Michael Jackson’s estate intends to sell the rights to his catalogs; there are reports that the estate will sell “half of their interests in Jackson’s discography” for a record price of up to $900 million.
While details are unclear, Sony Music Publishing is reportedly in negotiations with the estate for fifty percent of the King of Pop’s publishing, recorded-music revenues, the “MJ: The Musical” Broadway show, the upcoming biopic “Michael,” and possibly more assets.
According to a financial source who spoke with Variety, Primary Wave Music already has a stake in Jackson’s publishing catalog, although the specifics are unknown.
Sony has a history of acquiring legendary music catalogs. In recent years, they have paid a total of nearly $800 million for the Bob Dylan and Bruce Springsteen catalogs. If Jackson’s catalogs are sold for the asking price, it will be the largest sale to date, surpassing Genesis’ $300 million and Bruce Springsteen’s $600 million.
Sony and its predecessor CBS were the exclusive owners of Michael Jackson’s recorded music catalog for the duration of his solo career and the final years of his career with the Jackson 5. The singer died in 2009 at the age of 50; Branca, his longtime attorney, and co-executor John McClain have handled his formidable entertainment interests with a firm hand.
Last month, Justin Bieber sold his music rights to Blackstone-backed Hipgnosis Songs Capital, for more than $200 million.
Source – Tru News Report
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