Michael Jackson’s estate keeping control of 50% stake on rights to more than 250 Beatles songs
Why would he need to refinance anything? Hasn’t the Estate already made over one billion dollars over the past year? And why is the media always so interested in MJ’s finances? Jealous?
BY KATIE NELSON
Thursday, June 24th 2010, 10:39 PM
Executors of Michael Jackson’s estate are keeping control of the rights to more than 250 Beatles songs, according to Bloomberg News.
Executors of the pop star’s estate are keeping control of a 50% stake on the rights to more than 250 Beatles songs, according to Bloomberg News.
The tunes are the estate’s most valuable asset, so the estate executors considered selling to Sony/ATV Music Publishing LLC to pay off $500 million in debt.
But they would prefer not to sell off the Beatles catalogue because of its long-term value and the consistent cash it generates, sources told Bloomberg News.
Instead, it’s likely the estate will refinance a $300 million loan that’s due later this year.
Since Jackson died one year ago today at the age of 50, the music icon’s estate has been paying down his debts through sales of his music, the “This is It” documentary and other merchandise.