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June 29, 2009

Jackson's Death Puts Beatles Copyrights in Play...

Wired | Read Full Story >

Jackson reportedly said he wanted the songs to revert back to Paul McCartney (or the Beatles in general) earlier this year as his health declined, but his family says at least one will is missing. Besides, his share of the songs may not have been entirely his to give. Under financial duress following legal battles and a lavish lifestyle, he sold the right to purchase half of his remaining share in the Beatles copyrights to Sony/ATV in 2006. In addition, he posted his interest in the catalog as collateral on a $270 million Bank of America loan, which Fortress Investments acquired in 2005. An unnamed source “with knowledge of the venture’s plans” told Bloomberg that Sony/ATV intends to keep control of the catalog, and The New York Times says Sony/ATV will make good on Jackson’s offer to let it acquire half his interest in these Beatles songs for a set price.



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