In a potential landmark deal, the Michael Jackson estate is in the process of selling half of its interests in the singer’s music catalogue for upwards of $800 million.
The announcement was made yesterday (7 February) by Variety, which has three sources confirming the monumental figure.
According to the post, Sony and another financial partner are negotiating to acquire half of the singer’s estate. This would include his publishing and recorded-music revenues, the MJ: The Musical broadway show, and even the upcoming biopic about his life, entitled Michael.
Sony has been at the heart of many of the biggest catalogue deals to take place. Previously, the company acquired Bruce Springsteen’s publishing and recorded-music catalogues for approximately $600 million, according to sources.
Similarly, sources also confirm that it paid between $150 million-$200 million for Bob Dylan’s rights to his recorded-music catalogue.
If the sale were to be finalised, it would mark the biggest deal to date in the music catalogue market – which has been continuously booming in recent years.
Sony, along with its predecessor CBS, was the sole home for the majority of King of Pop’s catalogue. This not only includes his entire solo career but the latter years of his time with the Jackson 5.
One of the most commercially successful musicians of all time, Jackson has estimated sales of over 400 million records, as well as 13 Billboard Hot 100 number-one singles –the third highest of any artist.
Additionally, his sixth studio album, Thriller, is one of the two biggest sellers of all time, and the first-ever album to be certified thirty times platinum.
Jackson died in 2009 following a cardiac arrest at the age of 50.
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