Michael Jackson's estate has agreed to sell his remaining stake in a music catalogue to Sony Corp. for $750 million.
Michael initially bought his shares, totalling 50% of the catalogue, in 1985 for $41.5 million.
NBC News reports that this new agreement of the sale of his stake to Sony will give the company sole ownership of that catalogue, which includes works by some of the biggest artists, such as The Beatles, Bob Dylan, Eminem and Taylor Swift.
Sony Corp. president and CEO Kazuo Hirai released a statement about the sale saying, "This agreement further demonstrates Sony's commitment to the entertainment businesses and our firm belief that these businesses will continue to contribute to our success for years to come."
Michael Jackson's attorney John Branca and music executive John McClain also released a statement, "This transaction further allows us to continue our efforts of maximising the value of Michael's Estate for the benefit of his children. It also further validates Michael's foresight and genius in investing in music publishing."
While his estate has sold his stake in the catalogue, they retain the rights to his master recordings and tracks written by him.
