Michael Jackson’s catalog is evidently in high demand to this day. 1982’s Thriller, for example, is one of the biggest-selling albums of all time and continues to do massive numbers to this day. That project alone is 30x platinum. The news comes on the heels of Lionsgate confirming a Michael Jackson biopic is in the works. With Jackson’s estate heavily involved, and his nephew Jaafar Jackson taking on the role of the pop star, the Antoine Fuqua-produced biopic will definitely rely on his biggest hits to convey the story accurately.
At a time when many artists are selling their catalogs for millions of dollars, Michael Jackson’s catalog would undoubtedly top the list. We’ve witnessed legacy acts like Bruce Springsteen agree to the sale of their catalog for half a billion. Meanwhile, Justin Bieber sold his catalog for roughly $200M. Even Lil Wayne sold the Young Money catalog – Drake and Nicki Minaj’s recordings included – to Universal Music Group for $100M.
An insider also told Variety that Primary Wave Music already owns a stake in Jackson's publishing catalog.
Jackson - who was dubbed 'The King Of Pop' - is one of the most successful music artists of all-time.
He has estimated sales of over 400million records worldwide in addition to having 13 Billboard Hot 100 number-one singles which is the third highest of any artist.
Jackson was also the first artist to have a top ten-single in the Billboard Hot 100 in five different decades.
If that already wasn't enough, he is also regarded as the highest-selling individual music artist of all time worldwide by the Recording Industry Association of America (RIAA).
Variety notes that Sony has been involved in some of the biggest previous known catalog deals including acquiring Bruce Springsteen's publishing and recorded-music catalogs for a combined price of $600million.
Insiders also say that the company paid $150-200million for Bob Dylan's rights to his recorded music catalog.
Sony and predecessor CBS were Jackson's recorded-music catalog throughout his entire solo career in addition to the latter years with his family group the Jackson 5.
Michael died in 2009 at age 50, due to a cocktail of sedatives leading to a cardiac arrest.
The biopic, which will be directed by Antoine Fuqua for Lionsgate, will be produced by GK Films and also John Branca and John McClain, who are co-executors of Michael Jackson's estate.
Jaafar shared his gratitude at getting the role via his Twitter account, along with a black and white photo of himself dressed like his famous late uncle. The Thriller singer has also been the focus of controversy for decades and even more so in recent years.
According to Deadline the new biopic will cover the span of Jackson's life from his childhood with The Jackson Five right through to the civil and criminal lawsuits before his death at the age of 50 in 2009.
Joe Drake, chair of the Lionsgate Motion Picture Group, said in a statement, 'I am very excited that Lionsgate will be part of this epic film, and thrilled to be working with Graham, who has proven success in telling iconic life stories, from Bohemian Rhapsody to Ali; when combined with John, we couldn't be in more extraordinary hands.'
With the Jackson family's involvement in the project, it's unclear how the film will include the allegations. Here's what we're hearing ... there appears to be talks underway between the estate and Sony. When you think about it, Sony makes a lot of sense ... it's Mike's long-term label.
This is a distinction from other huge catalog sales that have gone down -- including from guys like Bruce Springsteen, Bob Dylan, Justin Bieber and more. Those deals, didn't even come close to what's potentially at play for Michael's stuff ... and they also relinquished virtually all say over how the work can be used by their new corporate owners.
Springsteen's catalog went for $500 million, and Justin Bieber's went for $200 mil ... again, that for total ownership.
The details surrounding the sale aren’t clear, including the possible financial partner working with Sony Music on the acquisition. However, it’ll undoubtedly pay off big time. The sale possibly includes 50% of MJ’s publishing, revenue from recorded music, MJ: The Musical broadway show, and the upcoming biopic. However, others suggest other assets are involved in the sale. Still, Primary Wave Music reportedly owns Jackson’s stake in his publishing catalog.
You could imagine that Michael Jackson’s catalog would be well worth the price tag attached to it, even for 50%. However, sources close to MJ’s estate told TMZ that they would never sell the catalog outright. The only way a 50/50 deal would work is if his estate retained 100% management and control. Still, working alongside Sony Music on the deal only makes sense. After all, that was Michael’s long-time label throughout his solo career. If these MJ talks manifest, it would easily be the biggest blockbuster sale ever -- which speaks to just how popular and in demand Michael continues to be to this day.
There's a lot of MJ news coming out right now -- in addition to this industry-setting power play in the works ... there's a biopic in the works, for which the estate is deeply involved.
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