Michael Jackson’s Estate Sells Ownership of Beatles, Bob Dylan Catalogs
Sony Corp. has bought the remaining rights to the musicians' songs — as well as material recorded by Eminem, Taylor Swift and others — as part of a deal worth three-quarters of a billion dollars, according to The Associated Press. The company now owns the works completely as part of a move that its CEO Kazuo Hirai said emphasized "commitment to the entertainment businesses."
The deal is a big step in mitigating debts owed by Jackson's estate, which has also released new Jackson tracks and re-released old favorites for capital in recent years. The sale does not, however, include material that Jackson, himself, wrote before his 2009 death.
Jackson's three children, Prince, Paris and Blanket and Jackson's mother, Katherine, are his estate's beneficiaries.
"This transaction further allows us to continue our efforts of maximizing the value of Michael's Estate for the benefit of his children," attorney John Branca and music executive John McClain, the executors of Jackson's estate, noted in a statement. "It also further validates Michael's foresight and genius in investing in music publishing."
Jackson first bought the aforementioned music in 1985 for $41.5 million.
Surprised to hear Sony's got its hands on some of pop music's most coveted music? Share your thoughts in the comments.
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