Sony and Jackson Estate Sign Definitive Agreement for Sony to Acquire Remaining Half of Sony/ATV Music Publishing

MJ

NEW YORK, April 18, 2016 /PRNewswire/ — Sony Corporation (“Sony”) and the Estate of Michael Jackson (“the Estate”) announced today that Sony Corporation of America (“SCA”), Sony’s wholly owned subsidiary, signed a definitive agreement with the Estate to obtain full ownership of Sony/ATV Music Publishing LLC (“Sony/ATV”) by acquiring the 50% interest in Sony/ATV held by the Estate.

This action follows the signing of a binding memorandum of understanding, which occurred on March 14, 2016.

The closing of the transaction is subject to certain closing conditions, including regulatory approvals.  This transaction had no material impact on Sony’s consolidated results for the fiscal year ended March 31, 2016.  Sony is currently evaluating the impact on its consolidated financial results for the fiscal year ending March 31, 2017.

The Estate noted that the transaction will not affect its continuing substantial interests in other music assets, including all ofMichael Jackson’s master recordings as well as Mijac Music, the publishing company that owns all of the songs written byMichael Jackson as well as songs by some of his favorite songwriters and artists that were acquired by Michael during his life.  In addition, the Estate will also retain its ownership interest in EMI Music Publishing.

Read more at PRNewswire | All Things Michael

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