MJWN Est. 1998

No Sale

According to a report by Bloomberg, the executors of Michael’s Estate have decided not to sell the Estate’s most valuable asset, Michael’s half share of the Sony/ATV Publishing LLC. The decision to keep the business signals the estate can refinance a $300 million loan due later this year.

Sony/ATV, which also holds rights to songs from Elvis Presley and Bob Dylan, is valued at $1.5 billion to $2 billion, making Michael’s half worth more than enough to settle all the estate’s debt, said Ivan Thornton, a New York-based financial adviser who has worked with Michael and his family. The Beatles Catalogue has a long-term value, and generates consistent income.

It was never certain a sale could be averted because the $300 million loan to Michael, which was refinanced by Barclays PLC, is guaranteed by the Sony/ATV stake.

The Sony/ATV stake is expected to generate more than $10 million this year for the estate.

Michael’s oldest brother, Jackie Jackson, is working with co-executor John McClain on a new album of ten of Michael’s unreleased songs.  McClain is one of Michael’s oldest friends and former head of urban music at Dreamworks.

Sony Music has also paid an unprecedented sum for the rights to his music for the next seven years, the report states.

Source: Bloomberg & MJWN

Song of the week

Heal the World
Heal the World
MJWN
© MJ World Network 1998 - 2024