Michael Jackson’s estate is selling its remaining 50% stake in a music catalogue, which includes music by The Beatles and Bob Dylan, to Sony Corp for $750m (£526m).
The agreement will give Sony/ATV Music Publishing sole ownership of the works, which also includes music by artists such as Eminem and Taylor Swift.
Jackson’s estate has managed to erase the singer’s massive debts through a series of blockbuster deals, new music and movie ventures.
The proceeds go to his mother and three children, known as Prince, Paris and Blanket.
“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,” Sony Corp president and chief executive Kazuo Hirai wrote in a statement.
The sale does not include rights to Jackson’s master recordings or songs that he wrote, and the singer’s estate will continue to have a stake in EMI Publishing, Inc.
“This transaction further allows us to continue our efforts of maximising the value of Michael’s Estate for the benefit of his children,” the co-executors of Jackson’s estate, attorney John Branca and music executive John McClain, wrote in a statement.
“It also further validates Michael’s foresight and genius in investing in music publishing.”
Jackson purchased the ATV portion of the catalogue in 1985 for $41.5m (£29m), he later merged it with Sony.
It remained his most lucrative asset at the time of his death in June 2009 at age 50, though by that point Jackson was hundreds of millions of dollars in debt.
The deal for Jackson’s half of the Sony/ATV catalog is expected to close by the end of March.
Source: Yahoo News