Sony Corp (NYSE:SNE) will acquire Michael Jackson’s interest their joint music business.
The electronics company will shell out $750 million, $733 million of which will account for the late musician’s 50% stake in Sony/ATV Music Publishing, along with previously announced distributions that will bring payments to $750 million.
“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,” said Sony CEO Kaz Hirai in a statement.
The joint venture between Sony and Jackson was established in 1995. The company and the legendary artist’s estate have been in talks since September as the company exercised its right to purchase this interest.
Sony owns more than 3 million copyrights.
SNE stock is down 0.2% Tuesday.
