Posted on 07/02/2009 9:08:44 AM PDT by nickcarraway
Now that M.J. is dead, who has the rights to the Beatles songs—and will we be able to buy them on iTunes?
The publishing rights to most of the Beatles' biggest hits are owned by one entity, a joint venture between the late Michael Jackson and the music arm of Sony Corp. It's called Sony/ATV, and it also owns the rights to songs written by Bob Dylan, Neil Diamond, Taylor Swift and, oh yes, the Jonas Brothers.
But Sony/ATV does not handle the recordings of Beatles songs. Two other companies do that, so whether you'll ever download "Come Together" off of iTunes has nothing to do with M.J.'s death. I'll have more info on that for you later in this story.
As for what happens to Jackson's portion of that legendary publishing catalog, welcome to the big, hot mess that is Jacko's estate... Why?
Well, because Jackson was also, according to reports, mired in some truly epic financial drama. Even the value of Sony/ATV is unclear, with analysts and media placing it somewhere between the rather widely spaced poles of $500 million and $1 billion.
Here's some more math: According to the Wall Street Journal and other reports, Jackson had about $500 million in debt.
Adding to the quagmire: Jackson once put up his share in Sony/ATV as collateral for a loan. The debt is held by Barclays, Jackson's biggest creditor, and the amount owed is said to be around $300 million.
So where does that leave Lovely Rita or Sgt. Pepper or Sweet Loretta? I refuse to say it's going to be a long and winding road. Instead, I shall declare that it's going to be a lengthy and twisting pathway. "It's all a mess," one executive involved in Jackson's financial affairs told the New York Times this past weekend. "No one really knows what is going on, but these are early days."
Now, Sony/ATV owns 267 songs written mostly by John Lennon and Paul McCartney. That collection—which comprises most of the Beatles' hits—continues to make bank; in fact, Sony/ATV recently negotiated a deal to allow some of the songs to be used on a Beatles version of Rock Band.
The actual recordings of all the Beatles songs you know and love are owned by record label EMI and the band's company, Apple Corps. Those two are still trying to figure out terms for introducing Beatles songs to the digital world, including iTunes.
In conclusion, it could very well be years before anyone figures out what exactly Michael Jackson owned, owed and bequeathed—other than a big old tangle of drama.
I hope the Beatles and their families get control of their music again.
That's easy - his estate.
They still get the royalties. They had a chance to buy them for a song in the 80s and declined.
They didn’t decline. Jackson outbid them.
The catalog was co-owned by Jackson and Sony. Jackson’s estate is expected to sell its half to Sony to pay-off his debts. That leaves Mi-Jack, the expansive Jackson catalog to fund the Jackson Trust and take care of the children & charities.
The answer is Sony.
I heard on some VH1 show that when Paul and Jackson did their video duet together, Paul told MJ that he was going to buy the rights to the Beatles songs and he also said that owning the rights to songs was a good investment. Apparently MJ agreed and outbid Paul. Paul was furious and for some reason I don’t think he spoke to MJ again.
Exactly. The sad part is: Michael’s worst financial problem - was Michael. $100,000/month rent was just stupid, I don’t care who you are. Now that he’s out of the picture, the creditors stand a chance to realize a profit from their investments by backing off and allowing the estate to make money from licensing, instead of getting hasty and settling for pennies on the dollar. The kids would get to keep their dad’s (?) stuff, too.
True story, but apparently in Jan. MJ said he wanted to turn over the songs to Paul in his will. Well..looks like MJ never got around to changing his will.
Beck indicated that the song book was sold by Paul and John because of UK taxes, not sure how that helped?
Anyone know how the Beatles lost the rights to their own music? If I was a musician (well, a professional, recording musician!), I'd make sure I kept the rights to my own creations or the record company wouldn't get my music. Are, or were, musicians so desperate to get recorded they would sign away the rights to their own stuff?
Remember Paul McCartney’s duet with MJ “The Girl Is Mine” on Thriller? I wonder if he’s changed the title and lyrics to “The Songs Are Mine.”
If England treated it the same as the music of the Frank Sitra, Little Richard, and Elvis Presley, they’d be PUBLIC DOMAIN within a decade as the former artists work already is in England.
John Lennon and George Harrison will never again be in control of their music.
He died owing $500,000,000. What estate? He was in debt.
The only way the big labels will sign you is if you give them control. They don’t want “up and coming” small label bands anymore. They want to own your complete catalog. And keep you in debt to the label for studio time, promotions, payola money, etc.
And they own the network and publishing companies to control who gets seen on tv and who gets on the cover of the magazines.
It is a farce and the public isn’t buying it.
Paul told Michael he was buying the Buddy Holly catalog of songs and that it was a good investment. That’s when Michael made the buy on the Beatles catalog.
The debts are part of the estate.
Whatever assets there may be are disposed of by the executor, and the proceeds distributed as prescribed by law to those presenting claims to the estate.
At least that’s my understanding, not being of the lawyer persuasion.
I'd never make such a horrid accusation.
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