Back in the 80s Paul McCarney advised Michael Jackson by sharing with him that the only way to make real money in the music industry is to own the publishing of songs. Jackson took this advise to heart. In 1985 when Jackson's lawyer John Branca learnt that the Australian owner of the music publishing company ATV was puting the company up for sale, Jackson and Branzca placed a bid and after an extended period of negotiations, Jackson became the new owner of the company. According to npr.org, Jackson bought the company that owned the rights to at least 4000 songs at the time, for $47.5 million
When Jackson was in debt in the mid 90s he sold half of ATV to Sony for $750 million forming a joint venture Sony/ATV.
The company now own the rights to millions of songs which include the rights to songs of the Beetles, Taylor Swift, Lady Gaga, Alicia Keys and Sting.
According to npr.org the company also controls some of the best known songs in the world, including "Over The Rainbow" and "New York, New York."
Sony has now bought Jackson's stake for $750 million but according to an analyst with the increase in streaming, the trove's worth is more than what Sony's paying for it.
The sale of Jacksons estate, according to bbc.com is said to assist with a debt of $250 million and will also allow his children more financial flexability.
As for Michael Jackson's estate, it still owns Jackson's master recordings as well as Mijac Music, the publishing company that owns all of the songs he wrote. In a statement by co-executors John Branca and John McClain, the sale to Sony will allow them to maximize the "the value of Michael's Estate for the benefit of his children."
