LOS ANGELES, March 15 (UPI) -- Sony will pay $750 million to buy Michael Jackson's half of their joint Sony/ATV publishing company.
The new deal, announced Monday, will give Sony complete control over the company, which includes the copyrighted work of Taylor Swift and others, while allowing the estate of the late artist to retain ownership of Mijac Music, which owns all of Jackson's songs as well as some work from other artists. Jackson's master recordings were also retained by his estate.
A final agreement is expected by March 31, with the deal expected to be completed by late this year or early 2017.
Jackson formed the company with Sony in 1995, but last year, Sony used a clause in the deal to buy out the half owned by Jackson's estate.
Estate co-executors John Branca and John McClain said in a statement the deal "allows us to continue our efforts of maximizing the value of Michael's Estate for the benefit of his children. It also further validates Michael's foresight and genius in investing in music publishing."
The deal will allow the estate to pay off its $500 million debt and leave it with some cash available that will be put into a trust for Jackson's three children.