14:54 15 March 2016
Sony to buy Michael Jackson's stake in Sony/ATV
TOKYO, March 15, Kyodo
Sony Corp. said Tuesday it has agreed to buy Michael Jackson's stake to wholly own the world's biggest music publisher that the electronics and entertainment giant set up with the late pop star.
Sony will purchase a 50 percent share in Sony/ATV Music Publishing LLC from his estate for $750 million.
The New York-based joint venture was formed in 1995, managing the song catalogues of internationally renowned artists like The Beatles.
Sony expects to conclude the deal by the end of the month when the Japanese firm will close its books for fiscal 2015.