Blog: March 16 2016 | 18:00 PM

Sony announced it will pay Michael Jackson's estate $750 million

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Sony announced it will pay Michael Jackson's estate $750 million for Jackson's 50 percent share of the Sony/ATV music publishing company.

Sony is the largest music publishing company in the world and owns the rights to millions of songs.

The terms of the deal call for Sony to make a lump sum payment to the Jackson estate of $733 million for a 50 percent stake in Sony/ATV Music Publishing, as well as future distributions, according to a statement.

Jackson purchased the ATV catalog, which was the foundation for the eventual joint venture with Sony, for $41.5 million in 1985.

In 1991, Jackson sold 50% of his stake in ATV to Sony for $100m.

Jackson died in 2009 at the age of 50.

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