Michael Jackson Estate, David Geffen Part of Sony-Led Consortium Buying EMI Publ

[PureLove]

Michael Jackson Estate, David Geffen Part of Sony-Led Consortium Buying EMI Publishing for $2.2 Billion

It's official: An investment group led by Sony Corp. has signed a definitive purchase agreement to acquire EMI Music Publishing for $2.2 billion from Citigroup.

In addition to Sony Corp. of America, the investment group is comprised of the estate of Michael Jackson; Mubadala Development Company PJSC; Jynwel Capital Limited; the Blackstone Group's GSO Capital Partners LP; and David Geffen. The transaction is subject to certain closing conditions, including regulatory approvals.

Following the acquisition, Sony/ATV Music Publishing will help oversee EMI Music Publishing on behalf of the Group. A source says that there will be shared services for the two companies, while another sources speculates that A&R might remain separate.

Rob Wiesenthal, Chief Financial Officer, Sony Corporation of America, said in a statement: "EMI Music Publishing is an iconic company with legendary copyrights and world-class executive talent.

This transaction reinforces our strategy of building the operational breadth of Sony/ATV Music Publishing while tapping the extraordinary expertise and experience of Marty Bandier and his management team."

Martin Bandier, chairman and CEO of Sony/ATV Music Publishing, who headed up EMI Music Publishing for many years before coming to Sony/ATV added in a statement. "I am excited to be reunited with the incredible songs, writers and people of a company I helped build. Our track record at Sony/ATV over the past four years demonstrates our ability to build a strong platform that sustains significant growth. The opportunity represented by this transaction is both transformative for Sony/ATV and a truly special moment for me, personally."

EMI Music Publishing is a world-leading popular music publisher with a vast collection of musical compositions and a roster of highly talented songwriters. The business represents and administers one of the world's most comprehensive and diverse catalogs of over 1.3 million music copyrights covering all genres, periods and territories of the world.

EMI Music Publishing represents artists and songwriters like Beyoncé, Drake, Jay-Z, Norah Jones, Alicia Keys, P!nk, Rihanna, Usher, Kanye West, Pharrell Williams, Tinie Tempah, Duffy, Arcade Fire, Alan Jackson and Lady Antebellum's Hillary Scott. It also holds the rights to some of the greatest Motown hits from the 1960s, including "Baby Love," "Heard It Through the Grapevine," and "My Girl," as well as other timeless classics, such as "Bohemian Rhapsody," "Every Breath You Take" and "You've Got a Friend." Its catalog is home to a wide range of film and TV scores, including some of the most recognizable songs of all time such as "New York, New York," "Over the Rainbow" and "Have Yourself A Merry Little Christmas."

Citi Global Banking acted as financial advisor to Citi and EMI. Clifford Chance LLP, Shearman & Sterling LLP and Freshfields Bruckhaus Deringer LLP acted as legal advisors to Citi and EMI. The Raine Group, Peter J. Solomon Company, UBS Investment Bank, and Guggenheim Securities, LLC acted as financial advisors to the Group. UBS Investment Bank acted as sole lead arranger of the senior credit facilities. Dewey & LeBoeuf LLP and Weil, Gotshal & Manges LLP acted as legal advisors to the Group.

http://www.hollywoodreporter.com/news/emi-sony-michael-jackson-david-geffen-260726

[PureLove]

 :shock: Okayyyy... Now this is interesting to say the least!

[PureLove]

Sony-Led Group Officially Buys EMI Publishing From Citi

Updating an earlier post, Citigroup has officially agreed to sell EMI's publishing arm to a group of investors led by Sony for $2.2 billion.

According to the statement just issued by Sony, the group includes billionaire David Geffen, Mubadala Development Company, PJSC Jynwel Capital Limited, the Blackstone Group's GSO Capital Partners LP and the estate of Michael Jackson, which co-owns the Sony/ATV music catalog.

It's expected that Sony/ATV, led by former EMI CEO Marty Bandier, will oversee the catalog.

"EMI Music Publishing has some of the best songs and artists in the world," said Bandier in the statement. "I am excited to be reunited with the incredible songs, writers and people of a company I helped build. Our track record at Sony/ATV over the past four years demonstrates our ability to build a strong platform that sustains significant growth. The opportunity represented by this transaction is both transformative for Sony/ATV and a truly special moment for me, personally."

Vivendi's Universal Music Group bought EMI's recorded music assets for $1.9 billion earlier today.

http://www.forbes.com/sites/zackomalleygreenburg/2011/11/11/sony-led-group-officially-buys-emi-publishing-from-citi/

[Jennie]

Can someone explain to me what this means exactly? Is that Michael's catalog that is being sold? I really dont understand very well the industry and how it works.

[anewfan]

Can someone explain to me what this means exactly? Is that Michael's catalog that is being sold? I really dont understand very well the industry and how it works.

I took it to mean that MJ's Estate & Sony will become even richer by buying EMI.

[Jennie]

Can someone explain to me what this means exactly? Is that Michael's catalog that is being sold? I really dont understand very well the industry and how it works.

I took it to mean that MJ's Estate & Sony will become even richer by buying EMI.

Oh, ok thank you :)

[anewfan]

Can someone explain to me what this means exactly? Is that Michael's catalog that is being sold? I really dont understand very well the industry and how it works.

I took it to mean that MJ's Estate & Sony will become even richer by buying EMI.

Oh, ok thank you :)

You are welcome.

[PureLove]

Can someone explain to me what this means exactly? Is that Michael's catalog that is being sold? I really dont understand very well the industry and how it works.

I took it to mean that MJ's Estate & Sony will become even richer by buying EMI.

YEP.   :mrgreen:

[pepper]

"Sony-EMI Deal Reunites the Jackson 5 with Michael Jackson"

Zack O'Malley Greenburg, Forbes Staff/ 11/14/2011 @ 6:24PM

In the years after Michael Jackson became an international superstar, the song "I Want You Back" took on a new, reflexive sort of meaning for him.

Flush with cash from the stratospheric success of his solo career, Jackson thought seriously about buying the publishing rights to some of the songs he'd recorded years earlier as a member of the Jackson 5–including "I Want You Back," one of hundreds in Motown's Jobete catalog, then owned by the legendary Berry Gordy and his sister. Despite serious interest from Jackson, who was "like a son" to Gordy, the music mogul sold a 50% stake in the catalog to EMI for $132 million in 1997.

But dreams often take a lifetime to achieve, and the King of Pop seems to have realized this one posthumously. On Friday, a Sony-led team of investors purchased EMI's entire publishing catalog for $2.2 billion. The group includes billionaire David Geffen, the Blackstone Group's GSO Capital Partners LP, and none other than the estate of Michael Jackson (its stake is nested within Sony's 38% share of EMI, according to sources close to the negotiations).

http://www.forbes.com/sites/zackomalleygreenburg/2011/11/14/sony-emi-deal-reunites-jackson-5-songs-with-michael-jackson/

[curls]

'Takeover' anyone?