Michael Jackson kids will never have to work for the best of their life if they put all their inheritance to good use.
Sony Corp. has announced that the company will be taking over Michael Jackson 50% stake in Sony/ATV Music. Billboard reported that Sony paid Jiackson’s Estate $750 million for the 50% stake in the company.
Michael Jackson bought ATV Music for $41.5 million in 1985 and later merged with Sony Music in 1995 to form Sony/ATV Music. The company owns some of the biggest recordings in music history including songs from Michael Jackson, The Beatles, and Bob Dylon.
“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,” said Kazuo Hirai, Sony Corp. president and CEO.
Michael Jackson died in 2009 leaving a whopping $500 million debt. But his estate management has since turned things around and now has $500 in cash.