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""""SONY MUSIC ENTERTAINMENT AND MICHAEL JACKSON JOIN FORCES IN HISTORIC PUBLISHING VENTURE
Michael P. Schulhof, President and Chief Executive Officer, Sony Corporation of America, Michael Jackson, and Sony Music Entertainment President and Chief Operating Officer Thomas D. Mottola today announced the establishment of a worldwide music publishing joint venture -- Sony/ATV Music Publishing -- which will encompass all of the current and future music publishing interests of both parties, with the exception of Jackson's own compositions.
"This venture represents the extension of a very special relationship Sony and Michael Jackson have shared for many years," remarked Schulhof. "Michael Jackson is not only the most successful entertainer in history; he is also an astute businessman. Michael understands the importance of copyrights and the role they play in the introduction of new technologies. In joining us for this new venture, Michael recognizes Sony's leadership in developing and realizing new technologies that serve to expand the creative horizons of artists such as himself."
Michael Jackson added, "The merging of ATV with Sony establishes our commitment to create one of the largest music publishing ventures in the world. We have been working on this for over a year and, now, with the two of us together, the sky is our only limit."
The venture will effectively create the world's third largest music publishing company, furthering Sony Music's and Michael Jackson's goals to become leading forces in music publishing. The venture will own and administer Sony Music Publishing's copyrights and Jackson's publishing catalogues including the ATV catalogue, which contains songs by the Beatles in addition to songs associated with Elvis Presley, Little Richard, Lloyd Price, and The Pointer Sisters, among others.
"Today, Sony Music takes its rightful place once again as a major force in music publishing," commented Mottola. "Copyrights and songs are the foundation of everything in our entire industry. When I spearheaded the acquisition of Tree International in 1989, my vision was to restore music publishing as one of the twin pillars -- the other being artist development -- that would support Sony Music's growth and expansion in the future. To have Michael Jackson's song catalogues joined with ours will enable both Sony Music and Michael Jackson to aggressively build on a publishing portfolio filled with songs that are acknowledged as the cornerstones of popular music today."
EMI Music Publishing will remain the exclusive worldwide administrator of the Beatles catalogue and the other songs contained in the ATV Music catalogue through February,1998. Revenues from that catalogue will be paid to Sony/ATV Music Publishing.
The MIJAC catalogue containing Jackson's own compositions will not be part of the venture and will continue to be administered by Warner Chappell. "The creation of this combination of catalogues is a tremendous coup," said Sony Music Publishing President Richard Rowe. "The wealth of great copyrights in his catalogues -- songs by the Beatles, Little Richard, Lloyd Price and many more -- enhance and complement Sony Music Publishing's copyrights, and together will serve as the best possible foundation for growing our music publishing companies worldwide."
The new company will be overseen by a board of directors on which both parties will be equally represented. Sony Music will manage and operate the new company on a day-to-day basis. Financial terms of the venture were not disclosed.
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