The Michael Jackson estate is in the process of selling half of its interests in the legendary singer’s music catalog in a deal in the $800 million-$900 million range.
via: Rap-Up
Michael Jackson’s estate is reportedly nearing a deal to sell half of the ownership stake in the legendary singer’s catalog in a blockbuster deal worth between $800 million and $900 million.
According to Variety, Jackson’s label Sony and a possible financial partner are looking to acquire 50% of the estate’s interests in his publishing, recorded-music revenues, Broadway show, and upcoming Michael biopic, among other assets.
Sources tell TMZ that the estate will never sell Jackson’s catalog outright, but they would entertain a 50/50 split, with the estate retaining complete control of the asset.
If the deal goes through, it would mark the biggest catalog deal to date. Sony previously acquired Bruce Springsteen’s publishing and recorded-music catalogs for around $600 million.
Earlier this year, Justin Bieber sold his music rights to Hipgnosis Songs Capital for a reported $200 million. Dr. Dre is also said to be entertaining a sale of his music income streams and assets in a deal valued at over $200 million.
Last month, the Jackson estate announced that a movie about the King of Pop is in the works, directed by Antoine Fuqua. Jaafar Jackson will play his late uncle in the Lionsgate biopic, which is set to begin production later this year.
