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Sony and Jackson Estate reach agreement for Sony to acquire remaining half of Sony/ATV Music Publish

Does this put it back on topic??

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Ayways...

whats the latest with this thing?
 
Mon Jun 27, 2016 | 12:55 PM EDT
EU regulators to decide on Sony's Michael Jackson deal by Aug. 1

BRUSSELS - EU antitrust authorities will rule by Aug. 1 whether to allow Sony Corp (6758.T) to buy out the Michael Jackson estate's stake in its music publishing joint venture, a move which rivals such as Warner Music Group say gives Sony too much power.

Sony requested approval on June 24, according to a filing on the European Commission website. The EU competition enforcer can clear the deal unconditionally or demand concessions.

It can also open a five-month long investigation if it has serious concerns the deal may harm consumers and rivals.


Sony signed a deal in March to acquire the stake that the deceased pop star held in Sony/ATV Music Publishing, the world's largest music publisher, which owns copyrights to most of the Beatles' songs and songs by the Rolling Stones, Taylor Swift, Pharrell Williams and Kanye West.

Warner Music Group has conveyed its concerns to the Commission, a person familiar with the matter told Reuters, while lobbying group Impala which represents independent labels and national trade associations, has also done the same.
 
I hope it never happens. If Sony can't buy it, which means that it can no longer request the estate to buy since Sony itself can't buy, what will be Branca's execuse then?
 
When what why where??? My question is now that 2 of Michaels kids are over the age of 18.. why do they not have any input (at least to our public knowledge).. YES at the age it's a lot for them but at the least they could be let into plans/projects etc..
 
I agree. Surely his children should have input.

I also hope the estate doesn't sell it. Michael bought the catalogue not just for money. He had other reasons. Selling it off just for money seems like a betrayal. He fought to keep it...
 
Personally id rather sony get it in an agreement (so to speak) than the IRS force them to sell it to pay a tax bill
 
Nothing would change it would be as the clause wasnt triggered
 
Further concerns over ‘transformative’ Sony/SonyATV transaction
As the European Commission reaches a key stage in its investigation into Sony's buy out of the Michael Jackson estate’s shares in Sony/ATV, independent music companies have renewed their appeal for a tough stance to be taken, IMPALA has stated. Describing the deal as “transformative”, IMPALA has voiced its concerns formally, writing to the commissioner for competition, Margrethe Vestager. IMPALA’s executive chair, Helen Smith, explained IMPALA’s position: “The Sony/ATV deal would have a transformative effect. The European Commission knows the situation and the solutions, having already identified concerns about the impact of Sony’s increased market power on prices, and other terms and conditions in the digital market." IMPALA would expect the European Commission to take a strict line this time around and open a detailed Phase 2 investigation. The Commission is now examining responses from customers and competitors and will deliver a verdict on August ,1 unless solutions are proposed to try and get the deal through in the first phase (this Friday July 22 is the deadline for Sony to propose solutions).

http://www.musicweek.com/digital/read/overnight-news-from-around-the-world-thursday-july-21/065424
 
EMI Publishing shareholder named in major Malaysia corruption scandal
By Chris Cooke | Published on Thursday 21 July 2016


The boss of one of the private equity groups that invested in the Sony-led acquisition of EMI Music Publishing back in 2012 is caught up in a major corruption scandal involving the Malaysian government’s sovereign wealth fund.
The American authorities have accused various people linked to Malaysia’s state-owned investment fund – including, it seems, the country’s Prime Minister Najib Razak – of siphoning off over $3.5 billion of monies for their own means, including business ventures and lavish purchases like art and jewellery. The US is now seeking to seize assets in the region of $1 billion linked to the alleged fraud.

One of the key executives accused of involvement is Malaysian businessman Taek Jho Low – generally known as Jho Low – who has no formal role at the sovereign wealth fund, but who is allegedly deeply involved in its operations; though that’s something he denies.

Low’s private equity business Jynwel Capital was one of the vehicles that helped fund Sony’s $2.2 billion acquisition of EMI Music Publishing in 2012 and, according to his official biography, his involvement in that deal resulted in him becoming Non-Executive Chairman of the music publisher in Asia. But according to the Americans, the $106 million Low invested in the EMI songs business was misappropriated from Malaysia’s state fund.

A number of investors joined Sony and its long-term business partner, the Michael Jackson Estate, to acquire the songs side of EMI after Citigroup repossessed the British music major and put it up for sale in 2011. Although EMI Music Publishing technically remains a standalone business, with a different ownership structure, it operates as if it was a unit of Sony/ATV, Sony’s Music publisher.

The ownership of Sony/ATV is currently under the spotlight, of course, because Sony is trying to buy the Michael Jackson estate out that business, which would give Sony Corp complete ownership of the company, though that wouldn’t affect the ownership structure of EMI Music Publishing.

In sort of related news, pan-European indie labels trade group IMPALA has confirmed it has now submitted its objections to Sony taking complete control of Sony/ATV to the EU competition regulators who are considering the deal.

IMPALA wants the European Commission to instigate a fuller investigation into the acquisition, which would mean launching a phase two investigation – rather than approving the deal – at the start of next month. Sony has until tomorrow to propose remedies that might overcome the concerns IMPALA and others in the music publishing domain have raised, in a bid convince competition regulators to just green light the deal.

Says IMPALA boss Helen Smith: “The Sony/ATV deal would have a transformative effect. The European Commission knows the situation and the solutions, having already identified concerns about the impact of Sony’s increased market power on prices, and other terms and conditions in the digital market. Brussels has set a limit on how much power Sony should have and it now needs to enforce it”.

If Sony’s deal were to get blocked, perhaps bosses there could see if their mate Low has any more (allegedly) shady Malaysian cash in his pot to buy out the Jackson Estate instead.
 
Chairman at EMI involved in $3.5 billion scandal invested money in Sony’s EMI buyout
Jacca-RouteNotein Artist / Label News July 25, 2016

American authorities are currently investigating a scandal in which $3.5 billion of Malaysia’s government sovereign wealth was misappropriated, involving an investor involved in Sony’s buyout of EMI.

In 2012 Sony made a deal that put them into a position as possibly the most powerful record label in the world. The “big four” record labels became three when Sony bought EMI Music Publishing for $2.2 billion. As such a monumental deal, with massive influence over the music industry as a whole any scandal involved in it’s purchase could result in major repercussions.

With that said, Malaysian businessman and EMI chairman Taek Jho Low is currently under suspect as a large player in a scandal involving over $3.5 billion of Malaysia’s state owned investment fund being taken for personal gains. Although not formally involved in the sovereign wealth fund, Jho Low is suspected to have been deeply involved in the scandal which saw money taken for personal business investments and luxury items like jewels and art.

Jho Low’s involvement is particularly interesting because it’s thought, by American authorities trying to seize wrongful gains, that the $106 million Low and his business Jynwel Capital invested in EMI were poached from Malaysia’s sovereign fund. Jho Low admits in his official biography that his involvement in Sony’s massive acquisition led to his position as a chairman of EMI in Asia.

Although EMI remains it’s own entity since their buyout they operate under Sony/ATV, a publishing branch of Sony’s business. The deal was made after EMI was put up for sale in 2011 when Citigroup repossessed the british major record label and was bought by Sony and their partner the Michael Jackson Estate, in conjunction with various investors like Jho Low.

Sony currently have attention focussed on them for reasons besides the Malaysia scandal, as they seek to buy the rest of the Michael Jackson estate. This would give Sony full power over the estate which controls Jackson’s own discography as well as major musical works by The Beatles and others. There are legal concerns that this would give Sony/ATV too much power in the music industry, though it’s expected Sony will still end up purchasing their stake in the Jackson estate.
 
Rhilo said:
branca pissed me off on this one...for selling something off that meant so much to Michael, and that he fought so hard to keep.
Click to expand...

maybe it was something to do with Robsons lawsuit...., you know... what I mean...
 
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Business | Mon Aug 1, 2016 1:24pm EDT Related: ENTERTAINMENT, DEALS, MUSIC
Sony wins unconditional EU approval for Michael Jackson deal



EU antitrust regulators on Monday cleared Sony Corp's bid to buy out Michael Jackson's stake in its music publishing joint venture, the world's largest with copyrights to the Beatles' songs and songs by Taylor Swift.

The European Commission said deal would not hurt competition in the recorded music and music publishing industries.

"The transaction will not materially increase Sony's market power vis-a-vis digital music providers compared to the situation prior to the merger," the EU competition enforcer said in a statement.

Rival Warner Music Group and independent labels had called the Commission to take a tough line with the deal because they feared it would give Sony too much power.

(Reporting by Foo Yun Chee. Editing by Jane Merriman)
 
Rhilo said:
no, I don't know what you mean? I don't see a connection between the two. Please explain.
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... that Robsons lawsuit against MJs companies maybe should be connected with ATV/SonyATV and if he wins.... the copanies will be forced to pay him ...., nobody knows the real reasons of the selling but... the administrators maybe consider this lawsuit as a financial threat...
 
Rhilo said:
branca pissed me off on this one...for selling something off that meant so much to Michael, and that he fought so hard to keep.
Click to expand...

If there's anyone to blame, blame Sony. They're the one who enacted the clause (which Michael agreed to back in 2006). Branca and co. had little choice, but they made the right choice.

It was either Sony paying the Estate $750,000,000 (to the equivalent of... ~43? years of profits from the catalogue) or the Estate somehow having to come up with $750 million themselves to buy out Sony's half, putting themselves into immense debt just to pay this off - nevermind all their other expenses (I believe they still have issues with the IRD to the tune of a few hundred million).

After investigating all options for months, it was clear they didn't really have a choice. If anything, Michael's Estate has benefitted greatly from this sale - they just earned three quarters of a billion dollars in ONE transaction! Like I said, 40 something years of profit in one go! On top of this, some of the most older, most valuable rights in the catalogue (i.e. The Beatles) would be returning to the rightful owners over the next 8 years or so. For example: Being the most covered song in history, "Yesterday" is one of the most valuable songs in the entire catalogue but this time in 4 years, the rights will have been returned to Paul McCartney.
 
HIStoric said:
If there's anyone to blame, blame Sony. They're the one who enacted the clause (which Michael agreed to back in 2006). Branca and co. had little choice, but they made the right choice.

It was either Sony paying the Estate $750,000,000 (to the equivalent of... ~43? years of profits from the catalogue) or the Estate somehow having to come up with $750 million themselves to buy out Sony's half, putting themselves into immense debt just to pay this off - nevermind all their other expenses (I believe they still have issues with the IRD to the tune of a few hundred million).

After investigating all options for months, it was clear they didn't really have a choice. If anything, Michael's Estate has benefitted greatly from this sale - they just earned three quarters of a billion dollars in ONE transaction! Like I said, 40 something years of profit in one go! On top of this, some of the most older, most valuable rights in the catalogue (i.e. The Beatles) would be returning to the rightful owners over the next 8 years or so. For example: Being the most covered song in history, "Yesterday" is one of the most valuable songs in the entire catalogue but this time in 4 years, the rights will have been returned to Paul McCartney.
Click to expand...

This is Sony you're talking about, so don't be so sure about those songs being returned.
 
Pink Diamond Princess said:
This is Sony you're talking about, so don't be so sure about those songs being returned.
Click to expand...

Nope, what I'm talking about is in fact the law! There's no way Sony would voluntarily hand back the Beatles catalogue to anyone!

At least in the USA, it's law that 55 years after initial publication, artists can apply to get the publishing rights back to their works. So last year, Paul McCartney began the legal process of having the publishing rights of The Beatles catalogue returned to him. Their first material came out in '63 in the USA, so Macca will get his first rights back in 2018, and so forth.

Not a single thing Sony can do about it, which is great :D You can read more here.
 
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