A blockbuster deal has been struck between Sony and Michael Jackson's estate. The former has paid a whopping $600 million for the King of Pop's back catalog. It was a lengthy process to secure the deal, but it was finalized on August 22 by Jackson's estate executors John Branca and John McClain.
It was previously reported by Billboard that Sony wanted to purchase half of Michael Jackson's catalog. Now, however, it seems as though the final sale include all of the recordings Jackson made during his life. It benefits lots of people who were close to Jackson, but his mother, Katherine, is not pleased.
The matriarch of the Jackson family claimed that the Sony deal "violated Michael's wishes." Katherine Jackson actually tried to stop the deal, but her legal attempts were rejected by the court. The ruling was that she "forfeited" her case when she failed to present it to a lower probate court.
Branca and McCain were ultimately able to make the deal because it did not directly go against the conditions of Michael Jackson's will. "The will gave the executors broad powers of sale," the court wrote. "With no exception for the specific assets at issue in this case.
" Read More: Janelle Monae Takes Down Michael Jackson Parody Video After Fan Backlash Furthermore, the court declared that Jackson's estate was well within its rights to make a deal they felt was advantageous. "[A judge] did not err in concluding that it was Michael’s intent to allow the executors to sell any estate assets,".