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MJ Estate Statement - Sale of MJ's Sony/ ATV Share

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MJ Estate Statements
15 March 2016
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As you may recall, last October Sony triggered the “buy-sell” clause in the partnership agreement which provides for one partner to buy out the share of the other at the highest possible price. As has now been announced, the Estate and Sony have signed a memorandum of understanding for Sony to purchase the Estate’s interest in Sony/ATV. A copy of the official press release is also being sent to you. In the intervening months, we explored several options that would have positioned the Estate as the buyer, rather than Sony, and we had substantial interest from potential partners to work with us in doing so. Ultimately, however, Sony’s offer was in the best interest of Michael’s children and we made the difficult decision to accept that offer. The arrangements will further secure the financial future of Michael’s heirs. The amount that Sony is paying, $750 million, is a substantial premium on the Estate’s interest in the company after taking into account the debt of the company, the Purchase Option and other adjustments required under the partnership agreement. It is also a huge testament to Michael’s business acumen that his original investment appreciated so substantially over the last 30 years.


There are several reasons that led to our decision. We will use a portion of the proceeds to repay the loan balance on monies borrowed by Michael and secured by his interest in Sony/ATV which means that after starting with more than $500 million in debt seven years ago, the Estate is now completely debt free with substantial assets in cash and other property. The balance of the proceeds from this sale, after taxes, fees and expenses, will be held by the Estate and ultimately will be transferred to a trust for the benefit of Michael’s beneficiaries. Furthermore, the transaction allows the Estate to diversify assets which, to date, have been highly concentrated in music intellectual property.

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Statement: Sony Buys Rest Of Sony/ATV From Michael Jackson Estate

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News
15 March 2016
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SONY CORP. OF AMERICA ("SCA") has signed a binding memorandum of understanding ("MOU") to obtain full ownership of SONY/ATV MUSIC PUBLISHING LLC ("SONY/ATV") by acquiring the 50% interest in SONY/ATV held by the Estate of MICHAEL JACKSON. SCA will pay the Estate $750 million, which includes a lump sum payment by SCA of approximately $733 million as well as distributions previously committed to by SONY/ATV to be paid to the Estate.  

The sale is the culmination of a process that began in SEPTEMBER 2015 when SONY exercised a right that has existed since the joint venture was formed by MICHAEL JACKSON and SONY in 1995. This right allows for one partner to purchase the other partner's interest pursuant to a procedure outlined in the SONY/ATV operating agreement.

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All the new developments in “Chicago” copyright infringement lawsuit

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Chicago lawsuit
11 March 2016
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March 29, 2016 Update: Case got dismissed with no settlement. When you read below, you will see the defendants had a very strong argument supporting there was no copyright infringement.

Sidney Earl Swanson filed a lawsuit against Sony, MJ Estate, Timbaland and Cory Rooney (defendants) claiming the new version of the “Chicago” song infringed his song “On the Move / On the Edge”. Parties participated in discovery and here are the latest developments.

First of all Cory Rooney have been dismissed from the lawsuit. This makes sense given Swanson claims the new version of “Chicago” song infringes his song and not the original version. The new song – and the allegedly infringing part – seems to be Timbaland’s work and released by Sony and MJ Estate.

The defendants have filed a motion for summary judgment to dimiss the case. Defendants are claiming Swanson’s case is baseless. To prove copyright infringement, Swanson will need to prove that his song was widely disseminated (therefore Timbaland and/or the rest of the defendants had access to it) and his song is substantially similar to the new version of “Chicago”. Defendants deny both and state that there wasn't any infringement.

This is what we learn:

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The “King of Pop” lawsuit

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King of Pop Lawsuit
10 March 2016
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Although the original TMZ article sounds like an overzealous MJ Estate went after an irrelevant popcorn site, the case isn’t about popcorn – it’s about trademarks. Below you will find a detailed explanation of the trademark dispute.

In late 2012, GourmetGiftBaskets (GGB) have tried to register trademarks – Kingofpop.com and Kingofpop – with the US Trademark Office. They had bought the website domain from a MJ fan site for $7,000 earlier in 2012.  In late 2013 (when the mark was published for opposition), Estate filed an opposition with the trademark office.

Why? Because “King of Pop” happens to be a registered trademark of MJ Estate and have been extensively used in official products and marketing campaigns – including 2008 “King of Pop” greatest hits album, TII related and posthumous merchandise. Furthermore in 2012 when GGB was attempting to register “King of Pop” website, MJ Estate was using it during Bad25 release in Pepsi MJ Advertisements and Pepsi Cans.

popcorn0

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More Articles ...

  1. Anti-SLAPP Motion filed at MJ Fan v. Cascio/ Porte/ Sony/ Estate Case
  2. Who owns The Michael Jackson Company?
  3. MJ related lawsuit updates – December 2015
  4. MJ related lawsuit updates – February 2016
  5. MJ Fan v. Cascio/Porte/Sony/Estate Case Update
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