22 Aug, 2024

Michael Jackson’s Estate Cleared to Proceed with $600 Million Sony Deal

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Michael Jackson’s Estate Cleared to Proceed with $600 Million Sony Deal

A California appeals court has officially ruled that the sale of Michael Jackson’s catalogue to Sony Music can proceed, dismissing objections raised by Jackson’s mother, Katherine. The court’s decision, finalized on August 21, allows the estate’s executors, John Branca and John McClain, to continue with the multi-million dollar transaction, which is poised to be one of the largest in music history.

The legal battle began when Katherine Jackson argued that the sale violated Michael’s wishes, expressing concern that the catalogue, including the rights to some of the King of Pop’s most iconic songs, would increase in value over time and should remain within the family. However, the court determined that the will granted the executors broad authority to manage and sell estate assets as they see fit.

The deal, reportedly worth over $600 million, involves Sony purchasing half of Jackson’s publishing and recorded masters. This transaction has been described as potentially the largest-ever valuation of an artist’s music assets, with estimates ranging from $1.2 billion to $1.5 billion.

Katherine’s objections were previously dismissed by Judge Mitchell Beckloff, and this week’s ruling marks the final blow to her efforts to block the sale. The court emphasized that the transaction is an asset sale, not a distribution, meaning the estate will receive significant compensation while retaining valuable rights.

Earlier this year, Jackson’s son, Bigi (formerly known as Blanket), also contested his grandmother’s attempts to prevent the sale, arguing against her use of estate funds to fight the deal.

Despite the court’s decision, the sale underscores the immense financial legacy left behind by Jackson, who reportedly died with over $500 million in debt. With the estate now on more stable ground, this deal is expected to further solidify Jackson’s enduring impact on the music industry.

 

Photo: George De Sota/Redferns

Source: TopHit

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