Michael Jackson’s estate is $750 million richer after agreeing to sell the rights to the late icon’s extensive music catalog to Sony. The deal makes Sony/ATV Music Publishing the sole owner of works by The Beatles, Bob Dylan, Taylor Swift and Eminem, but not of works written by Jackson.
“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 CEO Kazuo Hirai remarked in a statement.
“This transaction further allows us to continue our efforts of maximizing 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 the same statement. “It also further validates Michael’s foresight and genius in investing in music publishing.”
In 1985, Jackson bought ATV Music Publishing for about $47.5 million dollars. In addition to that, he spent much of the 80s buying up the rights to hit songs.
The main benefits of the $750 million sell are Jackson’s mother Katherine as well as his three children: Prince, Paris and Blanket.