The transaction is subject to certain closing conditions as well as regulatory approval. With the deal's closure, the Jackson estate will retain the 10 percent interest it holds in EMI Music Publishing, as well as Mijac Music, the publishing company that owns the songs written by Michael Jackson as well as songs written by other writers, plus Jackson's master recordings.
The deal culminates a buy-sell provision activation that began in September. At the time Sony triggered the provision, the Jackson estate was in a no-lose situation. The executors would either deliver the estate a trophy property through its acquisition or, as it turns out, a big pay day. After taxes, fees and expenses, the balance will be transferred to a trust for the benefit of Michael's beneficiaries: his three children. For Sony, the acquisition ends what has been termed "a complicated ownership structure," giving the company sole control of the publishing operation, which will enhance its position in the marketplace.
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