Abel80
00giovedì 4 luglio 2002 10:13
From Reuters: Pop superstar Michael Jackson and Sony Music have agreed to buy the legendary country music publisher Acuff-Rose, whose 55,000-song library includes works by Hank Williams, Roy Orbison and the Everly Brothers, the seller, Gaylord Entertainment, has said.
More than 100 Acuff-Rose songs have been broadcast over the airwaves at least 1 million times, including "Oh Pretty Woman," made famous by the late Roy Orbison, and "Tennessee Waltz," which became a No. 1 hit in 1950 when Patti Page recorded it.
Gaylord is selling Acuff-Rose for $157 million to Sony/ATV, which owns the copyrights and catalogues for music by the Beatles, Miles Davis, Bob Dylan and Pearl Jam, among others. Sony/ATV was formed in 1995 as a joint venture among Sony Music Entertainment, Sony Music Entertainment (Japan) and Jackson.
Gaylord, based in Nashville, Tennessee, owns hotels, golf courses and the world-renowned Grand Ole Opry. It said it was selling Acuff-Rose so it could focus more on the hospitality industry.
It said it would use proceeds from the sale to pay off debt and invest in its hotels, which cater to big conventions. It opened a 1,400-room resort near Walt Disney World earlier this year and is building another large centre outside Dallas.
Gaylord shares were down 25 cents to $20.59 in midday trade on the New York Stock Exchange.
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