Michael Jackson to Sell Stake in Sony/ATV
Michael Jackson, may be close to a deal that would help him to avert bankruptcy by refinancing his debts and possibly selling part of his interest in scores of hits by The Beatles, the Wall street Journal reported.
Jackson bought the ATV catalog, which includes 251 Beatles songs and is currently valued at close to $1 billion, for $48 million in 1985.
Sony and Jackson then formed a joint venture whiched combined Sony Music Publishing and the ATV Music Publishing catalog, which also includes thousands more songs by Little Richard, Bob Dylan and Elvis Presley in 1995.
Jackson is expected to announce that he has refinanced loan agreements originally valued at a total of about $270 million with the New York hedge fund, Fortress Investment Group LLC.
Michael is expected to use the proceeds from the sale to pay back a significant amount of his debt to Fortress.
probably be forced to sell half of his 50% stake in Sony/ATV Music Publishing LLC, to partner Sony sometime in the next year.
As part of his new deal, jackson would agree to provide Sony with an option to buy half of his stake of the catalog, at a set price.
The deal has not yet been signed, the newspaper said. But if finalized, it would be a coup for Sony, which has long wanted to own 100% of Sony/ATV.
Music publishing is one of the most profitable areas in the music industry. A copyright owner receives royalties each time a song is broadcast or performed. Fees also accrue if the song is recorded or licensed, say, for an advertisement.
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