Michael Jackson’s $1.5 billion catalog gets court approval for sale – ‘Thriller’ for Sony – Sony Gr (NYSE:SONY)

MichaelJacksonThe estate received the green light to sell half of the late pop star’s music catalog, valued at $750 million, to Sony Group Corp.‘S SONY Sony Music.

The catalog, valued at about $1.5 billion, includes Jackson’s releases and recorded masters, Music Business Worldwide reported.

The decision by the California Second District Court of Appeals rejected Jackson’s mother’s objections. Katherine Jacksonwho had argued that the sale was contrary to her son’s wishes and that the value of the catalogue would continue to increase over time.

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The ruling upholds the preliminary ruling of July 17 and affirms that the estate administrators have the authority to conduct the sale in accordance with Jackson’s will.

“The will gave the executors broad powers to sell, with no exceptions for the assets at issue in this case,” the court said. “The probate court did not err in concluding that it was Michael’s intention to allow the executors to sell any assets of the estate.”

Strategic decision

Under the deal, first reported in February, Sony will acquire 50% of Jackson’s music catalog, valued at $1.5 billion.

The transaction is valued at $750 million, exceeding the value of Queen’s catalog, which Sony Music also acquired, at $1.31 billion.

The court assured that this transaction was a strategic business decision and not a mere liquidation of assets. “The proposed transaction is not a gift or distribution of estate assets – it is an asset sale.”

The executors, Johannes Branca And John McClainalso emphasized that Katherine Jackson has received over $55 million in support since Michael Jackson’s death in 2009.

The business relationship between Sony and Michael Jackson began in 1995 with the acquisition of half of ATV Music, including the rights to an extensive catalog, including songs by The Beatles.

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