Los Angeles - Sony will pay Michael Jackson's heirs 750 million dollars for their share of the rights to The Beatles song catalogue, along with the rest of a publishing company jointly owned by Sony and Jackson's estate, both sides announced Tuesday.
|||Los Angeles - Sony will pay Michael Jackson's heirs 750 million dollars for their share of the rights to The Beatles song catalogue, along with the rest of a publishing company jointly owned by Sony and Jackson's estate, both sides announced Tuesday.
Jackson bought The Beatles catalogue and the associated publishing company ATV in 1985 for 41.5 million dollars, considered “one of the smartest purchases in music history,” lawyers for the estate said in a press release.
Sony partnered with Jackson in a joint venture in 1995 to create Sony/ATV, a music publishing giant that controls rights to 3 million songs including works by Bob Dylan, Leonard Cohen, Lady Gaga and Taylor Swift, among others.
The deal included Sony's right to purchase Jackson's half of the company. Jackson died in 2009.
The sale is only the latest chapter in The Beatles catalogue's long saga.
Beatles Paul McCartney and John Lennon are among the most successful composers in music history, but they lost control over the rights to their songs in the 1960s when their publisher sold the rights to ATV.
By 1985, ATV was up for sale, and according to reports, Jackson surreptitiously outbid McCartney for the company and the songs.
McCartney felt betrayed by Jackson, a musical collaborator whom he had considered a friend. The two never worked together again.
Jackson's heirs still own the rights to his own songs and recordings, as well as part of the record company EMI.
Sony chief executive Kazuo Hirai used the occasion to tout Sony's entertainment business.
“The entertainment businesses have long been a core part of Sony and are a key driver of our future growth,” he said.
“This agreement further demonstrates Sony's commitment to the entertainment businesses and our firm belief that these businesses will continue to contribute to our success for years to come.”
ANA-DPA