Michael Joseph Jackson, was an American singer, songwriter, dancer, and philanthropist, born on August 29, 1958, in Indiana, United States.
Famous as the “King of Pop“, Michael is regarded to be one of the most significant cultural figures of the 20th century.
After a successful four-decade career, the King of Pop died on June 25, 2009.
Years after his demise, multiple sources like Billboard and Variety, have confirmed that Sony Music Group just closed a record-breaking deal with Michael Jackson’s estate for half of his catalog.
The deal reportedly costs around $1.2 and $1.5 billion and Sony is paying at least $600 million for its stake.
The purchase includes publishing and recorded masters.
This has been confirmed to be the most expensive single sale of an artist’s assets in entertainment history. It would surpass the value that Queen is seeking at $1.2 billion.
According to Billboard and Variety, this deal would include Michael Jackson’s songs, and the Mijac publishing catalog would be added to the purchase.
This catalog includes 250-song Sly & the Family Stone publishing catalo.
It also includes iconic songs written or performed by artists like Jerry Lee Lewis, Jackie Wilson, Curtis Mayfield, Ray Charles, Percy Sledge, and Dion.
The music catalog business
So far, Sony has been involved in some of the largest catalog sales in the industry.
Before now, the music company obtained the rights to U.S. singer-songwriter Bruce Springsteen for a record $500 million.
It also bought the rights to Bob Dylan’s record catalog.
This came after the legendary songwriter sold his publishing rights to Universal Music for nearly $400 million.
Other artists have also decided to sell their musical rights
We are talking about Canadian singer Justin Bieber, who obtained approximately $200 million in a deal with the company Hipgnosis Songs Capital.
This same company also has the catalog of Shakira and Justin Timberlake, among many others.