Michael Jackson Estate Sells 50% Stake In Sony/ATV Publishing For $750 Million
In 1985, Michael Jackson put in his bid and acquired ATV Publishing for the relatively reasonable sum of $47.5 million after a discussion with Sir Paul McCartney stressed the importance of an artist owning their publishing rights. Included in that acquisition were the rights to nearly the entire Beatles catalogue, as well as songs from Bob Dylan and James Brown. Ten years later, a joint venture with Sony formed Sony/ATV Publishing, which expanded the catalogue and granted the late King Of Pop a massive stake in the newly-minted publishing powerhouse.
Today, Sony/ATV's catalogue boasts a whopping 2 million songs (making it the largest publishing company in the world) with additions from Beyonce, Eminem, 50 Cent, Jay Z, Backstreet Boys and virtually countless others. But with the Michael Jackson Estate claiming to be still digging itself out of the $250 million debt left behind by the world-class entertainer in the wake of his death, they've officially relinquished their stake in the company for the titanic tag of $750 million. The estate cites the future financial security of MJ's children as their reason for the sale, but we'll see just how much of that money actually makes its way to the little ones. The deal is slated to take effect on March 31st. A recent evaluation places Sony/ATV Publishing's value at $1.5 billion.
h/t Rolling Stone