MJ Joins Sony/ATV
In early 2011, Roger Friedman reported that Michael’s song catalog (Mijac) was on its way to joining Sony/ATV. Michael owns the rights to distribute his songs, but until now, management of that catalog was handled by Warner/Chappell, a subsidiary of the Warner Music Group.
Yesterday, the Michael Jackson Foundation officially announced in a statement sent to fan sites, including ours, that Mijac has joined Sony/ATV. They then provided this statement to the media as well.
It’s worth noting that ownership of Michael Jackson’s songs is exclusively held by his Foundation and will pass to his children. Under the new contract, only management of this catalog is being transferred from Warner/Chappell to Sony/ATV. Mijac began operating in 1980 as a company with exclusive publishing rights for Michael Jackson, and then expanded by purchasing the publishing rights to other songs, including those by Sly and the Family Stone, Kenny Gamble and Leon Huff, Ray Charles, Elvis Presley, and Aretha Franklin.
Martin Bandier, President and CEO of Sony/ATV, said: “We are thrilled that the Michael Jackson Foundation has trusted us and placed his extraordinary catalog in our hands. All of us at Sony/ATV will strive to use this catalog in creative ways and preserve its legacy.”
The trustees of the Michael Jackson Foundation also said: “Michael’s songs in this catalog are not only a sign of his greatness as a showman, but also a showcase of his creative genius as a songwriter. We’re happy that Sony/ATV—founded by Michael and whose Foundation still owns 50%—will take over the management of his outstanding songs alongside a catalog of tracks from some of the biggest popular artists.”
About Sony/ATV
This company was formed in 1995 through a joint investment between Michael Jackson and Sony. With more than two billion songs, Sony/ATV is the largest music publishing company in the world. So far, EMI, Leiber Stoller, Mijac, Motown, and several other well-known publishing companies have joined Sony/ATV.
The songs of The Beatles, Elvis Presley, Leonard Cohen, Neil Diamond, Bob Dylan, Marvin Gaye, Queen, The Rolling Stones, Wyclef Jean, Stevie Wonder, Beyoncé, Fall Out Boy, Jay-Z, Jessie J, Norah Jones, Alicia Keys, Lady Gaga, John Mayer, Pink, Red One, Shakira, Taylor Swift, and Kanye West are just some of the assets of this massive company.”
Roger Friedman wrote about this deal:
“The Michael Jackson and Warner/Chappell contract ended last December, and the new agreement between Sony/ATV and Mijac was signed a few months ago. However, due to the Jackson family controversies—some of whom wanted the trustees of the Michael Jackson Foundation to resign—the public announcement of this contract was delayed until today.
Now all of Michael Jackson’s songs and publishing rights are gathered in one place. This is a major win for Sony/ATV and a devastating loss for Warner/Chappell. Warner/Chappell was only part of Warner that was still performing well. Losing Mijac to Chappell is a big blow.
It has been announced that neither Mijac, nor Sony/ATV, nor the Beatles catalog are for sale. The Michael Jackson Foundation has done an excellent job managing bank loans and negotiating adjustments to their interest rates.”
You know that the Michael Jackson Foundation has almost fully paid off Michael’s $400 million debt. This debt resulted from loans Michael took out to preserve his 50% stake in Sony/ATV from the British bank HSBC and the Bank of America. A half-billion-dollar debt to protect wealth of more than two billion dollars!
Source: Michael Jackson Foundation / eMJey.com