Sony buys out Michael Jackson music venture stake

Sony has agreed to a deal with the Michael Jackson estate to buy out the late King of Pop’s half of their Sony/ATV music publishing company. The deal, which comes 21 years after Jackson and Sony formed the joint venture, is expected to net the Jackson estate $750 million. The agreement also allows the Jackson estate to retain 10 percent of EMI Music Publishing as well as their stake in Mijac Music, which owns to rights to Jackson’s own works, and Jackson’s master recordings.
The $750 million sale of Jackson’s half of Sony/ATV Music will go in part to finish paying off the massive $500 million debt the singer had accrued at the time of his death in 2009. After taxes, fees and expenses, the remaining money will be put into a trust for Jackson’s three children.