Michael Jackson’s estate is reportedly close to reaching an agreement to sell half of its ownership stake in the legendary singer’s catalog in a mega-deal worth $800 million to $900 million.
According to Variety, Jackson’s label Sony and a potential financial partner are interested in acquiring 50% of the estate’s interests in his publishing, recorded-music revenues, Broadway show, and upcoming Michael biopic, among other assets.
According to TMZ, the estate will never sell Jackson’s catalog outright but would consider a 50/50 split with the estate maintaining complete control of the asset.
If the deal goes through, it will be the largest catalog deal ever. Sony previously paid around $600 million for Bruce Springsteen’s publishing and recorded-music catalogs.
Justin Bieber sold his music rights to Hipgnosis Songs Capital earlier this year for a reported $200 million. Dr. Dre is also said to be considering selling his music income streams and assets in a deal worth more than $200 million.
The Jackson estate announced last month that a film about the King of Pop, directed by Antoine Fuqua, is in the works. The Lionsgate biopic, set to begin production later this year, will star Jaafar Jackson as his late uncle.
