Michael Jackson’s catalog continues to stand the test of time.
As AFROTECH previously told you, it had been rumored that there would be a sale of the late singer’s timeless hits. The deal was projected to set a new standard in the music industry.
There’s no need for speculation anymore as Sony Music Group has completed the sale of the music catalog, EuroJournal reports. The deal is said to include 50% of Michael Jackson‘s publishing and recorded masters catalog. What’s more, the assets are speculated to be valued at between $1.2 billion and $1.5 billion, sources close to the matter have said, according to the outlet.
Sony Music Group will reportedly pay at least $600 million for its stake in Jackson’s rights.
Based on EuroJournal’s report, the agreement “does not include royalties from the Broadway play and other theatrical productions featuring Jackson’s music.” The Broadway play the outlet is referring to is “MJ the Musical.”
Sony’s interest in the legacy Jackson left behind isn’t anything new.
“Throughout the years, Sony has paid the Jackson estate more than $2 billion in some major deals that go beyond distributing royalties for his records and songs,” EuroJournal mentions.
In fact, there was a time when Jackson owned music publisher ATV, which held the rights to an estimated 4,000 songs. Reportedly, those included 200 songs from The Beatles and notably, Little Richard’s “Tutti Frutti.” He placed a bid alongside his lawyer John Branca for $47.5 million purchase after it went up for sale, according to NPR.
Eventually, Jackson entered into an agreement to sell half his stake to Sony due to being in debt, and it became Sony/ATV. After his passing, Sony signed a deal with Jackson’s estate for $750 million to acquire full ownership of ATV.
Sony also purchased the estate’s share in EMI Music Publishing for $287.5 million in 2018, EuroJournal mentioned, and dividends from their possession of the assets bringing the deal to an estimated $1.6 billion, per EuroJournal.
As of this writing, neither Sony Music Group nor Jackson’s estate have issued a statement surrounding the newly cemented deal.