Michael Jackson Finances: Bloomberg, Most Everyone Else Gets It Wrong
The proliferation of articles about Michael Jackson‘s finances is getting stronger as tomorrow approaches. Most of what you’re reading is incorrect.
The strangest story came today from Bloomberg News. It was titled, “Jackson Advisers to Keep Stake in Beatles Catalog.” It should have been followed by a story called, “The Sky Is Blue.”
There’s no question that Michael Jackson’s estate will continue to be a partner in Sony/ATV Music, the company that contains the Beatles catalog. And there’s no consideration about selling the fifty percent stake. I’m not sure how that became a headline.
For one thing, Michael’s executors, John Branca and John McClain, hold seats on the board of Sony/ATV. They’re not going to give those up. They represent power and a certain standing in the music business.
Second, even though Michael’s famous $500 million or so loans with Barclays come due this year, Sony Music will be right there to refinance them. Sony, as I’ve said in the past, has no interest in shutting Jackson down, etc. They’re in business now with Michael Jackson forever. Forever. And it’s a big business. On their bottom line, Michael Jackson CDs did better last year than almost any other acct. There’s an unlimited future in unreleased tracks and repackaging.
I was the first to write about Michael Jackson’s perilous financial state way back in 2001. It amuses me to see all these newcomers getting spun, especially by “financial advisers” whom no one has ever heard of.
@Michael was murdered
Michael said himself that many white execs in the industry were mad because MJ bough the Beatles catalog & he turned into a freak, homosexual, and wierdo overnight in the media. Believe what you want, MJ was a BLACK man & was treated as such.
The fact that Michael purchased the Beatles catalog was neither here nor there regarding ‘whites’. Those of you who make such an asinine claim need to take a look at where most of his fans come from – ‘white’ europe for chrissakes. While America was busy vilifying him, his main fan base in Europe stayed TRUE to him. The English LOVE him and …guess where the Beatles came from? So please, America. Enough with the constant obsession with RACE. Stick a fork in it.
The entire situation regarding the Sony/ATV catalog revolves around the fact that is now worth close to $2billion. But I do agree with one comment here – his life took on an entirely different hue once he purchased that catalog. Seems like EVERYONE wanted a piece of it, from the Nation of Islam to the mob to Sony itself. It is, in fact, the most desirable music catalog in the world. My only wish is that Michael had never mortgaged it. Once he did that, Sony had their hooks into him. In essence, that catalog provided almost 2 billion reasons to get rid of him. And I believe that’s exactly what happened.
And I hope Bill Gates buys It! COME ON PEOPLE! Why should someone as boring and Arrogant as Jay-Z get his hands on anything???? He is not is Michael’s or Elvis’ category and never will be!!! I hope that catalogue will be inherited by Michael’s children-end of story, that it what he fought for didn’t he?
“That’s when everything starting going awry for MJ.”
I believe it would be more accurate to say that that is when the concerted effort to destroy MJ began, by an unholy alliance of the media and the mob. Things didn’t just happen. They were plotted and planned.
Yes, I believe whites in America took a strong disliking to Mike after he purchased the Beatles catalog. In reality, it wasn’t his fault. McCartney encouraged him to invest in music publishing. Maybe Sir Paul should have kept his mouth shut. He didn’t even want to bid for the catalog, even with Yoko Ono offering to co-bid. He only wanted it once Michael purchased it. That’s when everything starting going awry for MJ. I do hope Jay Z buys if it’s ever sold. People asked Jay Z how he felt about breaking several E. Presley Records & he replied “Feels good, I feel like the King of Pop” lmaoo
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It will NEVER be sold. LOL!
“Second, even though Michael’s famous $500 million or so loans with Barclays come due this year, Sony Music will be right there to refinance them.”
The Wall Street Journal reported it as $300 million. That $200 million difference is a lot of “or so”. No need to believe either figure. The wrong and plain dishonest reporting on Michael Jackson’s finances is incredibly widespread, with even 60 Minutes reporting that he was “$500 million dollars in debt, which is ludicrous. MJ’s estate was declared solvent shortly after he died.
The sale of MJ’s stake in the Beatles catalog (they don’t care about the other acts) is white America’s, and Britain’s, greatest wet dream. Every other day there is a wishful reference to it somewhere in the media. If it’s ever sold, I hope Jay-Z buys it!