Sony Corp. and the estate of Michael Jackson have begun a process paving the way for either party to buy out the other's half of their jointly owned music publishing company, Sony/ATV Music Publishing, according to an internal memo sent to Sony employees Thursday morning.

The memo confirmed an earlier report by The Wall Street Journal that Sony had initiated the process.

The disclosure moves Sony closer to potentially selling off its 50% stake, a plan it had been exploring at least since last fall.

In the note, Sony Entertainment Chief Executive Michael Lynton said it was time "to review our ownership status."

A Sony Entertainment spokesman couldn't be reached immediately for comment.

A spokesman for the late pop star's estate had no immediate comment.

Write to Hannah Karp at hannah.karp@wsj.com

Subscribe to WSJ: http://online.wsj.com?mod=djnwires

(END) Dow Jones Newswires

October 08, 2015 12:45 ET (16:45 GMT)

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