Michael Jackson estate 'nearing sale' of iconic music catalog 'in the $800 to ... trends now
Michael Jackson's estate is nearing a sale of his iconic music catalog in the $800 to $900million range according to a new report.
The late King of Pop's career work will be sold for just under a billion dollars according to three sources for Variety on Tuesday.
Their insiders claim that Sony and a possible financial partner are negotiating to acquire 50percent of the estate's interest in Jackson's publishing and recorded music revenues.
The publication also reports that other alleged assets included are the MJ: The Musical Broadway show and upcoming biopic Michael though details remain unclear.
The potential deal would be the biggest deal to date in the booming music catalog market as Justin Bieber just sold his for $200million last month.
Big money: Michael Jackson's estate is nearing a sale of his iconic music catalog in the $800 to $900million range according to a new report from Variety, he is pictured in Santa Maria back in 2005
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
