p2p news / p2pnet: The Sony half of Sony BMG, a member of the Organized Music record label cartel which claims its members are being “devastated” by file sharing, is about to give Michael Jackson some $250 million for part of his catalog that features hits by the Beatles, among others.

EMI, another member of the allegedly impoverished label group, controls Beatles sound recordings for Capitol Records. The remaining two are Warner Music and Vivendi Universal.

The Big Four are currently trying to sue fans into buying over-priced ‘product’.

“To avoid foreclosure on several loans, Jackson signed a $325-million refinancing agreement that would require him to sell half of his 50% stake in Sony/ATV Music Publishing to partner Sony Corp. within the next few years,” says the Los Angeles Times. “Proceeds will pay off a large portion of the performer’s debt, owed primarily to New York hedge fund Fortress Investment Group.”

Sony will get 251 Beatles songs and Bob Dylan’s Blowin’ in the Wind, says the story.

Sony had good reason to help Jackson, says USA Today. “If his financial troubles worsened, he could have been forced to auction his Sony/ATV stake. Sony could have found itself yoked to a partner it didn’t want.”

Also See:
sue fans – RIAA targets new family of 5, April 13, 2006
Los Angeles Times – Indebted Jackson to Sell Part of Music Catalog, April 14, 2006
USA Today – Sony nearer control of Beatles’ songs, April 14, 2006

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