Michael Jackson’s estate has sold its stake in Sony ATV to the company.
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In 1985, following the advice of one Paul McCartney, Jackson purchased ATV Publishing and merged it with Sony Music a decade later.
Now, seven years after the singer’s untimely death, the company (now known as Sony ATV) has purchased his stake in it to secure sole ownership of it.
The price they paid for it?
Sony/ATV chairman/CEO Martin Bandier shared:
The completion of this deal is terrific news for Sony/ATV and everyone who works for the company. It marks the start of an exciting new chapter in our proud history and we cannot wait to get started as a 100% Sony-owned company. Sony Corporation has shown absolute faith and support in us and what we do by undertaking this deal and we are ready to repay that trust in the months and years ahead. I’d also like to take a moment to thank the Estate and especially John Branca, John McClain and Karen Langford for everything they have done for Sony/ATV over the two decades of the joint venture. They will remain an integral part of our legacy.