Michael Jackson’s estate is reportedly close to finalizing a deal to sell half of its ownership stake in the late pop icon’s extensive music catalogue, including publishing, recorded-music revenues, Broadway show, and a forthcoming biopic, for an estimated $800 million to $900 million, according to Variety.
The King of Pop’s estate has reportedly agreed to a 50/50 split with Sony and a potential financial partner while retaining full control of the assets. The deal, if successful, would be the most extensive catalogue sale to date, surpassing Sony’s previous acquisition of Bruce Springsteen’s catalogue for $600 million.
This year has already seen significant music rights sales, including Justin Bieber’s catalogue for $200 million to Hipgnosis Songs Capital and Dr Dre’s music assets for over $200 million.
The Jackson estate recently confirmed the production of a biopic about the King of Pop, directed by Antoine Fuqua and featuring Jackson’s nephew Jaafar Jackson playing him, set to commence later in the year.