1. ITV Report

Sony buys Michael Jackson stake in music catalogue for £525 million

File photo of pop star Michael Jackson Credit: Reuters

The estate of Michael Jackson has sold its stake in a massive music catalogue to Sony for £525 million ($750m).

Sony and Jackson's estate announced the sale of the Sony/ATV catalogue in a joint press release.

Jackson's estate owned a half share of the catalogue, which includes the works of artists such as The Beatles, Taylor Swift and Bob Dylan.

The press release said Jackson purchased the ATV portion of the catalogue for $41.5 million in 1985.

It does not transfer to Sony ownership of Jackson's master recordings or rights to songs the King of Pop wrote.

Jackson's estate benefits his mother and three children. The Sony/ATV catalogue represented one of Jackson's greatest assets when he died in June 2009 at the age of 50, although the singer was deeply in debt at the time.

The co-executors of Jackson's estate, lawyer John Branca and music executive John McClain, said:

This transaction further allows us to continue our efforts of maximising the value of Michael's estate for the benefit of his children.

It also further validates Michael's foresight and genius in investing in music publishing.

– Co-executors statement