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Cash-strapped King Of Pop Michael Jackson may be forced to unload his share of pop's most treasured jewels -- the Beatles' song catalogue.
Jackson scooped away the rights to the Beatles' song publishing in 1985 from pal Paul McCartney, who had hoped to buy back the rights to his own songs. Jackson was later forced to sell half the asset to Sony Music in 1991 for $100 million.
Now time has run out on Jackson, who may now be forced to sell his remaining 50% stake in modern music's most valued song collection. Fox News said Sony Music Publishing President Richard Rowe has been in constant contact with the Jackson camp urging him to sell off his share of the Fab Four songs.
The report said Jackson has, in recent years, borrowed $200 million from various lenders, to pay off his legal debts and high lifestyle. Sony backed those loans, on the condition that Jackson use as collateral his remaining ownership stake in the songs of Paul McCartney and John Lennon.
The catalogue has been valued at between $400 and $600 million. Jackson purchased it for $47.5 million from Sir Lew Grade in 1985, the report said.
Fox said "Yesterday" remains one of the most-played songs in radio history. "Let It Be," "Michelle," "Hey Jude," "And I Love Her" and "Penny Lane" are all ranked at the top of BMI's list of songs that have been aired more than three million times. Fourteen more Lennon-McCartney compositions have been aired more than two million times, followed by about 20 Beatles songs in the million-airs club.
Jackson's strategy had been for his long-delayed album "Invincible" to rescue him from these financial pressures. But the album has sold less than two million copies, and given the years he spent working on the project, his chances of recouping on those sales is unlikely.
In hindsight, Jackson's decision to use the catalogue as collateral with Sony may not have been a shrewd move. Sony stood to profit by snagging the Beatles songs, and Jackson's best hope at hanging on to the songs was through the success of "Invincible" -- an album whose sales depended on Sony's support. So in theory, if "Invincible" fails, Sony stands to profit with the Fab Four songs, creating the appearance of a potential conflict of interest for the company.
Sony's fiscal year ends March 31, so there's an incentive to conclude the transaction by then, Fox said.
Meanwhile, the New York Post reports that Jackson will announce a North American tour within the next two weeks, his first in close to 10 years. And despite reports that Jackson would leave Epic (the Sony division for whom he records), a label source told the Post Jackson still owes the company two more albums, and they intend to hold him to that commitment.
Jackson scooped away the rights to the Beatles' song publishing in 1985 from pal Paul McCartney, who had hoped to buy back the rights to his own songs. Jackson was later forced to sell half the asset to Sony Music in 1991 for $100 million.
Now time has run out on Jackson, who may now be forced to sell his remaining 50% stake in modern music's most valued song collection. Fox News said Sony Music Publishing President Richard Rowe has been in constant contact with the Jackson camp urging him to sell off his share of the Fab Four songs.
The report said Jackson has, in recent years, borrowed $200 million from various lenders, to pay off his legal debts and high lifestyle. Sony backed those loans, on the condition that Jackson use as collateral his remaining ownership stake in the songs of Paul McCartney and John Lennon.
The catalogue has been valued at between $400 and $600 million. Jackson purchased it for $47.5 million from Sir Lew Grade in 1985, the report said.
Fox said "Yesterday" remains one of the most-played songs in radio history. "Let It Be," "Michelle," "Hey Jude," "And I Love Her" and "Penny Lane" are all ranked at the top of BMI's list of songs that have been aired more than three million times. Fourteen more Lennon-McCartney compositions have been aired more than two million times, followed by about 20 Beatles songs in the million-airs club.
Jackson's strategy had been for his long-delayed album "Invincible" to rescue him from these financial pressures. But the album has sold less than two million copies, and given the years he spent working on the project, his chances of recouping on those sales is unlikely.
In hindsight, Jackson's decision to use the catalogue as collateral with Sony may not have been a shrewd move. Sony stood to profit by snagging the Beatles songs, and Jackson's best hope at hanging on to the songs was through the success of "Invincible" -- an album whose sales depended on Sony's support. So in theory, if "Invincible" fails, Sony stands to profit with the Fab Four songs, creating the appearance of a potential conflict of interest for the company.
Sony's fiscal year ends March 31, so there's an incentive to conclude the transaction by then, Fox said.
Meanwhile, the New York Post reports that Jackson will announce a North American tour within the next two weeks, his first in close to 10 years. And despite reports that Jackson would leave Epic (the Sony division for whom he records), a label source told the Post Jackson still owes the company two more albums, and they intend to hold him to that commitment.
Poor Michael. . . 
For him, that would be poverty. Cry me a river, it's not that bad.
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