publishing company Sony ATV.
News they should be crying about?
Not really, but if they are they’ll be able to dry their eyes with the $750 million they’re set to receive for it.
Full story below…
In 1995 Jackson entered a joint venture with ATV which saw him sweep up 50% of the company.
Now, after the organisation loaned him a reported $280 million to save him from bankruptcy in 2006, it has confirmed that is to pay his estate $750 million in exchange for his shares.
Their official announcement read:
This transaction further allows us to continue our efforts of maximizing the value of Michael’s Estate for the benefit of his children. It also further validates Michael’s foresight and genius in investing in music publishing. His ATV catalog, purchased in 1985 for a net acquisition cost of $41.5 million, was the cornerstone of the joint venture and, as evidenced by the value of this transaction, is considered one of the smartest investments in music history.
This acquisition will enable Sony to more quickly adapt to changes in the music publishing business, while at the same time continuing to be an unparalleled leader in the industry and a treasured home for artists and writers. All of us at Sony look forward to continuing to work with the Estate to further Michael Jackson’s legacy in many different ways.
A portion of the proceeds will be used to finish the pay-down of $500 million in debt that the estate held seven years ago, leaving it completely debt-free and with cash on hand, according to a source. After taxes, fees and expenses, the balance will be transferred to a trust for the benefit of Michael’s beneficiaries: his three children.
![New Video: Rick Ross - 'Champagne Moments' [Drake Diss]](https://thatgrapejuice.net/wp-content/uploads/2024/04/Rick-Ross-Champagne-Moments-thatgrapejuice-2024-drake-diss-464x260.jpg "New Video: Rick Ross - 'Champagne Moments' [Drake Diss].")
Prince, Paris and Blanket should be set for life now…that picture has me all nostalgic this morning…those sweeeet memories, will always be dear to me…LAWD, can’t nobody do it like Michael…
http://giphy.com/gifs/michael-jackson-mj-gif-Yb5vLqP0gFuW4
🙂
In other words those children of Michael will have more money than they can spend. Good for them.
P.s. I love that pic. RTT is an iconic music video!! Pop perfection at it’s best.
Looking @ widow Bowie in that pic, makes me mad she was never cast as Storm in the X-men movies.
#RIPKOPMichael
#RIPDavidBowie
I like that black people were cast as Egyptians in that video because EGYPTIANS WERE BLACK
I don’t know why but I allot of people slept on his album Invincible which was great. (after You Rock My World – Unbreakable, Butterflies, Break of Dawn, Heaven Can Wait, Whatever Happens, Threatened, Speechless, and Don’t Walk Away would’ve been fuvking hits ! And I know the videos would’ve been amazing too. Consider a flop of his standards yet sold 13 million worldwide, had that b**** ass Tommy Mottlo promoted the album it would had did exceededly more well.
butterflies had me weak, that song is life!!!
I really wish I was part of that estate!!!?????
I wish that somehow the shares of the company can stay with michaels estates. If not, all these black artist will continue having to share their money with these white pocket snatchers like its still 1800… aint s*** changed.
They should easily be paying upwards of 1Billion dollars for His ICONIC catalogue. Its worth way more than $750Mill.
–
And Im not sure if Michael would have wanted to sell his shares like this, He had a leash on Sony.
I don’t think he ever wanted to sell her catalog. He’ll he still owns the Beatles catalog. And it show sell no less than a billion. You gotta count the tours that’s still going on, Thriller just sold another million in the US alone. So don’t tell me that the facts broke, after that sale hike in 2009? Please.
Wow