LOS ANGELES (CelebrityAccess) – A California appeals court has cleared the way for Michael Jackson’s estate to finalize a lucrative sale of the late pop icon’s catalog to Sony Music, a deal estimated to be worth hundreds of millions of dollars. This decision overrides objections from Jackson’s mother, Katherine Jackson, who argued that selling the estate’s most valuable asset would go against her son’s wishes.
The ruling, finalized on Wednesday (August 21), upholds a previous decision made in July, which supported the estate’s executors’ authority to sell the assets as outlined in Jackson’s will. Katherine contended that the sale wasn’t in her son’s best interest, believing the catalog’s value would continue to rise. However, the court ruled that the executors had the legal right to proceed with the sale under the will’s broad powers of sale clause.
The court also noted that Katherine had forfeited her arguments by not raising them during the initial probate proceedings. The deal, which has been in the works since February, involves Sony Music acquiring 50% of Jackson’s publishing and recorded masters catalog. The transaction reportedly values the estate’s music rights at approximately $1.5 billion, making the sale price around $750 million, potentially surpassing the recent valuation of Queen’s catalog.
The sale required court approval due to the ongoing probate process since Jackson’s death in 2009. Earlier this year, a probate judge dismissed Katherine’s concerns, allowing the deal to move forward, which led to her appeal and the recent appellate court decision.
In its ruling, the court emphasized that the transaction is a valid business move that benefits the estate, dismissing claims that it would violate inheritance laws. The court highlighted that the sale involves exchanging assets for cash and rights, which would not diminish the estate’s value or hinder the executors’ ability to manage the estate’s assets.
In response to Katherine’s legal efforts, the estate’s executors, John Branca and John McClain, revealed that she had received over $55 million since her son’s death, including more than $33 million in cash. They also underscored their ongoing commitment to her care and maintenance.
Sony’s relationship with Michael Jackson and his estate dates back to 1995 when it acquired half of ATV Music, which held a vast music catalog including songs by The Beatles. Sony later bought the remaining half in 2016 for $750 million and secured the rights to distribute Jackson’s recorded music for seven years in 2018 for $250 million.
