An American multinational music company, Sony Music Group, has allegedly paid at least $600 million (£475 million) for half of Michael Jackson’s catalog.
This means that the singer’s musical assets are worth more than $1.2bn (£950m).
If accurate, the deal would also be the biggest ever for the work of a single musician.
Michael Jackson, who died in 2009 at the age of 50, is one of the most successful pop stars of all time, selling more than 400 million records worldwide.
According to Guinness World Records, his 1982 album, Thriller, is still the best-selling record of all time.
The King of Pop is also hugely popular on streaming services, with almost 40 million monthly listeners on Spotify.
His songs “Billie Jean” and “Beat It” have each been played more than one billion times on Spotify alone.
An upcoming film biopic starring Jackson’s nephew in the title role will also undoubtedly increase interest.
The back catalog deal is also reported to include tracks by other artists acquired by Jackson’s Mijac publishing group.
It would include hits by Ray Charles, Elvis Presley, and Aretha Franklin, while the sale would be arranged with the estate of Michael Jackson, who managed the late star’s affairs.
Artists selling their back catalogs claimed it was a big business since Bruce Springsteen reportedly made $500 million (£396 million), while Bob Dylan also received up to $450 million (£356 million).
Source: Ghana/MaxTV/MaxFM/max.com.gh/Joyceline Natally Cudjoe
