SONY BUYS THE MICHAEL JACKSON'S COMPANY FOR $750M.
- The Michael Jackson estate sold his stake in the Sony catalog for $750m
- Jackson purchased the ATV portion of the catalog in 1985 for $41.5 million
- Sony now has sole ownership of songs by The Beatles and many others
- Jackson's estate benefits his mother Katherine and three children
- However, they cannot access their first large payments until they turn 30
Jackson's estate sealed a whopping $750m deal for his share of his Beatles' music rights.
Sony Music agreed to hand over the three quarters of a billion dollars for the King Of Pop's half-share of the famous Sony/ATV Music Publishing catalog, which features hundreds of hits from stars like Bob Dylan, Eminem and Taylor Swift.
The whopping cash pay out, now with the other deals brokered by the estate, means that Jacko's kids are sitting pretty on a billion dollars in the bank.
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Estate executors John Branca and John McClain have worked since the star's death to clear his $300m debts, pay taxes and bring his bank balance into the black. It's estimated this Sony contract means that Jacko's three kids Prince, Paris and Blanket are sitting pretty with around $1.3bn in the bank.
However the bad news for the trio is that under their dad's own wishes as expressed in his will, none of them automatically inherit their share until they turn 30.
