His estate sell his Sony catalog share for a lucrative sum.
Michael Jackson continues to earn a fortune nearly seven years after his passing, this time with his estate selling his share in the Sony/ATV Music Publishing catalog to Sony Corp. for a massive $750 million. No doubt that will keep his children afloat for a while.
Michael Jackson continues to make money
It was announced yesterday (March 14th 2016) that he would sell his half of the company which he bought for the comparatively measly sum of $41.5 million in 1985. The new deal means that his estate has relinquished any ownership of work from such artists as The Beatles, Bob Dylan, Eminem and Taylor Swift.
'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', Sony Corp. president and CEO Kazuo Hirai told the media in a statement.
Since his death in 2009, the legacy of Michael Jackson has already pulled in an impressive amount of money. He broke records as the first artist to exceed one million music downloads and his historic albums sold better than any new record released that year. There were post-humous music releases, game launches, re-leases and movies which all served to top up the inheritance he left his family, and, indeed, clear the enormous debt he acquired over the course of his life.
The $750 million that the latest business venture brings reportedly almost matches the fortune that MJ earned in his career from album sales and concert tickes. And while it may be considered a loss to his estate, he does still own a stake in EMI Publishing, Inc and, of course, still has all rights to his own master recordings and songs he wrote himself.
'This transaction further allows us to continue our efforts of maximizing the value of Michael's Estate for the benefit of his children [Prince, Paris and Blanket]', said the co-executors of Jackson's estate in a statement. 'It also further validates Michael's foresight and genius in investing in music publishing.'