Monitoring Desk
ISLAMABAD/LOS ANGELES: The estate of the late Michael Jackson is closing in on the deal to sell half of its interests in the megastar’s music catalogue in a deal worth up to $900 million, Variety reported.
The trade title said that the sale to Sony and the possible financial partner could include a slice of the singer’s publishing and recorded-music revenues, and broadway show “MJ: The Musical” and the as-yet-unmade biopic “Michael”.
If it goes ahead, the deal would be the biggest yet in the burgeoning music catalogue market, which has seen some eye-popping transactions.
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They included the sale of Bruce Springsteen‘s catalogue for $600 million also to Sony and 400 million dollars to buy Bob Dylan’s recorded music.
The previous month, pop juggernaut Justin Bieber sold his songs publishing and recording catalogue shares to the Blackstone-backed Hipgnosis Songs Capital for $200 million.
Variety, citing three unnamed sources for its report, said the identity of Sony’s partner in the blockbuster deal, or even the existence of one, was unclear.
The previous deals in the sector have involved investment outfits like Eldridge Industries, owned by Todd Boehly, chairman of Premier League football club Chelsea, and the stake in the Los Angeles Dodgers baseball team.
Michael, who died in 2009 after decades of recording and performing, has one of any artist’s financially lucrative back catalogues.
His 1982 album “Thriller” is one of the largest sellers of all time.
Investors have increasingly attracted to music catalogues as an asset class that they believe has long-term value in the age of streaming.
Owners of the song’s publishing rights receive the cut in various scenarios, including radio play and streaming, album sales, and use in advertising and movies. Recording rights govern reproduction and distribution.
