G98.7FM Entertainment News
Sony is planning to buy out Michael Jackson’s remaining 50 percent interest in the publishing company it doesn’t already own.
According to the announcement, Sony has signed a memorandum of understanding to pay the Jackson estate $750 million for the 50 percent interest it has in the publishing company that began as a joint venture between Sony and Michael Jackson 21 years ago.
A definitive agreement is expected by March 31, with the deal closure expected to come in late 2016 or early 2017.
When the deal is finalized, the Jackson estate will retain the 10 percent interest it holds in EMI Music Publishing, as well as Mijac Music, the publishing company that owns the songs written by Michael Jackson as well as songs written by other writers, plus Jackson’s master recordings.