Sony has said it’s buying another big chunk of late pop star Michael Jackson’s music venture. The Japanese are eying a 50-percent stake in ATV Music Publishing, owning titles by the Beatles, Marvin Gaye and others.
Sony said Tuesday it would pay Michael Jackson’s estate $750 million (832 million euros) for picking up the late pop star’s remaining 50-percent stake in Sony ATV Music Publishing.
The company owns several million music titles, including almost all songs by the Beatles as well as tracks from Marvin Gaye and Bob Dylan.
Sony will now control all of the firm after Jackson sold the other half of his stake in ATV in 1991 for a reported $100 million. The Japanese company will thus also own titles by Taylor Swift, Kanye West, Sam Smith and Lady Gaga.
No control over ‘Penny Lane’
Jackson’s estate will still own the singer’s master recordings and the publishing company that own all the songs Michael Jackson penned. In addition, it will keep its stake in EMI Music.
Jackson himself had bought ATV Music Publishing in 1985 from South African-born Australian tycoon Robert Holmes a Court, with the businessman insisting at the time that one song be excluded from the deal so that he could give it to his daughter as a present.
Catherine Holmes a Court was indeed guaranteed then copyright to the Beatles song “Penny Lane,” which she continues to own today as one of the few Beatles’ tracks not part of ATV.
hg/jd (AFP, dpa)
