Michael Jackson Refinances by Selling Songs
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.