Micheal Jackson gets richer in death following Sony buy out.
Micheal Jackson had a business acumen as far back as 1989 which secured the future of his family as they will NEVER go broke.
Not unless they can squander it all in a short while.
Sony Music Group just made the Jackson family hundreds-of-million dollar richer after it bought out fifty percent of Micheal Jackson’s ATV Music Publishing for $750 Million.
It all started when Paul McCartney advised a younger Michael Jackson : ‘You ought to think about music publishing. It’s a very good business. You love music’.
In a true story of faith and smart work, Micheal Jackson joked to Paul McCartney, former Beatles group member, ‘he would own his songs’.
McCartney told CBS-TV in a 1989 interview that Jackson had foretold his success : “One day we were chatting and he just came up to me and he said, I’m going to buy your songs, you know? “.
To McCartney’s astonishment, Jackson was true to his word when he bought ATV.
In the 1960s, there was Northern Songs, the company co-founded by the Beatles. But the musicians didn’t own enough of the company to prevent it from being sold to ATV, a British television company. ATV was eventually bought by an Australian tycoon.
The Beatles lost control of the publishing rights to most of their songs.
In 1985, music publisher ATV owned the rights to some 4,000 songs, including more than 200 by The Beatles.
When Branca learned that the Australian tycoon who owned ATV was putting the company up for sale, Micheal Branca, Micheal Jackson’s lawyer and Jackson himself put in a bid.
After long, tense negotiations, Jackson was able to purchase ATV for a reported $47.5 million.985. The Australian tycoon kept the rights to one song, apparently because his daughter liked it. – npr.org
When Micheal Jackson was in debt in the mid-1990s, he sold half of ATV to Sony, forming the joint venture Sony/ATV.
Before his death, Micheal was in a debt of $500 million; presently Sony has paid Jackson’s estate $750 million for full ownership of ATV.
Michael Jackson’s estate retained ownership to Jackson’s master recordings as well as Mijac Music, the publishing company that owns all of the songs he wrote.
“The sale to Sony will allow them to maximize the “the value of Michael’s Estate for the benefit of his children.” – A statement released by Micheal’s estate co-executors John Branca and John McClain read.
According to Bloomberg : ‘One analyst said with the increase in streaming, the trove’s worth is more than what Sony’s paying for it’.
Music publishers collect the money a song earns from record sales, radio airplay, licensing, and split that money – usually 50/50 – with the song writers, and it can be very lucrative.