| Ticker | Status | Jurisdiction | Filing Date | CP Start | CP End | CP Loss | Deadline |
|---|
| Ticker | Case Name | Status | CP Start | CP End | Deadline | Settlement Amt |
|---|
| Ticker | Name | Date | Analyst Firm | Up/Down | Target ($) | Rating Change | Rating Current |
|---|
Michael Jackson‘s estate received a green light to finalize a landmark $750 million sale of half of the late pop star’s music catalog to Sony Group Corp.‘s (NYSE:SONY) Sony Music.
The catalog, valued at approximately $1.5 billion, includes Jackson's publishing and recorded masters, Music Business Worldwide reported.
The decision, made by the California Second District Court of Appeal, overturns objections from Jackson's mother, Katherine Jackson, who had argued that the sale contradicted her son’s wishes and that the catalog's value would increase further over time.
See Also: Sealed With A Kiss: Rock Band Sells Legacy For $300M, Who Did Gene Simmons ‘Get Into Bed’ With?
The ruling upholds the preliminary decision from July 17, affirming that the estate's executors have the authority to proceed with the sale according to Jackson's will.
“The will gave the executors broad powers of sale, with no exception for the specific assets at issue in this case,” the court stated. “The probate court did not err in concluding that it was Michael's intent to allow the executors to sell any estate assets.”
Initially reported in February, the deal sees Sony acquiring 50% of Jackson's music catalog, valued at $1.5 billion.
Priced at $750 million, the transaction exceeds the $1.31 billion valuation of Queen's catalog, which Sony Music also purchased.
The court assured that this transaction represents a strategic business decision rather than a mere asset liquidation. “The proposed transaction is not a gift or distribution of estate assets — it is an asset sale.”
The executors, John Branca and John McClain, also stressed that Katherine Jackson has received over $55 million in support since Michael Jackson's death in 2009.
Sony's business relationship with Michael Jackson began in 1995 with the acquisition of half of ATV Music, which included rights to a vast catalog, including songs by The Beatles.
Read Next:
Image credits: Ralf Liebhold on Shutterstock.
Posted In: SONY
