LOS ANGELES (CelebrityAccess) — Sony Corporation announced that they have closed on a deal to acquire the remaining 50% stake of Sony/ATV Music Publishing from the Estate of Michael Jackson.
Sony said that the final purchase price for the outstanding stake, was $750 million U.S., but that included a previously agreed upon discount and the valuation of the agreement is likely to be much higher.
"The payment also reflects certain contractual and accounting adjustments related to the Sony/ATV joint venture and other commercial opportunities involving Sony and the Estate," a statement by Sony said.
"The completion of this deal is terrific news for Sony/ATV and everyone who works for the company," Sony/ATV chairman/CEO Martin Bandier said in a statement. "It marks the start of an exciting new chapter in our proud history and we cannot wait to get started as a 100% Sony-owned company. Sony Corporation has shown absolute faith and support in us and what we do by undertaking this deal and we are ready to repay that trust in the months and years ahead."
The deal will not effect the Jackson Estate's interest in other musical assets, including all of Michael Jackson's master recordings as well as Mijac Music, the publishing company that owns all of the songs written by Michael Jackson as well as songs by some of his favorite songwriters and artists that were acquired by Michael during his life. In addition, the Estate will also retain its ownership interest in EMI Music Publishing. – Staff Writers