Sony Group has entered into a groundbreaking agreement to acquire a 50% stake in the music catalogue of the late pop icon Michael Jackson worth over $1.2 billion.
The deal indicates that the valuation of these music assets surpasses $1.2 billion, with some estimates suggesting a figure upwards of $1.5 billion.
Regardless, the Sony music group deal is valued at at least $600 million, and stands as the largest-ever acquisition of its kind, Billboard first reported.
The comprehensive agreement encompasses the ownership of master recordings and publishing rights for Michael Jackson’s extensive repertoire of songs. Additionally, there are indications that the deal may extend to include songs from other artists affiliated with the Mijac publishing catalogue, although specific details remain undisclosed, as per sources cited by Billboard.
This acquisition marks a pivotal moment for Sony Music, securing rights to Michael Jackson’s musical legacy, which continues to be a significant influence in the global music landscape.
Michael Jackson’s estate had previously divested its 50% interest in Sony/ATV Music Publishing, a joint venture that notably included iconic Beatles songs.
The present deal underlines the ongoing financial resilience and marketability of Michael Jackson’s artistic contributions even after his untimely demise in 2009.
Amidst this monumental acquisition, there are also reports of an upcoming biographical film on Michael Jackson, titled “Michael,” slated for release in the coming year.
As Sony Music takes the reins of this musical legacy, the industry awaits the impact of this record-breaking deal on the future of Michael Jackson’s musical heritage.
What you should know
The acquisition does not encompass royalties from theatrical productions such as the “MJ” Broadway musical.
The co-executors of Jackson’s estate, John Branca and John McClain, are expected to retain their roles. Sony’s acquisition of Jackson’s recorded music catalog, which spans his solo career and the Jackson 5 era, marks a continuation of their historic collaboration.
Jackson’s catalogue, notably the bestselling “Thriller” album, remains one of the most lucrative in history, with this deal reinforcing the enduring financial significance of his musical legacy.
While financial details of the recent deal were undisclosed, it echoes Sony’s past major acquisitions in the music industry.
Download Nairametrics App for breaking news and market intelligence. 
>>> Read full article>>>
Copyright for syndicated content belongs to the linked Source : Nairametrics – https://nairametrics.com/2024/02/11/sony-acquires-stake-in-micheal-jacksons-1-2-billion-music-catalogue/
