Sony, Estate of Michael Jackson Complete Sony/ATV Pact
April 18 2016 - 6:30PM
Dow Jones News
Sony Corp. and the estate of pop star Michael Jackson have
reached a definitive agreement for a previously announced deal that
will give Sony complete ownership of Sony/ATV Music Publishing
LLC.
In March, Sony said it planned to buy the estate's 50% stake,
and said a memorandum of understanding called for payments of $750
million, including a lump-sum payment of about $733 million by
Sony.
Sony/ATV is the world's largest music-publishing company. Sony
and Mr. Jackson—and since his 2009 death, his estate—have jointly
owned the company since 1995.
The Wall Street Journal reported in October that Sony and the
estate were in talks after Sony triggered a clause that allowed
either party to buy out the other.
Sony/ATV's catalog includes the copyrights to most of the
Beatles' songs, as well as songs by stars including Marvin Gaye,
the Rolling Stones and Taylor Swift.
Mr. Jackson's estate said in March that the transaction won't
affect its "substantial interests in other music assets," including
all of Mr. Jackson's master recordings and Mijac Music, the
publishing company that owns all of the songs he wrote and certain
other songs he acquired.
The estate will also retain its interest in EMI Music
Publishing.
Sony said in March that the transaction was a sign of its
commitment to its entertainment businesses.
On Monday, the company said it is still evaluating the deal's
financial impact for the fiscal year ending March 31, 2017.
After a restructuring led by Chief Executive Kazuo Hirai , Sony
has reduced its exposure to troubled consumer-electronics
businesses such as television sets.
Hannah Karp contributed to this article.
Write to Josh Beckerman at josh.beckerman@wsj.com
(END) Dow Jones Newswires
April 18, 2016 18:15 ET (22:15 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
Sony (NYSE:SONY)
Historical Stock Chart
From Mar 2024 to Apr 2024
Sony (NYSE:SONY)
Historical Stock Chart
From Apr 2023 to Apr 2024