Sony/ATV Music Publishing, the joint venture owned by Sony and Michael Jackson, the owners of the rights to the majority of The Beatles music catalog has denied newspaper stories that The Beatles catalogue would soon be available on iTunes.
A spokeswoman for Sony/ATV Music Publishing said that the reports are "untrue."
Showing posts with label Beatles. Show all posts
Showing posts with label Beatles. Show all posts
Tuesday, March 11, 2008
Monday, August 06, 2007
All You Need Is Love
Beatles fans are venting their spleens on message boards across the net, in response to a decision by Sony/ATV Music Publishing to sell the rights to use the Beatles song "All You Need is Love" to Procter and Gamble for use in an advert for nappies.
Procter & Gamble has purchased the rights to use the song from Sony/ATV Music Publishing, which owns Northern Songs, the Beatles' catalogue.
This is a joint venture with Michael Jackson, who originally bought the songs. The company does not need permission from Sir Paul McCartney, Ringo Starr or the widows of John Lennon and George Harrison to licence a Beatles lyric.
Beatles fans are calling for a protest campaign to stop the advert.
The ad features a baby jumping on a teddy bear in a disposable nappy which offers "ultimate leak protection", while a Beatles copy band sings All You Need Is Luvs.
A storm in a teacup, as far as I can see.
Procter & Gamble has purchased the rights to use the song from Sony/ATV Music Publishing, which owns Northern Songs, the Beatles' catalogue.
This is a joint venture with Michael Jackson, who originally bought the songs. The company does not need permission from Sir Paul McCartney, Ringo Starr or the widows of John Lennon and George Harrison to licence a Beatles lyric.
Beatles fans are calling for a protest campaign to stop the advert.
The ad features a baby jumping on a teddy bear in a disposable nappy which offers "ultimate leak protection", while a Beatles copy band sings All You Need Is Luvs.
A storm in a teacup, as far as I can see.
Tuesday, March 20, 2007
Beatles Not For Sale
Despite recent media rumours, Michael Jackson is not interested in selling his stake in the Beatles' catalogue.
That at least is the reality according to Jackson's spokesperson, Raymone K. Bain:
"There is no truth to the rumor that Michael Jackson will be selling his Beatles catalogue...period..not back to Paul McCartney, or any other individual or entity. He has no intention, or interest, in selling his catalogue."
The question therefore arises, how does Michael Jackson intend to resolve his financial "difficulties"?
That at least is the reality according to Jackson's spokesperson, Raymone K. Bain:
"There is no truth to the rumor that Michael Jackson will be selling his Beatles catalogue...period..not back to Paul McCartney, or any other individual or entity. He has no intention, or interest, in selling his catalogue."
The question therefore arises, how does Michael Jackson intend to resolve his financial "difficulties"?
Thursday, April 13, 2006
Jackson Tries To Stave Off Bankruptcy
Michael Jackson is allegedly close to cutting a deal that would stave off his imminent bankruptcy.
It is reported that he will agree to give up a part of his a song catalogue that includes Beatles' hits to the Sony Corporation, it is estimated that Jackson's share is worth around $500M.
Jackson used his stake in the catalogue as part of the collateral for $270M in loans from Bank of America. Bank of America then sold the loans in 2005 to Fortress Investment Group, a New York-based investment company that buys distressed debt.
As part of the new agreement, Fortress has agreed to provide a new $300M loan and reduce the interest payments.
Jackson has reportedly agreed to provide Sony with an option to buy half of his stake at a set price.
We shall see.
It is reported that he will agree to give up a part of his a song catalogue that includes Beatles' hits to the Sony Corporation, it is estimated that Jackson's share is worth around $500M.
Jackson used his stake in the catalogue as part of the collateral for $270M in loans from Bank of America. Bank of America then sold the loans in 2005 to Fortress Investment Group, a New York-based investment company that buys distressed debt.
As part of the new agreement, Fortress has agreed to provide a new $300M loan and reduce the interest payments.
Jackson has reportedly agreed to provide Sony with an option to buy half of his stake at a set price.
We shall see.
Wednesday, December 21, 2005
Debt Default Negotiations
Lawyers for Michael Jackson and Fortress Investment Group, Jackson's creditor, are in talks to keep Jackson from defaulting on $200M of loans secured on his 50% holding in the Beatles' song catalogue (worth $500M).
Jackson technically defaulted on the loans yesterday.
Brent Ayscough, a lawyer for Jackson, said that representatives for both parties were working to renegotiate terms of the loans; to give Jackson more time to avoid default.
Jackson technically defaulted on the loans yesterday.
Brent Ayscough, a lawyer for Jackson, said that representatives for both parties were working to renegotiate terms of the loans; to give Jackson more time to avoid default.
Monday, December 19, 2005
On The Edge of Ruin
Michael Jackson faces losing Neverland and his share of the Beatles song catalogue this week, unless he pays some of the money that he owes Fortress Investments.
Fortress Investments are reportedly going to move against Jackson's assets tomorrow, unless he comes up with repayments to cover a loan worth £152M that it acquired from Bank of America last May after he failed to make a $350K repayment the previous month.
Fortress Investments are reportedly going to move against Jackson's assets tomorrow, unless he comes up with repayments to cover a loan worth £152M that it acquired from Bank of America last May after he failed to make a $350K repayment the previous month.
Friday, December 09, 2005
Jackson Faces Foreclosure
It is reported that Michael Jackson has two weeks two to fend off a $270M foreclosure, or face losing Neverland and his Sony Beatles music catalogue.
His "friends" say that he faces ruin because he listened to the wrong people.
Evidently Jackson took out two loans, one for $200M and the other $70M, which were secured on Neverland and the Beatles catalog.
It seems that he defaulted on the $70M loan in April, then worked out a payment plan with Fortress Investments. However, Jackson defaulted again in October and foreclosure will happen on December 20th.
Jackson has also reportedly failed to make payments on a $2.2M second mortgage he took out on his parents' mansion, which is also now facing foreclosure.
Given his financial predicament, it is hardly surprising that he is planning to re-release his old hits at the rate of one a week.
His "friends" say that he faces ruin because he listened to the wrong people.
Evidently Jackson took out two loans, one for $200M and the other $70M, which were secured on Neverland and the Beatles catalog.
It seems that he defaulted on the $70M loan in April, then worked out a payment plan with Fortress Investments. However, Jackson defaulted again in October and foreclosure will happen on December 20th.
Jackson has also reportedly failed to make payments on a $2.2M second mortgage he took out on his parents' mansion, which is also now facing foreclosure.
Given his financial predicament, it is hardly surprising that he is planning to re-release his old hits at the rate of one a week.
Tuesday, July 12, 2005
Michael Jackson Sued
It seems that the trials of Michael Jackson have not ended.
It is reported that Prescient Acquisition Group, a financial company that specialises in asset acquisitions, has sued Jackson for an alleged sum owing of $48M relating to fees for rescuing Jackson's stake in the publishing rights to songs by the Beatles.
The firm alleges that Jackson enlisted it last November, to provide financial advice and to secure refinancing of a $272M debt to Bank of America.
The suit says that the financing group arranged $537M in financing, this was enough for Jackson to pay off the debt and exercise an option to buy the remaining 50% of the Beatles library he didn't already own.
It is reported that Prescient Acquisition Group, a financial company that specialises in asset acquisitions, has sued Jackson for an alleged sum owing of $48M relating to fees for rescuing Jackson's stake in the publishing rights to songs by the Beatles.
The firm alleges that Jackson enlisted it last November, to provide financial advice and to secure refinancing of a $272M debt to Bank of America.
The suit says that the financing group arranged $537M in financing, this was enough for Jackson to pay off the debt and exercise an option to buy the remaining 50% of the Beatles library he didn't already own.
Monday, July 11, 2005
Michael Jackson Urged To Donate To Live8
Michael Jackson is being urged to donate his share of the profits from the Live 8 concerts to charity.
Paul McCartney played Sgt Pepper's Lonely Hearts Club Band, Get Back, Drive My Car, Helter Skelter, The Long And Winding Road and Hey Jude at the London portion of Live 8.
Since Jackson owns the rights to all Beatles songs, he would have earned money on McCartney's performance, and the subsequent sales of Beatles songs.
This may be a hard call for Jackson, as the profits would go quite some way to clearing his debts.
At the end of the day he will make a calculation; take the profits now, or give them away in the expectation that the giveaway will earn him larger future profits by rebuilding his brand.
Paul McCartney played Sgt Pepper's Lonely Hearts Club Band, Get Back, Drive My Car, Helter Skelter, The Long And Winding Road and Hey Jude at the London portion of Live 8.
Since Jackson owns the rights to all Beatles songs, he would have earned money on McCartney's performance, and the subsequent sales of Beatles songs.
This may be a hard call for Jackson, as the profits would go quite some way to clearing his debts.
At the end of the day he will make a calculation; take the profits now, or give them away in the expectation that the giveaway will earn him larger future profits by rebuilding his brand.
Tuesday, June 14, 2005
The Future
With the not guilty verdict delivered in the Michael Jackson trial, thoughts are now focused on what the future holds for Jackson.
It is widely assumed that Jackson is in serious financial trouble. Despite the fact he is not guilty, his brand image has been severely tarnished by the case. Therefore it will not be easy for him to simply "go back to work" as normal.
It is widely assumed that he may have to sell his share of the Beatles music collection, in order to pay off debts (legal fees alone are thought to top $20M).
His liabilities are estimated to exceed his assets by around $60M.
In addition to holding a "fire sale", he needs to work to earn a living. One option is that he could go on the "Vegas" circuit, a lucrative earner for stars whose popularity is on the wane.
His priority is now to rebuild the brand.
It is widely assumed that Jackson is in serious financial trouble. Despite the fact he is not guilty, his brand image has been severely tarnished by the case. Therefore it will not be easy for him to simply "go back to work" as normal.
It is widely assumed that he may have to sell his share of the Beatles music collection, in order to pay off debts (legal fees alone are thought to top $20M).
His liabilities are estimated to exceed his assets by around $60M.
In addition to holding a "fire sale", he needs to work to earn a living. One option is that he could go on the "Vegas" circuit, a lucrative earner for stars whose popularity is on the wane.
His priority is now to rebuild the brand.
Wednesday, June 08, 2005
Money Troubles
Michael Jackson's trial has weighed heavily on his purse strings.
Whatever the verdict, it is likely that his career will have taken a very large knock back.
It remains to be seen as to what he will do, if he is acquitted. As such the question is being raised, by those in the music industry, as to whether he will have to sell his share of the Beatles' music catalogue.
Jackson bought the publishing rights to the catalogue for about $48M in the 1980's.
The ownership of the songs is split between Jackson and Sony Corporation.
Owen Sloane, an entertainment lawyer who was involved in the original 1985 deal, is quoted in the media as saying:
"I've heard the rumors he's trying to raise cash and Sony probably would have the right of first refusal and would be first in line to buy if he chose to sell".
Accountant John Duross O'Bryan testified for the prosecution at Jackson's trial that Jackson has borrowed approximately $200M against his holdings, and not paid his share of Sony's continuing investment.
It is reported that these loans, first provided by Bank of America, were sold in the past month to Fortress Investment Group.
It seems that, if Jackson is acquitted, he will have to find ways to earn money. A serious rebranding exercise is needed, coupled with a dramatic change of lifestyle.
Whatever the verdict, it is likely that his career will have taken a very large knock back.
It remains to be seen as to what he will do, if he is acquitted. As such the question is being raised, by those in the music industry, as to whether he will have to sell his share of the Beatles' music catalogue.
Jackson bought the publishing rights to the catalogue for about $48M in the 1980's.
The ownership of the songs is split between Jackson and Sony Corporation.
Owen Sloane, an entertainment lawyer who was involved in the original 1985 deal, is quoted in the media as saying:
"I've heard the rumors he's trying to raise cash and Sony probably would have the right of first refusal and would be first in line to buy if he chose to sell".
Accountant John Duross O'Bryan testified for the prosecution at Jackson's trial that Jackson has borrowed approximately $200M against his holdings, and not paid his share of Sony's continuing investment.
It is reported that these loans, first provided by Bank of America, were sold in the past month to Fortress Investment Group.
It seems that, if Jackson is acquitted, he will have to find ways to earn money. A serious rebranding exercise is needed, coupled with a dramatic change of lifestyle.
Sunday, May 08, 2005
Jackson's Debt Sold
It is reported that the Bank of America has sold Michael Jackson's loans, totalling $270M, to Fortress Investment Group, a New York-based private hedge fund.
The collateral for the loans includes Mijac, which owns Jackson's song catalogue, and his 50% stake in Sony/ATV Music Publishing, which owns the Beatles' catalogue.
The collateral for the loans includes Mijac, which owns Jackson's song catalogue, and his 50% stake in Sony/ATV Music Publishing, which owns the Beatles' catalogue.
Wednesday, May 04, 2005
A Job For Forensics
John Duross O'Bryan, a forensic accountant, gave testimony in the Michael Jackson child molestation trial yesterday.
He claims that his investigations have revealed that Jackson was burning cash at the rate of some $20M to $30M more than he earned per annum.
That's quite a cash burn!
Needless to say the defence team argued that Jackson's financial health was not on trial. The prosecution contend that the depth of Jackson's financial troubles made him desperate, so desperate in fact, that he resorted to conspiracy to kidnap the Arvizos in order to prop up his finances.
O'Bryan used his skills to trace Jackson's assets and liabilities from 1999 to 2004.
One balance sheet, from June 30, 2002, showed Jackson with a negative net worth of minus $285M. Jackson had assets of $130M, but his liabilities were $415M.
O'Bryan testified that he warned Jackson that he might have to sell off his two greatest assets, the catalogue of his own songs and the Sony-ATV catalogue which contains rights to the works of numerous other artists including the Beatles.
However, according to O'Bryan, even if Jackson sold all his assets it may be that he would still owe Sony around $40M.
O'Bryan testified that Jackson owes the Bank of America at least $235M on a loan and a line of credit.
The funny thing about banks is that the more that you owe them, the nicer they are to you.
He claims that his investigations have revealed that Jackson was burning cash at the rate of some $20M to $30M more than he earned per annum.
That's quite a cash burn!
Needless to say the defence team argued that Jackson's financial health was not on trial. The prosecution contend that the depth of Jackson's financial troubles made him desperate, so desperate in fact, that he resorted to conspiracy to kidnap the Arvizos in order to prop up his finances.
O'Bryan used his skills to trace Jackson's assets and liabilities from 1999 to 2004.
One balance sheet, from June 30, 2002, showed Jackson with a negative net worth of minus $285M. Jackson had assets of $130M, but his liabilities were $415M.
O'Bryan testified that he warned Jackson that he might have to sell off his two greatest assets, the catalogue of his own songs and the Sony-ATV catalogue which contains rights to the works of numerous other artists including the Beatles.
However, according to O'Bryan, even if Jackson sold all his assets it may be that he would still owe Sony around $40M.
O'Bryan testified that Jackson owes the Bank of America at least $235M on a loan and a line of credit.
The funny thing about banks is that the more that you owe them, the nicer they are to you.
Sunday, April 17, 2005
Selling The Family Silver
Michael Jackson is reportedly on the verge of bankruptcy, the costs of his trial may push him over the edge.
Such is the financial pressure, that he is reportedly considering selling a large part of his holdings of the publishing rights to the Beatles catalogue. These originally cost him $47M, and are now thought to be worth in the region of $500M.
Jackson is rumoured to owe the Bank of America $270M, he will soon have to find a way to pay that debt off.
Such is the financial pressure, that he is reportedly considering selling a large part of his holdings of the publishing rights to the Beatles catalogue. These originally cost him $47M, and are now thought to be worth in the region of $500M.
Jackson is rumoured to owe the Bank of America $270M, he will soon have to find a way to pay that debt off.
Monday, March 21, 2005
Jackson In Financial Doo-Doo
It is reported that Michael Jackson made a secret deal to mortgage his entire back catalogue of his own songs, including Billie Jean and Beat It, for $60M.
Seemingly Jackson is "on the precipice of bankruptcy", and borrowed the money two years ago in order to pay off his debts and continue living in "fantasy land".
However, as all good accountants will tell you, by using up all his past assets to fund future spending Jackson is now on the financial "edge"; he does not have a future income on which to live.
I would have thought that would worry his legal team; I doubt that they are prepared to work "pro bono" for very long.
Jackson has faced financial woes before. In 1999 he borrowed $130M, using his catalogue of Beatles hits that he bought in 1985. Jackson then went on to borrow $90M in 2001 and a further $60M in 2003.
The prosecution allege that Jackson has debts of about $320M. Not least, he reportedly owes the IRS $150M.
These revelations come in a forthcoming book "We Made It Up As We Went Along", by Paul Russell a music industry boos who has worked with Jackson.
Russell is quoted as saying:
"While Michael may still have considerable assets, he has a serious cashflow problem...He first borrowed against the value of the Beatles catalogue in 1999 and since then he has just kept on borrowing..His problem is he still is living the lifestyle of a superstar whose records sell 40m copies, like in the Thriller days. The pie got smaller, but he was still spending..."
Russell then adds:
"Jackson was never a good businessman. I remember in the early days, just after he bought the Beatles catalogue, he was so enthusiastic and earnest about owning what he saw as part of music history. He wanted to be a guardian of the Beatles' memory, not make a fortune out of them..."
Seemingly Jackson is "on the precipice of bankruptcy", and borrowed the money two years ago in order to pay off his debts and continue living in "fantasy land".
However, as all good accountants will tell you, by using up all his past assets to fund future spending Jackson is now on the financial "edge"; he does not have a future income on which to live.
I would have thought that would worry his legal team; I doubt that they are prepared to work "pro bono" for very long.
Jackson has faced financial woes before. In 1999 he borrowed $130M, using his catalogue of Beatles hits that he bought in 1985. Jackson then went on to borrow $90M in 2001 and a further $60M in 2003.
The prosecution allege that Jackson has debts of about $320M. Not least, he reportedly owes the IRS $150M.
These revelations come in a forthcoming book "We Made It Up As We Went Along", by Paul Russell a music industry boos who has worked with Jackson.
Russell is quoted as saying:
"While Michael may still have considerable assets, he has a serious cashflow problem...He first borrowed against the value of the Beatles catalogue in 1999 and since then he has just kept on borrowing..His problem is he still is living the lifestyle of a superstar whose records sell 40m copies, like in the Thriller days. The pie got smaller, but he was still spending..."
Russell then adds:
"Jackson was never a good businessman. I remember in the early days, just after he bought the Beatles catalogue, he was so enthusiastic and earnest about owning what he saw as part of music history. He wanted to be a guardian of the Beatles' memory, not make a fortune out of them..."
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