Japanese Corporation Sony has entered into an agreement with the heirs of singer Michael Jackson on the purchase of 50% stake in the world’s biggest music publisher Sony/ATV Music Publishing, transmits bi-Bi-si.
The sum of transaction will make $750 million
At the moment the parties signed the binding agreement on the transaction. By 31 March is expected to sign the final agreement. Thus, Sony will become the sole owner of the publishing house, which owns the rights to thousands of songs, including songs by The Beatles.
Jackson acquired the music catalog in 1985. Then he paid for the catalogue for $47,5 million in ten years, the singer has a deal with Sony to merge the directory publishing business of the Corporation. As a result, was formed by Sony/ATV Music Publishing.
Under the terms of the deal, Sony had no right to engage in publishing business except through the joint company. As a result Michael Jackson and his heirs received payments as under the old copyrights, so new one purchased by the company later, marks bi-Bi-si.