Michael Jackson's father wants an allowance from son's estate.
Jackson's Finances: TheWrap Shows You the Money
“There is a real opportunity to restructure (his debt) so they can keep all those assets.”
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More than a week after the sudden death of Michael Jackson, a clearer picture has emerged of the singer’s complicated and notoriously debt-ridden financial status.
Here’s what we know: Jackson’s death has already vastly improved his financial prospects, or rather, those of his children.
And the tangled financial mess in which he’d been mired will be sorted through by lawyers over the next months and, more likely, years. Sony/ATV will emerge as a big winner, as will AEG Live.
The frenzy of media coverage that followed Jackson’s death has led to all manner of misinformation about the performer’s finances. Granted, it’s complicated, and yes Jackson had defaulted on debts in recent years.
But his death has changed a lot of things: The performer’s album and digital sales have been record-breaking in the past week alone, and his final performance will be an instant best-seller in multiple formats for years to come.
In addition, Neverland is a potential cash cow, and the singer's estate owns his master recordings.
And that’s just the start.
“What about a Broadway show? What about a movie?” asked Charles Koppelman, Jackson's former music manager and financial adviser. “The unfortunate timing of Michael’s death gives his children and his family the opportunity to hold on to his financial and business legacy.”
TheWrap has learned that Jackson has been taking in about $7 million a year in revenue from the Sony/ATV catalogue, according to a knowledgeable music executive.
The catalogue is a vast trove of music including 250 of the Beatles’ most popular songs. Sony has been garnshing the rest of the revenue in a deal struck in 2007 in which the company agreed to service Jackson’s debts.
He also made between $5 and $10 million per year off his own music from his ownership of the MiJack catalogue. At the time, that was nowhere near enough to keep Jackson out of debt and in the lifestyle to which he’d become accustomed.
But all that has changed. Jackson is no longer present to spend cash he doesn’t have. His assets “will earn double what it was earning,” said Koppelman. “There is a real opportunity to restructure (his debt) and get things wound down so they can keep all those assets.”
Last week the New York Times could make only this general conclusion after analyzing the landscape: “No one really knows what is going on.”
By this week, plenty of people know. TheWrap breaks it down.
Who’s in charge?
John Branca, the music attorney, is named along with two other associates as the executors of Jackson’s estate in the only known will to emerge signed in 2002. He was brought back into Jackson’s circle just one week before the performer’s death.
The mysterious Dr. Tohme Tohme, a Lebanese advertising entrepreneur, was banished from Jackson’s inner circle a couple of months ago.
What are the assets?
Michael Jackson co-owns the Sony/ATV song catalogue, an asset estimated at $2 billion that includes not just Beatles songs but some 750,000 other song titles.
Sony now has the right to buy Jackson’s half of the catalogue.
Comments
Chello Says
MJ, freak or not is not material at this point; MJ RIP.
This article, yet again, is filled with nothing substantive and aims at simply nothing more than limited media airtime.
The fact is clear, michael was a genious and in his death this will be even more evident.
The beatles had their chance to buy the company but didnt - tough luck.
MJ's children and his legacy will live beyond, but clearly some of you wont.
Refrence is also purposefully skewed towards the Beatles catalogue being equivallent to Sony Atv, which is not catagorically not representative of the current value and content of the sony atv; check out their website to get educated.
I want for the day when some of you and your children are hung to dry in the public eye on the the basis of allegations and see what your fate will be.
michael's blood is in your hands...
How to Jump Higher Says
7 million a year just from the royalties of the Beatles catalog *crazy*
I must agree with LB - screw a day of mourning, bring on the national day of education about child molestation instead.
His own sister was the only one who didn't want to sweep it under the table - but no one would listen...
Jackson was a creep.
Ben
CEO
http://idigibuzz.com
lb Says
To Marie...
In this country I believe we are blessed by the right to trial by jury. That guarantee is indeed special. But even the constitution cannot guarantee competent prosecution and reasonable conclusions reached by the jury. Read the transcripts of the trial, and read the depositions from the children. Not just the one involved in that trial, but the other children who never went to court because the parents were paid off. 11 yr. old children don't make that crap up...Do you have any children Marie? Oh, let me guess that you were pleased O.J. got off in the criminal trial. It's perfectly common for people to form opinions of the people who unjustifiably benefit from our system of justice. In some cases that is the only justice they will ever face.
As for the freak part....do a google image search and look at the pictures....that is a freak....
As for the drug abuse charge, it's not even a matter of debate..in a coupla weeks there will be a toxicology report, and how ya gonna spin that?
Oh wait...I know...."He was a victim...."
Marie Says
Hey "LB," the court could have used your under oath testimony. You knew he was a "freak, a drug abuser, and a child molester and you calmly sat by with all of your evidence and let this happen. For shame. You should have demanded that the prosecutor and judge look at all of your video, finger prints and hard core on the record evidence. The fact that you did not come forward under oath with all of this and stand up to examination and cross examination kind of makes you an accessory doesn't it? Or does it make your statements something else in deed. Especially from the anonymity of your computer and your home/office. Yeah...Even those who had the power of the state couldn't convict him. All they or you have is a small percentage of people who want to tar and feather him because of what's going on in your own mind. Talk with Rep. King of N.Y. Maybe you can get a job on his staff and accuser in chief or something...
lb Says
It all makes me want to puke....He was a freak, a drug abuser, and a child molester...and all these people who enabled him throughout his twisted life are crying now because their meal ticket unexpectedly evaporated...
Then we have these creeps like Al Sharpton, and Jesse the shakedown artist Jackson, who ultimately do harm to the image of Black people in America, calling for a "National Day of Mourning"...How about a national day of education about child molestation drug abuse instead?
dayo Says
it is dishearteningand @ same time we are sad.
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