Michael Jackson’s estate has sold its entire stake in the singer’s lucrative music catalog to Sony for $750 million, the AP reports.
The deal hands over the estate’s 50 percent stake in the catalog, giving Sony/ATV Music Publishing sole ownership over a collection of music from The Beatles, Bob Dylan, Eminem, Taylor Swift and many other hit makers.
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While the business deal covers the hits countless celebrities, it does not include the rights to Jackson’s “master recordings” or songs he wrote himself.
“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 a statement. “It also further validates Michael’s foresight and genius in investing in music publishing.
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Jackson purchased the ATV catalog in 1985 for $41.5 million despite facing major opposition from his team of advisors, and would later merge the company with Sony. At the time of his death in 2009, Jackson was hundreds of millions of dollars in debt and his stake in Sony/ATV Music Publishing remained his most lucrative asset.
Revenue from the sale will benefit Jackson’s mother, Katherine, and his three children, Prince, 14, Paris, 17, and Blanket, 19.
