Sony Corp had signed an agreement with Michael Jackson’s estate to buy off $750 million pop star’s stake in Sony/ATV Music Publishing, the world’s largest music publisher.
As part of the agreement, Sony made a lump sum payment of $733 million. Sony Corp now controlling the joint venture that Michael Jackson and Sony formed in 1995.
The deceased pop star purchased the ATV portion of the catalogue in 1985 for $41.5 million and later merged it with Sony
“This acquisition will enable Sony to more quickly adapt to changes in the music publishing business,” Michael Lynton, CEO of Sony Entertainment said in a statement.
Sony/ATV controls many popular songs such as “All You Need Is Love,” “Moon River” and “The Mission Impossible Theme,” as well as representing the copyrights of musicians such as Bob Dylan, Queen, Eminem, Taylor Swift and The Rolling Stones.
Jackson’s estate benefits his mother and his three children; Prince, Paris and Blanket