Baku, March 15, AZERTAC
Sony Corp. is paying $750 million to the estate of Michael Jackson for the late pop star’s stake in their joint music business to take control of a catalog that includes artists Sting and Alicia Keys, according to Bloomberg.
The terms call for Sony to make a lump sum payment of $733 million for Jackson’s 50 percent stake in Sony/ATV Music Publishing, as well as future distributions, according to a statement. Talks on a deal began in September, when Sony exercised its right under their joint venture to buy out Jackson’s estate.
The deal consolidates Sony’s control over a catalog of almost 4 million songs as music industry revenues increasingly shift to subscription services offered by Apple Inc., YouTube and Spotify Ltd. The Tokyo-based company is sharpening its focus on network services including game and movie streaming centered on its PlayStation console.