Sony Buys Michael Jackson’s Music Catalog for $750M
The late Michael Jackson's estate has agreed to sell its 50 percent stake in the Sony/ATV Music Publishing catalog to Sony Corp. for $750 million, reports USA Today.
The acquisition of the catalog gives Sony sole ownership to the works of legends like The Beatles, Bob Dylan, Eminem and Taylor Swift, among others. However, the sale doesn't include Jackson's master recordings or songs that he wrote.
"This agreement further demonstrates Sony's commitment to the entertainment businesses and our firm belief that these businesses will continue to contribute to our success for years to come," Kazuo Hirai, Sony Corp. president and CEO, said in a statement.
Jackson purchased the ATV catalog in 1985 for $41.5 million, and he later merged it with Sony. It was his most lucrative asset at the time of his death in June 2009.