Sony has agreed to work with Michael Jackson’s estate to buy out the King of Pop’s portion of their Sony/ATV music publishing company, which also owns rights to a majority of the Beatles’ music. The deal comes 21 years after the partnership was put in place. And the price tag is a hefty one, coming in at $750 million.
In addition, the agreement allows the estate to retain 10 percent of EMI Music Publishing along with their state in Mijac Music. The latter owns rights to Jackson’s body of work, including his master recordings.
Michael’s $41.5 million net acquisition toward his ATV catalogue purchased in 1985 is considered to be one of the smartest investments in music history, according to John Branca and John McClain, Jackson estate co-executors.
Get the full scoop on this deal at Billboard.