By FRANK
Sony has agreed to purchase Michael Jackson's music catalog for a whopping $750 million.
According to multiple reports, the King of Pop's estate will sell its remaining stake in a lucrative music catalog to the music corporation. A definitive agreement is expected to be made by the end of the month with the deal expected to close in late 2016 or early 2017.
According to Billboard, the Jackson estate will retain the 10 percent interest it holds in EMI Music Publishing and Mijac Music that owns the songs written by Jackson plus his master recordings.
"This transaction further allows us to continue our efforts of maximizing the value of Michael's Estate for the benefit of his children," Jackson estate co-executors John Branca and John McClain said in a statement to the publication. "It also further validates Michael's foresight and genius in investing in music publishing. His ATV catalogue, purchased in 1985 for a net acquisition cost of $41.5 million, was the cornerstone of the joint venture and, as evidenced by the value of this transaction, is considered one of the smartest investments in music history."
A portion of the proceeds will reportedly be used to pay off the $500 million in debt that Jackson's estate has held. Once everything is signed, sealed and finalized, a source tellsBillboard that the estate will be completely debt-free.
After taxes, fees and expenses, the balance will then be transferred to a trust for the benefit of Michael's beneficiaries that include his three children.
Speaking of kids, Paris Jackson as well as her two brothers continue to cope the best way they can more than six years after their father passed away.
Prince Jackson recently graduated from a private California high school with honors. Meanwhile, Paris appears to have found love with her boyfriend Chester Castellaw.
"She seems good," a source recently sharedwith E! News. "She seems a lot more mature, confident and at peace with herself."
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