Sony Signs MoU To Buy Jackson Stake In Music Venture For $750 Mln

(RTTNews) - Sony Corp. (SON.L, SNE) said that it signed a binding memorandum of understanding with Estate of Michael Jackson to acquire remaining the 50% stake in Sony/ATV music publishing held by the Estate for $750 million.

The deal includes a lump sum payment by Sony of about $733 million as well as distributions previously committed to by Sony/ATV to be paid to the Estate. The payment also reflects certain contractual and accounting adjustments related to the Sony/ATV joint venture and other commercial opportunities involving Sony and the Estate. Talks on a deal began in September, when Sony exercised its right under their joint venture to buy out Jackson's estate.

It is expected to executive a definitive agreement by March 31, 2016. Sony expects the deal will have no material impact on its outlook for the fiscal year ending March 31, 2016.