Michael Jackson’s estate is reportedly closing in on a $900 million deal to sell half of the singer’s music catalog.
According to Variety, Sony and an unnamed financial partner are seeking to acquire half of Jackson’s catalog, as well as the rights to MJ: The Musical and the upcoming biopic Michael.
A source said Primary Wave Music already owns a stake in Jackson’s publishing catalog. The company has been at the forefront of music catalog ownership owning work from Stevie Nicks, Prince, James Brown, Whitney Houston, Olivia Newton-John, Alice Cooper, and more.
“We’re always working in conjunction with the artist or their estate—we’re creating a marketing plan that they sign off on, and then we go and get,” Primary Wave CEO Larry Mestel said. “Our competitors, aside from the majors, are not built to do what we do.”
Sony was the sole source of Jackson’s recorded-music catalog during his time with Jackson 5 and his solo career. The King of Pop died in 2009 at 50 years old. After his death, his entertainment-related business dealings have been handled by his attorney Branca and co-executor, John McClain.
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While details are still unclear, the deal has the potential to be the biggest catalog acquisition yet, estimating around $800-$900 million in revenue.
This makes sense as Jackson’s 1982 “Thriller” album is one of the two biggest sellers of all time and was the first album to be certified 30 times platinum. The Jackson Estate won’t stop til’ it gets enough.
There have also been rather large music acquisitions just this year. In January, Justin Bieber sold his catalog to Hipgnosis Songs Fund, an investment firm, for $200 million.
Dr. Dre also sold his artist & writer royalties to Universal Music Group & Shamrock Holdings for $200 million.
In the age of music streaming, catalog rights are a sound investment that can offer any company a monopoly.
