Michael Jackson’s estate has reportedly sold half of the singer’s publishing and recorded music catalogue to Sony.
Billboard quotes sources as confirming that the deal valued those music assets somewhere above $1.2 billion.
The sources say Sony is expected to pay at least $600 million for the estate’s stake in the late pop singer’s rights.
The news outlet said the agreement excludes royalties from theatrical productions such as the Broadway play featuring Jackson’s music.
Billboard stated that the comprehensive deal encompasses non-Jackson-authored compositions within his Mijac publishing catalogue.
It includes approximately 250 songs from Sly & the Family Stone.
This is alongside iconic tracks from artistes like Jerry Lee Lewis, Jackie Wilson, Curtis Mayfield, Ray Charles, Percy Sledge, and Dion.
It is understood that Primary Wave, a music company with a minority stake in Jackson’s publishing interests, is uninvolved in the deal.
Representatives from Primary Wave, Sony, and the Micheal Jackson Estate are yet to comment on the matter.
Jackson was long associated with Sony and its label, which released his mega-selling solo albums like ‘Thriller’ and ‘Bad’.
In 2016, 21 years after Jackson and Sony formed Sony/ATV Music Publishing, Sony bought out his half of the company.
The sale happened in a deal that netted the Jackson Estate at $750 million.
Jackson acquired ATV Music Publishing, which owned publishing rights to the majority of the Beatles’ music, in 1985 for $41.5 million.
The singer merged his stake in ATV with Sony Music to form Sony/ATV eleven years later.