The estate of pop music legend Michael Jackson is closing on on a sale of half its interests in the singer's music catalog, in what would be the biggest such deal yet in a growing space.
Sony ( NYSE: SONY ) and a possible financial partner are negotiating to acquire 50% of the catalog in a deal that would reach to the $800M-$900M range , Variety reported.
That would get rights to the estate's interests in Jackson's publishing and recorded-music revenues; the MJ: The Musical Broadway show; the upcoming biopic Michael; and perhaps even more assets, according to the report.
Sony ( SONY ) has given perhaps the biggest boost to the burgeoning artist-catalog sales market. It acquired Bruce Springsteen's publishing and recording catalogs for a reported $500M-plus , and paid a reported $150M-$200M for the rights to Bob Dylan's recorded-music catalog.
Sony and its predecessor company CBS Records were also the longtime home of Jackson's recorded music, covering his solo career and later years with the Jackson Five. Similarly, Springsteen recorded for Sony's Columbia Records for the entirety of his career.
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Sony talking over $800M-$900M deal for Michael Jackson catalog - Variety