Sony has agreed to buy out Michael Jackson’s 50 per cent share in Sony/ATV Music Publishing, which holds the rights to almost all of the Beatles catalogue. MJ’s estate is said to be receiving more than $750 million in the transaction that should be closing later this year.
Michael Jackson outbid his buddy Paul McCartney to buy ATV Music in 1985 for more than $40 million, then he sold half to Sony about 10 years later for more than $100 million to create Sony/ATV. Sources say by the time Michael Jackson died in 2009, he was approximately $500 million in debt. The estate’s co-executors say this new deal allows his family to pay off the debt and begin building cash reserves.