Sony closes on Michael Jackson’s stake in music publisher
NEW YORK: Sony said Friday that it had closed its $750 million purchase of Michael Jackson’s stake in a music venture behind a vast trove of hit songs.
The Japanese company announced in March that it was buying the Jackson estate’s 50 percent stake in Sony ATV Music Publishing, which owns the rights to several million titles.
Sony in a statement said it closed on the purchase after meeting conditions including regulatory approval.
The European Commission announced on August 2 that it was approving the deal, seeing no threat to competition in the music market.
Jackson became active in music publishing as he rose to superstardom in the 1980s after a chat with Paul McCartney who explained the significance of such companies, which collect and distribute royalties to songwriters.
Sony ATV Music Publishing, set up in 1995 as a joint venture between Jackson and Sony, owns rights not just to the late King of Pop’s hits, but songs by other music legends including The Beatles, Marvin Gaye and Bob Dylan.
It also features songs by younger stars such as Kanye West, Pharrell Williams and Lady Gaga.
Sony said that closing the deal would not affect the company’s full-year earnings