Wednesday, 16 March 2016

Sony Buys Michael Jackson Stake in Music Venture for $750 Million

Sony has agreed to pay the estate of Michael Jackson $750 million for its share of the Sony/ATV Music Publishing catalog, the two parties announced late on Monday, ending one of the most closely watched contests in the music industry.

Sony/ATV, a joint venture formed by Sony and Jackson in 1995, is one of the jewels of the music industry. The catalog has more than one million copyrights, including about 250 songs by the Beatles.

The catalog is for music publishing rights, which cover the lyrics and music that are embodied in any recording.

The companies said in a joint release Monday that the sale is the culmination of a process that began in September when Sony exercised its right to purchase the other partner’s interest — a right that has existed since the joint venture was formed by Jackson and Sony in 1995.

Sony said the transaction will have no material impact on its consolidated results forecast for the fiscal year ending March 31. It also said the impact on Sony’s results for the fiscal year ending March 31, 2017, is currently being evaluated.

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