Sony Buys Michael Jackson's Stake In Music Catalog For $750M
The Estate of Michael Jackson is selling its remaining 50 percent stake in the Sony/ATV Music Publishing catalog to Sony Corp. for $750 million.
“This agreement further demonstrates Sony’s commitment to the entertainment businesses and our firm belief that these businesses will continue to contribute to our success for years to come,” said Kazuo Hirai, Sony Corp. president and CEO.
MJ purchased the ATV catalog in 1985 for $41.5 million. He eventually merged it with Sony. It was his most lucrative asset when he died in 2009.
