Estate reach agreement for Sony to acquire remaining half o

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Estate reach agreement for Sony to acquire remaining half o

Messaggio da soulmum » 28 giugno 2016, 11:28

Mon Jun 27, 2016 | 12:55 PM EDT
EU regulators to decide on Sony's Michael Jackson deal by Aug. 1

BRUSSELS - EU antitrust authorities will rule by Aug. 1 whether to allow Sony Corp (6758.T) to buy out the Michael Jackson estate's stake in its music publishing joint venture, a move which rivals such as Warner Music Group say gives Sony too much power.

Sony requested approval on June 24, according to a filing on the European Commission website. The EU competition enforcer can clear the deal unconditionally or demand concessions.

It can also open a five-month long investigation if it has serious concerns the deal may harm consumers and rivals.


Sony signed a deal in March to acquire the stake that the deceased pop star held in Sony/ATV Music Publishing, the world's largest music publisher, which owns copyrights to most of the Beatles' songs and songs by the Rolling Stones, Taylor Swift, Pharrell Williams and Kanye West.

Warner Music Group has conveyed its concerns to the Commission, a person familiar with the matter told Reuters, while lobbying group Impala which represents independent labels and national trade associations, has also done the same.

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Re: Estate reach agreement for Sony to acquire remaining hal

Messaggio da soulmum » 22 luglio 2016, 9:19

Further concerns over ‘transformative’ Sony/SonyATV transaction
As the European Commission reaches a key stage in its investigation into Sony's buy out of the Michael Jackson estate’s shares in Sony/ATV, independent music companies have renewed their appeal for a tough stance to be taken, IMPALA has stated. Describing the deal as “transformative”, IMPALA has voiced its concerns formally, writing to the commissioner for competition, Margrethe Vestager. IMPALA’s executive chair, Helen Smith, explained IMPALA’s position: “The Sony/ATV deal would have a transformative effect. The European Commission knows the situation and the solutions, having already identified concerns about the impact of Sony’s increased market power on prices, and other terms and conditions in the digital market." IMPALA would expect the European Commission to take a strict line this time around and open a detailed Phase 2 investigation. The Commission is now examining responses from customers and competitors and will deliver a verdict on August ,1 unless solutions are proposed to try and get the deal through in the first phase (this Friday July 22 is the deadline for Sony to propose solutions).

http://www.musicweek.com/digital/rea...july-21/065424



EMI Publishing shareholder named in major Malaysia corruption scandal
By Chris Cooke | Published on Thursday 21 July 2016


The boss of one of the private equity groups that invested in the Sony-led acquisition of EMI Music Publishing back in 2012 is caught up in a major corruption scandal involving the Malaysian government’s sovereign wealth fund.
The American authorities have accused various people linked to Malaysia’s state-owned investment fund – including, it seems, the country’s Prime Minister Najib Razak – of siphoning off over $3.5 billion of monies for their own means, including business ventures and lavish purchases like art and jewellery. The US is now seeking to seize assets in the region of $1 billion linked to the alleged fraud.

One of the key executives accused of involvement is Malaysian businessman Taek Jho Low – generally known as Jho Low – who has no formal role at the sovereign wealth fund, but who is allegedly deeply involved in its operations; though that’s something he denies.

Low’s private equity business Jynwel Capital was one of the vehicles that helped fund Sony’s $2.2 billion acquisition of EMI Music Publishing in 2012 and, according to his official biography, his involvement in that deal resulted in him becoming Non-Executive Chairman of the music publisher in Asia. But according to the Americans, the $106 million Low invested in the EMI songs business was misappropriated from Malaysia’s state fund.

A number of investors joined Sony and its long-term business partner, the Michael Jackson Estate, to acquire the songs side of EMI after Citigroup repossessed the British music major and put it up for sale in 2011. Although EMI Music Publishing technically remains a standalone business, with a different ownership structure, it operates as if it was a unit of Sony/ATV, Sony’s Music publisher.

The ownership of Sony/ATV is currently under the spotlight, of course, because Sony is trying to buy the Michael Jackson estate out that business, which would give Sony Corp complete ownership of the company, though that wouldn’t affect the ownership structure of EMI Music Publishing.

In sort of related news, pan-European indie labels trade group IMPALA has confirmed it has now submitted its objections to Sony taking complete control of Sony/ATV to the EU competition regulators who are considering the deal.

IMPALA wants the European Commission to instigate a fuller investigation into the acquisition, which would mean launching a phase two investigation – rather than approving the deal – at the start of next month. Sony has until tomorrow to propose remedies that might overcome the concerns IMPALA and others in the music publishing domain have raised, in a bid convince competition regulators to just green light the deal.

Says IMPALA boss Helen Smith: “The Sony/ATV deal would have a transformative effect. The European Commission knows the situation and the solutions, having already identified concerns about the impact of Sony’s increased market power on prices, and other terms and conditions in the digital market. Brussels has set a limit on how much power Sony should have and it now needs to enforce it”.

If Sony’s deal were to get blocked, perhaps bosses there could see if their mate Low has any more (allegedly) shady Malaysian cash in his pot to buy out the Jackson Estate instead.

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Re: Estate reach agreement for Sony to acquire remaining hal

Messaggio da soulmum » 26 luglio 2016, 16:16

Chairman at EMI involved in $3.5 billion scandal invested money in Sony’s EMI buyout
Jacca-RouteNotein Artist / Label News July 25, 2016

American authorities are currently investigating a scandal in which $3.5 billion of Malaysia’s government sovereign wealth was misappropriated, involving an investor involved in Sony’s buyout of EMI.

In 2012 Sony made a deal that put them into a position as possibly the most powerful record label in the world. The “big four” record labels became three when Sony bought EMI Music Publishing for $2.2 billion. As such a monumental deal, with massive influence over the music industry as a whole any scandal involved in it’s purchase could result in major repercussions.

With that said, Malaysian businessman and EMI chairman Taek Jho Low is currently under suspect as a large player in a scandal involving over $3.5 billion of Malaysia’s state owned investment fund being taken for personal gains. Although not formally involved in the sovereign wealth fund, Jho Low is suspected to have been deeply involved in the scandal which saw money taken for personal business investments and luxury items like jewels and art.

Jho Low’s involvement is particularly interesting because it’s thought, by American authorities trying to seize wrongful gains, that the $106 million Low and his business Jynwel Capital invested in EMI were poached from Malaysia’s sovereign fund. Jho Low admits in his official biography that his involvement in Sony’s massive acquisition led to his position as a chairman of EMI in Asia.

Although EMI remains it’s own entity since their buyout they operate under Sony/ATV, a publishing branch of Sony’s business. The deal was made after EMI was put up for sale in 2011 when Citigroup repossessed the british major record label and was bought by Sony and their partner the Michael Jackson Estate, in conjunction with various investors like Jho Low.

Sony currently have attention focussed on them for reasons besides the Malaysia scandal, as they seek to buy the rest of the Michael Jackson estate. This would give Sony full power over the estate which controls Jackson’s own discography as well as major musical works by The Beatles and others. There are legal concerns that this would give Sony/ATV too much power in the music industry, though it’s expected Sony will still end up purchasing their stake in the Jackson estate.

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Re: Estate reach agreement for Sony to acquire remaining hal

Messaggio da soulmum » 2 agosto 2016, 9:52

Business | Mon Aug 1, 2016 1:24pm EDT Related: ENTERTAINMENT, DEALS, MUSIC
Sony wins unconditional EU approval for Michael Jackson deal



EU antitrust regulators on Monday cleared Sony Corp's bid to buy out Michael Jackson's stake in its music publishing joint venture, the world's largest with copyrights to the Beatles' songs and songs by Taylor Swift.

The European Commission said deal would not hurt competition in the recorded music and music publishing industries.

"The transaction will not materially increase Sony's market power vis-a-vis digital music providers compared to the situation prior to the merger," the EU competition enforcer said in a statement.

Rival Warner Music Group and independent labels had called the Commission to take a tough line with the deal because they feared it would give Sony too much power.

(Reporting by Foo Yun Chee. Editing by Jane Merriman)

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Re: Estate reach agreement for Sony to acquire remaining hal

Messaggio da soulmum » 3 agosto 2016, 8:23

Sony Corp's Michael Jackson estate buyout 'clearly wrong' says IMPALA



by Daniel Gumble August 2nd 2016 at 12:12PM

IMPALA has slammed the EU’s decision to allow Sony Corp to buyout the 50% stake of Sony/ATV owned by the Michael Jackson estate, labelling it as “clearly wrong.”

The controversial deal, which was approved last night, means that Sony Corp will now own the copyrights for music by The Beatles and acts like Taylor Swift outright.

Despite concerns that the deal would be anti-competitive, the European Commission stated: "The transaction will not materially increase Sony's market power vis-a-vis digital music providers compared to the situation prior to the merger."

Now, Impala has publicly slammed the decision, with the company's executive chair Helen Smith, stating: “This decision is clearly wrong. It goes against the EU's previous analysis of concentration in music, as well as the concerns raised during this market investigation.

“We will need to read the decision in full when published to understand properly why the Commission has allowed this transaction to go ahead – there is a fundamental flaw somewhere.”

Earlier this year, the Independent Music Publishers Forum, which represents independent music publishers worldwide, joined Warner Music Group and Impala in expressing its "concern" regarding the agreement between Sony Corp. and the estate of Michael Jackson for the purchase of the remaining shares of its catalogue in Sony/ATV.

For IMPF, the transaction worth an estimated $750m, would lead to a "concentration of catalogue in the hands of Sony ATV, a company which arguably holds some 30% of the music publishing market," and would "put further strain on pricing and give Sony/ATV even more negotiating power on deal terms with over the top companies in the music market."

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Re: Estate reach agreement for Sony to acquire remaining hal

Messaggio da soulmum » 1 ottobre 2016, 9:44

Okay so now it's officially done. So sad to see in many ways.




Sony Corporation and Jackson Estate Announce Closing of Sony's Purchase of Remaining 50% Interest in Sony/ATV Music Publishing



NEW YORK, Sept. 30, 2016 /PRNewswire/ -- Sony Corporation ("Sony") and the Estate of Michael Jackson ("the Estate"), today announced that following the satisfaction of applicable closing conditions, including the receipt of regulatory approvals, Sony Corporation of America ("SCA"), Sony's wholly owned subsidiary, has closed on the purchase of the remaining 50% interest in Sony/ATV Music Publishing LLC ("Sony/ATV") from the Estate. The agreement for this purchase was first announced on March 14, 2016.

As previously announced, the purchase calls for total payments of 750 million U.S. dollars, which includes a lump sum payment by SCA of approximately 733 million U.S. dollars, as well as distributions previously committed to by Sony/ATV to be paid to the Estate. The payment also reflects certain contractual and accounting adjustments related to the Sony/ATV joint venture and other commercial opportunities involving Sony and the Estate.

The purchase is not expected to have a material impact on Sony's forecast for its consolidated financial results for the fiscal year ending March 31, 2017.

The Estate noted that the transaction will not affect its continuing substantial interests in other music assets, including all of Michael Jackson's master recordings as well as Mijac Music, the publishing company that owns all of the songs written by Michael Jackson as well as songs by some of his favorite songwriters and artists that were acquired by Michael during his life. In addition, the Estate will also retain its ownership interest in EMI Music Publishing.

About Sony Corporation
Sony Corporation is a leading manufacturer of audio, video, game, communications, key device and information technology products for the consumer and professional markets. With its music, pictures, computer entertainment and online businesses, Sony is uniquely positioned to be the leading electronics and entertainment company in the world. Sony recorded consolidated annual sales of approximately $71 billion for the fiscal year ended March 31, 2016. Sony Global Web Site: http://www.sony.net/

About the Estate
Following in Michael's footsteps, the Estate of Michael Jackson continues to produce artistically exceptional and enormously successful ventures. "Michael Jackson's This is It" became the highest grossing music documentary of all time. A history making touring show produced in partnership with Cirque du Soleil, Michael Jackson THE IMMORTAL World Tour, played 4 continents, 157 cities, was seen by 3.7 million fans and became the #8 top grossing tour of all time. The second venture between the Estate and Cirque du Soleil, the critically acclaimed Michael Jackson ONE, a permanent show at Mandalay Bay Las Vegas, gave Cirque its biggest opening ever in Las Vegas and continues to be one of the top shows in the city. In 2014, The Estate astounded the world with the technical wizardry of a 'virtual Michael Jackson' performance during the Billboard Music Awards, which gave the show its biggest ratings in years and became the topic of conversation worldwide. That same year, Xscape, the second posthumous release of previously unreleased music by Michael Jackson, was released and became one of the top selling albums of 2014. Late last year, Thriller became the first album in RIAA Gold & Platinum Program history to be certified 30X multi-Platinum for U.S. sales, continuing The King of Pop's reign as the biggest selling artist of all time with worldwide sales of over 100 million for Thriller and 1 billion overall. Earlier this year, the Estate released the documentary MICHAEL JACKSON's Journey From Motown To Off The Wall, directed by Spike Lee. The documentary made its world premiere at the Sundance Film Festival on January 24, 2016, and its subsequent broadcast on SHOWTIME® became the channel's highest rated music documentary of all time and its second highest rated documentary ever.

About Sony/ATV Music Publishing
Sony/ATV Music Publishing, established in 1995 as a joint venture between Sony and Michael Jackson, is the world's leading music publisher. Together with EMI Music Publishing, Sony/ATV owns or administers more than 3 million copyrights including those from such iconic music catalogs like Leiber & Stoller, Mijac Music, Motown and Famous Music. Sony/ATV also controls many of the best known songs ever written like "New York, New York", "Hallelujah", "All You Need Is Love", "You've Got a Friend", "Moon River", "Jailhouse Rock", "The Mission Impossible Theme", "Ain't No Mountain High Enough", "Over the Rainbow", "Stand By Me", "I Heard It Through The Grapevine" and "Singin' in the Rain." In addition, Sony/ATV represents the copyrights of such legendary artists as The Beatles, Leonard Cohen, Bob Dylan, Marvin Gaye, Michael Jackson, Carole King, Kraftwerk, Joni Mitchell, Willie Nelson, Roy Orbison, Queen, The Rolling Stones, Richie Sambora, Sting, The Supremes, Wyclef Jean, Hank Williams and Stevie Wonder, among others. Its ever-growing list of chart-topping artists, writers and producers includes Akon, Avicii, Calvin Harris, Jessie J, Alicia Keys, Lady Gaga, P!nk, RedOne, Shakira, Ed Sheeran, Sam Smith, Stargate, Taylor Swift, Kanye West and Pharrell Williams.

SOURCE Sony Corporation of America
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