Home Music Industry News Sony Corporation and the Michael Jackson Estate Close the Deal

Sony Corporation and the Michael Jackson Estate Close the Deal

Michael-Jackson-Dancinf-Full-HD-ImageSony Corporation (“Sony”) and the Estate of Michael Jackson (“the Estate”), today announced that following the satisfaction of applicable closing conditions, including the receipt of regulatory approvals, Sony Corporation of America (“SCA”), Sony’s wholly owned subsidiary, has closed on the purchase of the remaining 50% interest in LLC (“”) from the Estate. The agreement for this purchase was first announced on March 14, 2016.

As previously announced, the purchase calls for total payments of 750 million U.S. dollars, which includes a lump sum payment by SCA of approximately 733 million U.S. dollars, as well as distributions previously committed to by Sony/ATV to be paid to the Estate. The payment also reflects certain contractual and accounting adjustments related to the Sony/ATV joint venture and other commercial opportunities involving Sony and the Estate.

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