Jackson in Beatles catalogue deal with Sony
Michael Jackson has restructured his finances with the help of Sony, which shares ownership of his valuable music catalogue of Beatles hits, the singer’s lawyers said in a statement.
No terms of the deal or the state of Jackson’s finances, long believed to be troubled, were disclosed in a brief press release issued from Bahrain, where the pop star has been living since being acquitted of child abuse last year in California.
Earlier published reports said Jackson was negotiating a $325m (€268m) debt refinancing plan that would save him from bankruptcy but deprive him of part of his share of the Beatles catalogue.
Jackson “has restructured his finances with the assistance of Sony Corporation of America,” said the statement issued by Grahame Nelson of Qays Zubi Attorneys & Legal Consultants, who said he was speaking for Jackson.
“Following negotiations with several leading financial institutions, Mr Jackson has concluded refinancing with affiliates of Fortress Investment Group, the lender that currently holds secured debts that were previously held by Bank of America,” the statement said.
The music catalogue that Jackson co-owns, known as Sony/ATV Music Publishing LLC, includes 200 Beatles hits and is thought to be worth $1bn (€826.2m).
The deal ultimately would require Jackson to sell half of his 50% share in the catalogue to Sony, the Wall Street Journal and New York Times reported.
Jackson acquired the catalogue in 1985 for $47.5m (€39m) but sold half of it to Sony when he confronted other financial problems.
Financial experts who testified at Jackson’s trial said the pop star was on the brink of bankruptcy and would probably be forced to sell his interest in the catalogue.
Jackson recently had to shutter his elaborate Neverland ranch because of unpaid salaries and insurance fees.
