5/28/2023 0 Comments Paul mccartney michael jackson![]() Other deals were lined up for Jackson’s recording rights with Sony Music, for two theatrical shows by Cirque du Soleil and in areas like merchandising and video games. Sony Pictures paid $60 million for the rights to “Michael Jackson’s This Is It,” drawn from rehearsal video from the London concerts. His estate, led by his longtime lawyer John Branca and the music executive John McClain, made a series of lucrative deals that stabilized the Jackson finances. By then, Jackson - who once tried to buy the bones of Joseph Merrick, better known as the Elephant Man, and sometimes racked up bills of $250,000 shopping for antiques - was living well beyond his means.Īfter Jackson died, on the eve of a series of concerts in London that he had hoped would be a comeback, sales of Jackson’s music spiked around the world. ![]() Jackson died more than $500 million in debt, having drawn on his share of Sony/ATV as a lifeline through a $270 million loan in 2006, years after his last hit but shortly after he was acquitted of child molestation in a trial that damaged his public image around the world. Sony’s buyout caps an extraordinary turnaround in Jackson’s finances that began after his death. On Monday, Sony said it had agreed to pay $750 million for the Jackson estate’s share of what is now Sony/ATV - a collection of more than a million songs, with hits by Taylor Swift and Lady Gaga, chestnuts like “Moon River” and “Mona Lisa,” and of course the Beatles songs. Now those songs have helped provide a windfall for his estate. It proved to be Jackson’s most valuable asset, helping to finance a lavish lifestyle even as Jackson’s own musical career reached a low point in the years before his death in 2009. ![]() In 1985, Jackson bought the ATV catalog, which included 251 Beatles songs, along with a few thousand others, for $47.5 million. And it was the smartest deal Jackson ever made. McCartney himself has told it, Jackson perked up and said, “I’m gonna buy your songs.” McCartney suggested, was in music publishing, the side of the business that deals with the songwriting rights for big catalogs of songs. McCartney showed his friend a notebook full of songs he owned, by artists like Buddy Holly. It is one of the twice-told tales of the music business: Decades ago, Michael Jackson received some sound investment advice from Paul McCartney.īack in the early 1980s, Mr.
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