Sony Corporation is prepared to buy out a 50 percent stake of the Sony/ATV Music Publishing currently owned by Michael Jackson’s estate.
According to a company press release, the move will cost Sony $750 million and give full control of the music publishing to the company who started the joint venture with Jackson in 1995.
"The entertainment businesses have long been a core part of Sony and are a key driver of our future growth," Kazuo Hirai, President and CEO of Sony Corp., said in a statement. "This agreement further demonstrates Sony's commitment to the entertainment businesses and our firm belief that these businesses will continue to contribute to our success for years to come."
The Jackson Estate is not completely left out. They will retain a 10 percent stake in EMI Music Publishing as well as Mijac Music, the company that controls the rights to all of Jackson's music and the music of artists he discovered during his lifetime.
"This acquisition will enable Sony to more quickly adapt to changes in the music publishing business, while at the same time continuing to be an unparalleled leader in the industry and a treasured home for artists and writers," said Sony Entertainment CEO Michael Lynton.
The deal is slated to be finished by March 31 with both parties closing by late 2016 or early 2017.
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