Michael Jackson’s estate has agreed to sell its remaining stake in a lucrative music catalog to Sony Corp. for $750 million, the entities announced Monday.
The deal is another posthumous blockbuster deal for Jackson, whose estate has erased the singer’s massive debts through a mixture of new music and movie ventures and re-releases of the singer’s most popular music. Jackson’s estate benefits his mother and three children, known as Prince, Paris and Blanket.
“This transaction further allows us to continue our efforts of maximizing the value of Michael’s Estate for the benefit of his children,” the co-executors of Jackson’s estate, attorney John Branca and music executive John McClain, wrote in a statement. “It also further validates Michael’s foresight and genius in investing in music publishing.”
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