Billboard is reporting that after lengthy negotiations Sony has agreed on a deal with the Michael Jackson estate to purchase his 50% share of their Sony/ATV music publishing company.This would give Sony sole publishing rights to the majority of the Beatle song catalogue. The deal is expected to fetch US$750 million for the Jackson estate. The catalog, which owns publishing rights for some 750,000 songs, also including tracks by Taylor Swift, the Rolling Stones, Marvin Gaye and many others.
Michael Jackson first purchased ATV Music, which owned the Beatle rights, twenty one years ago. Eleven years ago it was merged with Sony Music.
“This transaction further allows us to continue our efforts of maximizing the value of Michael’s estate for the benefit of his children,” said estate co-executors John Branca and John McClain. “It also further validates Michael’s foresight and genius in investing in music publishing. His ATV catalogue, 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.”
Rolling Stone magazine is also carrying the story.