Sony Buys Michael Jackson Stake in Music Venture for $750 Million

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09:18, UK,Tuesday 15 March 2016

Proceeds from the sale will go to Jackson's three children and mother

The agreement will give Sony/ATV Music Publishing sole ownership of the works, which also includes music by artists such as Eminem and Taylor Swift.

Jackson's estate has managed to erase the singer's massive debts through a series of blockbuster deals, new music and movie ventures.

ALSO SEE: Fans Compare MJ to Chris Brown

The proceeds go to his mother and three children, known as Prince, Paris and Blanket.

"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," Sony Corp president and chief executive Kazuo Hirai wrote in a statement.

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   Gallery: Michael Jackson: Life And Times
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    Gallery: Michael Jackson: Life And Times

The sale does not include rights to Jackson's master recordings or songs that he wrote, and the singer's estate will continue to have a stake in EMI Publishing, Inc.

"This transaction further allows us to continue our efforts of maximising the value of Michael's Estate for the benefit of his children," the co-executors of Jackson's estate, attorney John Branca and music executive John McClain, wrote in a statement.

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

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   Gallery: Inside Michael Jackson's Neverland Ranch
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   Gallery: Inside Michael Jackson's Neverland Ranch

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1. 
   With countless number one hits and millions of records sold, Michael Jackson was the King of Pop who changed the face of music history.
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   From the platinum albums to court trials, we take a look at the life of the man who defined pop music for a generation. Michael Jackson was born in 1958 into a large family and to a father who drove his children to perform. Before he was 10 years old, Jackson was touring with his brothers as part of the Jackson 5.
3. 
   In 1972, at the age of 14, Jackson went solo but continued to sell his records under the Jackson 5 franchise. Motown records did not allow the Jacksons any creative control over their records and sales began declining.
4. 
   Everything changed for Jackson in 1979, when he released Off The Wall with the help of producer Quincy Jones. Finally free of Motown's grip, Jackson's new record label allowed him the freedom to move into disco-pop. The album sold 30m records worldwide.
5. 
   Jackson became famous not only for his distinctive fashion and vocals. In 1983, the world witnessed the first "moonwalk": a taste of some of the dancing yet to come.
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   In 1982, his career reached previously unknown heights. The release of Thriller under Epic Records marked a watershed in music history. To this day, it is the biggest selling album of all time. The 13-minute music video which accompanied the title track was viewed in cinemas across the world and influenced the industry for generations.
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   In 1985 Jackson bought the Northern Songs catalogue for £29m. It allowed him access to hundreds of Beatles songs.
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   The King of Pop showed his caring side in 1985 by co-writing We Are The World with Lionel Richie. The single helped raise millions of pounds for famine relief in Africa.
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   In the 1980s Jackson had his third nose job after he was involved in an pyrotechnics accident during a concert rehearsal. Fans also started noticing that the popstar was getting more white.
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    Jackson bought a 2,700 acre plot of land in 1988. He began to build what would later become Neverland. The site had a ferris wheel, movie theatre and a variety of exotic animals on site

Jackson purchased the ATV portion of the catalogue in 1985 for $41.5m (£29m), he later merged it with Sony.

It remained his most lucrative asset at the time of his death in June 2009 at age 50, though by that point Jackson was hundreds of millions of dollars in debt.

The deal for Jackson's half of the Sony/ATV catalog is expected to close by the end of March.

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   Michael Jackson's Neverland Ranch in California is up for sale for $100m, according to a report. Continue through for pictures from the property
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    Michael Jackson's Neverland Ranch in California is up for sale for $100m, according to a report. Continue through for pictures from the property