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Michael Jackson's Estate Reaps $750 Million in Sony Venture Exit

  • Purchase culminates talks that began in September, parties say
  • Tokyo-based company exercised right to acquire partner's stake
Bloomberg business news

Sony Seals $750M Deal With Jackson's Estate

Updated on

Sony Corp., betting on the growth of music streaming, agreed to pay about $750 million to buy out late pop star Michael Jackson’s stake in a jointly owned catalog of songs by artists from the Beatles to Taylor Swift.

The deal gives Sony control over the rights to almost 4 million songs amid the shift by listeners from individual album purchases to subscription services offered by Apple Inc., YouTube and Spotify Ltd. Sony has said the growth of streaming services will help bolster revenues in the music business to as much as $5.2 billion in fiscal 2017.