"You wouldn't be trying to interfere with the basic rugged concept of me personality now would madam?"
Posted on 04/13/2006 2:54:19 AM PDT by abb
Michael Jackson, the debt-laden pop star, could begin to lose his grip on his most prized asset -- his stake in the lucrative music-publishing catalog that includes 251 Beatles songs -- under the terms of a proposed $325 million debt refinancing, according to people familiar with the matter.
The performer, whose star has fallen in recent years, is expected to announce as early as today that he has refinanced loan agreements originally valued at a total of about $270 million with the New York hedge fund Fortress Investment Group LLC, people familiar with the matter say. As part of his new deal, the singer will probably be forced to sell half of his 50% stake in Sony/ATV Music Publishing LLC, which owns and administers copyrights to thousands of songs, to partner Sony Corp. sometime within the next year. Mr. Jackson is expected to use the proceeds to pay back a significant chunk of his debt to Fortress. [Michael Jackson]
The deal, which wasn't signed as of yesterday, could still fall apart, these people say. But if finalized, it would be a coup for Sony, where music executives have long hoped to buy out Mr. Jackson's interests in Sony/ATV and own the catalog outright. Mr. Jackson bought the catalog, including the big swath of Beatles tunes, 21 years ago at a price far below its current $1 billion valuation. To this day, it generates revenue for Sony/ATV every time one of its songs is played on the radio.
The entertainer's Los Angeles financial adviser, Gaynell Lenoir, described the pending deal as a positive development for the singer. "He's seriously looking at his business affairs, and we're proud of him, really," she said in an interview. "He is vibrant, [and] he is going to resume his career."
(Excerpt) Read more at online.wsj.com ...
"You wouldn't be trying to interfere with the basic rugged concept of me personality now would madam?"
Here, show her this!
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