“The entertainment businesses have long been a core part of Sony and are a key driver of our future growth,” Hirai said in a statement. “This agreement further demonstrates Sony’s commitment to the entertainment businesses and our firm belief that these businesses will continue to contribute to our success for years to come.”
"These businesses will continue to contribute to our success for years to come." John Branca and John McClain, co-executors of the Jackson estate, said the deal "further validates Michael's foresight and genius in investing in music publishing". Sony's control over the joint venture that Michael Jackson and Sony formed in 1995. Jackson had bought ATV a decade earlier from Australian businessman Robert Holmes a Court, outbidding Beatles singer Paul McCartney.
Sony said in a statement that the company and the singer's estate expect to execute a definitive agreement by March 31.
Sony Corporation is a Japanese multinational conglomerate corporation headquartered in Kōnan Minato, Tokyo, Japan. Its diversified business includes consumer and professional electronics, gaming, entertainment and financial services. The company is one of the leading manufacturers of electronic products for the consumer and professional markets. Sony is ranked 116th on the 2015 list of Fortune Global 500.
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