For years we have watched the Michael Jackson throw money around like it grows on trees. Well, it seems that the King of Pop is in a heap of debt of his own. Jackson has agreed to sell half of his stake in the Sony/ATV Music Publishing to Sony. It is supposedly part of a $325 million debt refinancing package that has been arranged to alleviate some of the monies he owes to Fortress Investment Group.
This is a huge deal for Sony, who really does end up with a long coveted holding. Although Sony is not talking when it comes to details, we do know that they are happy that Jackson did not file for bankruptcy, for at that time the catalog could have come up for grabs to anyone. Although it is not a done deal, it looks as though Sony may finally get its wish.
Not that Jackson isn’t making out on the deal as well, for although Sony is getting it for a bargain price, Jackson purchased the catalogue of songs for an estimated $47.5 million in 1985. Today, the whole catalogue is rumored to be worth somewhere in the vicinity of $1 billion. ■
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