Sony has today agreed to acquire the 50 percent that the late Michael Jackson was in Sony / ATV, the major label world music publishing both parties founded in 1995, as the company said Tuesday in a statement.
The multinational company and the executors of Jackson have agreed to the acquisition by Sony Entertainment, the branch of audiovisual content from Sony, 50 percent of the company in exchange for 750 million dollars (just over 675 million euros) .
Jackson, who died in 2009, took the catalog in 1984 from the hands of Australian Robert Holmes a Court and Sony proposed a decade later seize half of it by merging ATV and Sony Music.
Sony is established as sole owner of this gigantic catalog, which includes material from almost all major music artists in recent decades, from the Beatles or the Rolling Stones to Rihanna or Taylor Swift.
The Japanese multinational group decided in September 2015 to enforce a clause in the contract between the two parties which gave choice to be made one with the whole of society.
" This acquisition will allow Sony to adapt faster to changes in the music publishing business , " said CEO of Sony Entertainment, Michael Lynton.
Both sides will implement the agreement reached on Tuesday to March 31, according to the text.