August 22, 2024
A California appeals court has given the green light for the executors of Michael Jackson’s estate to proceed with the sale of the late King of Pop’s catalogue to Sony Music Group, in a transaction expected to be the largest valuation of an artist’s music assets in history, estimated at between $1.2 billion and $1.5 billion.
The ruling rejected objections by Katherine Jackson, the singer’s mother, who had tried to block the sale, saying it violated her son’s living wishes because his catalogue would continue to increase in value over the years if preserved.
However, the court found that the executors, John Branca and John McClain, did not violate the terms of Michael Jackson’s will by proceeding with the sale.
“It granted the executors broad powers of sale, without exception for the specific assets at issue in this case,” the court wrote, The Hollywood Reporter reported. “Therefore, [un juez de primera instancia] “He was not wrong in concluding that it was Michael’s intention to allow the executors to sell any assets of the estate, including those at issue in the proposed transaction.”
Because Jackson’s executors have been under the supervision of a Los Angeles probate court since his death in 2009, the transaction had to be approved by Judge Mitchell Beckloff.
Earlier this year, Beckloff overruled Katherine Jackson’s objections, allowing the deal with Sony Music to go ahead. Her mother appealed the decision, but the recent appeals court ruling reaffirmed the validity of the sale.
“The proposed transaction is not a gift or distribution of the estate’s assets, but rather a sale of assets, pursuant to which the estate receives a significant monetary payment and an interest in a joint venture,” the court decision said.
“While the proposed transaction will result in the estate exchanging assets for cash and other valuable rights, it does not diminish the value of the estate or impair the executors’ future ability to transfer the estate’s assets to the trust,” he concluded.
