Michael Jackson, struggling to pay off the
approximately $300 million that he owes to the New York hedge fund, Fortress Investment Group, has announced that he
has
reached a deal
with the group. Though the exact details were not released, a part of the deal has Jackson selling half of his shares
in the
Sony/ATV music library - 25% of the total collection - to Sony.
After the sale, Sony will own 75% of the library. Jackson's portion, which he purchased in 1985, is currently valued at
half a billion dollars and includes the rights to 251 Beatles songs as well as music by Bob Dylan, Joni Mitchell and
Stevie Nicks.
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Reader Comments (Page 1 of 1)
Trav Apr 14th 2006 5:04AM
Jackson confirmed the deal Thursday afternoon via press release, but would not offer details.
Janie Apr 14th 2006 10:14PM
Nicole Weston's version of the story is incorrect. Michael STILL owns 50% of the catalogue. He has sold nothing. 25% of his shares are in limbo (but still rightfully his), but could be purchased by Sony only if Michael defaults on future payments.
Sony aided Michael by paying Fortress who Michael owed money, and was in danger of losing his share to.
As it stands, MJ and Sony still share the ATV catalog/Sony merger. It's a 50/50 deal.
Weston should research more accurately when reporting. Unfortunately readers are too often misinformed by the media.
Nicole Weston Apr 15th 2006 7:55AM
Actually, I did not say that he has sold anything, only that he has agreed to sell the shares.
Nick Ramirez Apr 18th 2006 7:12PM
I agree. Nor he has sold nor Sony has bought. They agreed to keep the shares from defaulting. The deal is, If Michael defaults, Sony has the right to buy first than anyone.