Sony Buys Michael Jackson’s Stake in Music Catalog for $750M
LOS ANGELES (AP) — Michael Jackson's estate has sold its interest in a massive music catalog to Sony for $750 million.
Sony and Jackson's estate announced the sale of the Sony/ATV catalog in a joint press release Monday. Jackson's estate owned a half share of the catalog, which includes the works of artists such as The Beatles, Bob Dylan and other hitmakers.
The release states Jackson purchased the ATV portion of the catalog for $41.5 million in 1985. The sale does not transfer to Sony ownership of Jackson's master recordings or rights to songs the King of Pop wrote.
Jackson's estate benefits his mother and three children. The Sony/ATV catalog represented one of Jackson's greatest assets when he died in June 2009 at age 50, although the singer was deeply in debt at the time.