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ลำดับตอนที่ #67 : Sony buys out Michael Jackson music venture stake
http://www.bbc.com/news/business-35809196
Sony is
paying Michael Jackson's estate
$750m (£526m) for the late pop star's share of a joint music publishing venture that it does not
already own.
Jackson held
a 50% stake in Sony ATV Music Publishing as part of a business partnership that
began in 1995.
The purchase
will give Sony the rights to about three million songs, including works by the
Beatles, Bob Dylan and Taylor Swift.
However, the
deal does not include Jackson's master recordings.
His estate
will maintain its holdings in Mijac Music, which owns all the songs written by
Jackson, as well as EMI Music Publishing
The
agreement will reportedly help reduce the Jackson estate's remaining $250m debt
and give the late musician's three children more financial flexibility.
The purchase
of Jackson's stake
also strengthens Sony's US entertainment business, which includes a film studio
and music recording company.
"The
entertainment businesses have long been a core part of Sony and are a key
driver of our future growth," Kazuo Hirai, Sony's president and chief
executive, said
in a statement.
"These
businesses will continue to contribute to our success for years to come."
John Branca
and John McClain, co-executors of the Jackson estate, said the deal
"further validates Michael's foresight and genius in investing in music
publishing".
"His
ATV catalogue, purchased in 1985 for a net acquisition cost of $41.5m, was the cornerstone of the joint venture and, as
evidenced by the value of this transaction, is considered one of the smartest investments in
music history."
estate (n.)
everything that a person owns when they die :
venture (n.)
a new activity, usually in business, that involves risk oruncertainty:
(v.)
to risk going somewhere or doing something that might be dangerous or unpleasant, or to risk saying something that might be criticized:
stake (n.)
a share or a financial involvement in something such as a business:
.have a stake in sth
If you have a stake in something, it is important to you because you have a personal interest or involvement in it
cornerstone (n.)
something of great importance that everything else dependson:
joint (adj.)
belonging to or shared between two or more people:
slang a place where people go for entertainment, especiallyone that has a bad reputation:
transaction (n.)
an occasion when someone buys or sells something, or when money is exchanged or the activity of buying or sellingsomething:
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