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Michael Jackson Estate Sells The Beatles Publishing to Sony
Paul McCartney and Michael Jackson in 1983. Jackson's share of the rights to many Beatles songs has been purchased by Sony.
Michael Jackson's estate has agreed to sell it's remaining stake in a lucrative music catalog to Sony Corp. for $750 million, the entities announced Monday.
The catalog included publishing for major names such as Beyonce, The Beatles, Bob Dylan and others.
via USA Today:
The agreement for Jackson's half-share of the Sony/ATV Music Publishing catalog will give the company sole ownership of works by The Beatles, Bob Dylan and other hit making musicians, including Eminem and Taylor Swift.
The deal is another posthumous blockbuster deal for Jackson, whose estate has erased the singer's massive debts through a mixture of new music and movie ventures and re-releases of the singer's most popular music. Jackson's estate benefits his mother and three children, known as Prince, Paris and Blanket.
"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 wrote in a statement.
The sale does not include rights to Jackson's master recordings or songs that he wrote, and the singer's estate will continue to have a stake in EMI Publishing, Inc.
"This transaction further allows us to continue our efforts of maximizing the value of Michael's Estate for the benefit of his children," the co-executors of Jackson's estate, attorney John Branca and music executive John McClain, wrote in a statement. "It also further validates Michael's foresight and genius in investing in music publishing."
Jackson purchased the ATV portion of the catalog in 1985 for $41.5 million, and he later merged it with Sony. It remained his most lucrative asset at the time of his death in June 2009 at age 50, though by that point Jackson was hundreds of millions of dollars in debt.
The deal for Jackson's half of the Sony/ATV catalog is expected to close by the end of March.
We are not sure why the Estate ran by Michael's mother sold the lucrative catalog, however that was a smart move by Michael to invest in publishing.
Oprah Makes $70 million on Weight Watchers Deal
Television magnate Oprah Winfrey recently purchased a 10% stake in Weight Watchers. According to USA Today she purchased 6.4 million shares in the company stock with an option to buy 3.5 million more shares. Continue reading "Oprah Makes $70 million on Weight Watchers Deal"
Kim Kardashian And Sisters Launch New Apps
The five sisters—Kim, Khloé, Kourtney, Kendall, and Kylie—stopped by the SoHo location in New York City to talk about their new lifestyle apps. Fortune's Leena Rao, moderated the interview.
Kim Kardashian West, Khloe Kardashian, Kylie Jenner and Kendall Jenner are now offering fans an even deeper glimpse into their lives by way of new personal media apps and websites, which launched today.
The apps, provided through tech and media company Whalerock Industries, will give paying subscribers access to the girls' behind-the-scenes videos, tutorials, diaries and tips, and will also enable users to follow their whereabouts, ask them questions and sign up for events and giveaways..
In addition to the apps, the brand-new websites KimKardashianWest.com, khloewithak.com,thekyliejenner.com and kendallj.com will offer a mix of free and exclusive subscriber content. Kourtney Kardashian's app and website will be next to come.
Source Variety