The Sony Corporation is set to buy out the 50% stake of Sony/ATV Music Publishing currently owned by the Michael Jackson Estate, according to a company press release. The move, which will cost Sony $750 million, will give it full control of the music publishing company it started as a joint venture with Jackson back in 1995.
"The entertainment businesses have long been a core part of Sony and are a key driver of our future growth," said Kazuo Hirai, President and CEO of Sony Corporation. "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."
The Jackson estate will retain a 10% stake in EMI Music Publishing as well as Mijac Music, which controls the rights to all of Jackson's songs and those of artists discovered by him during his lifetime. "This acquisition will enable Sony to more quickly adapt to changes in the music publishing business, while at the same time continuing to be an unparalleled leader in the industry and a treasured home for artists and writers," said Sony Entertainment's CEO Michael Lynton. ei
The Sony Corporation is one of the leading manufacturers of audio, video, gaming, and communications equipment, while their Sony/ATV Music Publishing joint venture with Jackson has grown to be the largest music publishing company in the world. With this acquisition, the Sony Corporation will gain 100% control of its music publishing giant. The deal is expected to be finalized by March 31, and the parties should close by late 2016 or early 2017.