The estate of Michael Jackson is reportedly nearing a sale of the late King of Pop’s music catalog in a deal estimated at between $800-$900 million.
According to a report from Variety, three sources confirmed that Sony Music, potentially in a partnership, is negotiating to purchase a 50-per-cent interest in Jackson’s publishing, which includes the “MJ: The Musical” Broadway show, the upcoming big-screen biopic “Michael” and other assets.
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Sony has previously coughed up big bucks for the catalogs of other top music artists, including acquiring the rights to Bruce Springsteen’s publishing and recorded-music catalogs for reported $600 million, and rights to Bob Dylan’s recorded-music catalog for a sum reported to be between $150 million and $200 million.
The deal makes sense given that Sony and its predecessor, CBS, was Jackson’s label for the entirety of his solo career.
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As Variety points out, Jackson’s recorded-music catalog is one of the most lucrative ever, with the late star’s 1982 Thriller album one of the two top-selling albums in history, and the first album to ever be certified 30-times platinum.