Sony Group Corp SONY looks to acquire a 50% stake in the music catalog of the iconic pop star Michael Jackson from his estate in a landmark deal valued at over $600 million, marking the largest transaction of its kind in history, as reported by Billboard.
This strategic acquisition encompasses Jackson’s song shares and includes the Mijac publishing catalog, which contains tracks from various other artists.
The deal’s assets comprise the ownership of master recordings and publishing rights, offering Sony a significant portion of the late singer’s musical legacy, Bloomberg reports.
Previously, Jackson’s estate had divested its half interest in Sony/ATV Music Publishing.
This collaboration notably included the Beatles’ songs, underscoring the vast and influential nature of Jackson’s musical holdings. Michael Jackson, who passed away in 2009, was a monumental figure in the pop music scene, boasting immense sales and leaving behind a lucrative yet debt-ridden estate.
Further cementing Jackson’s enduring legacy, Billboard has revealed that a biographical movie titled “Michael,” focusing on the singer’s life is slated for release next year.
This move by Sony and the ongoing interest in Jackson’s life and work highlights the lasting impact of his music and the significant commercial interest in his catalog, even years after his death.
In November, Sony reported second-quarter FY23 sales growth of 8% year-on-year to $19.58 billion, beating the consensus of $19.39 billion. Adjusted EPS of $1.12 missed the consensus of $1.16. It held ¥1.63 trillion in cash and equivalents as of September 30, 2023. It also committed to selling 25 million PlayStation5 or PS5 units in fiscal 2024.
In February, Sony announced the PS5 beta with new features, including enhanced DualSense audio and improved share-screen interactions.
The company also remains committed to the popular Spider-Man franchise, it’s blockbuster product. It promised Spider-Man 2’s March 7 update would come with New Game+ and new suits, including new features for its Insomniac games.
Price Action: SONY shares are trading higher by 1.04% at $97.00 premarket on the last check Monday.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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