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Los Angeles : Sony Corporation has reached an agreement with the estate of Michael Jackson to acquire the interest of the late King of Pop in their joint music business for $750 million. The terms of the deal call for Sony to pay $733 million for Jackson's 50 percent stake in Sony/ATV Music Publishing, as well as previously announced distributions, with payments totalling $750 million, reports variety.com.
Sony Corporation chief Kaz Hirai used the announcement to reiterate Sony's commitment to holding on to its entertainment assets. "The entertainment businesses have long been a core part of Sony and are a key driver of our future growth," Hirai said in a statement.
"This agreement further demonstrates Sony's commitment to the entertainment businesses and our firm belief that these businesses will continue to contribute to our success for years to come." Sony/ATV Music Publishing, established in 1995 as a joint venture between Sony and Jackson, touts itself as the world's leading music publisher.
The companies said in a joint release on Monday that the sale is the culmination of a process that began in September when Sony exercised its right to purchase the other partner's interest - a right that has existed since the joint venture was formed by Jackson and Sony in 1995. The parties expect to reach a definitive agreement by March 31, and the closing is subject to certain conditions, including regulatory approvals. (IANS)