Thursday, October 25, 2012

Michael Jackson: Nearly back in the black.

The Estate attorneys are on the ball. Great work in getting the exuberant interest rates lowered on these high debts on the catalogs so they can pay them off quicker. Plus the lucrative projects showing Michael's earning power still thrives. ~ Qbee

Michael Jackson's Personal Debts To Be Paid Off By Year's End
When Michael Jackson passed away in June 2009, his departure was met by the grieving of millions of fans around the world—and by a great deal of discussion and speculation over the fate of the half-billion dollars he owed to creditors ranging from big banks to “Thriller” director John Landis.

Michael Jackson: Nearly back in the black.
Many questions have been answered over the past three years as the King of Pop’s estate has continued to pull in nine figures on an annual basis, most recently $145 million over the past year. And according to representatives from the estate, the late singer’s personal debts will be paid off by the end of the year.

The last major non-business loan left is connected to Jackson’s Mijac Music, the entity that contains the copyrights to the songs he wrote over the course of his career. Shortly after the singer’s death, the estate started paying off a $75 million loan he had taken out against the catalog, negotiating the interest rate down from an exorbitant 15.5% to a very manageable 4%. The final payments on are set to be made this fall.

It’s a major milestone for Michael Jackson’s growing postmortem business empire, especially considering where the estate began. After the singer’s death, it appeared that many of his assets were close to default, if not already there. But a handful of deals—including a $60 million advance for the concert film This Is It and a $250 million record deal with Sony, the largest in history—gave the estate the steady cash flow needed to pay off creditors.

In addition to paying down the massive loan on Mijac Music, the estate has paid $35 million owed to concert promoter AEG (in connection with Jackson’s planned This Is It tour) and the $4.1 million mortgage on the Jackson family estate in Encino, Calif. Smaller debts to individuals have been renegotiated and resolved, including an agreement with Landis, who had alleged that Jackson still owed him $2.3 million in 2009.

A substantial business loan ($280 million, by FORBES’ estimate) remains on Jackson’s 50% stake in the Sony/ATV publishing catalog. The singer shrewdly bought the entity’s precursor, ATV, for $47.5 million in 1985 after recognizing the value of the rights to songs it contained by The Beatles. Ten years later he merged the catalog with Sony’s publishing catalog after the company paid him $100 million as part of the deal, retaining half of the newly-formed combined entity for himself.

Today, the Sony/ATV catalog itself is worth somewhere in the neighborhood of $2 billion, thanks to its ownership of copyrights by The Beatles, Bob Dylan, Taylor Swift, Lady Gaga and others. The interest rate on Jackson’s loan connected to the catalog has been sliced from 5.8% to 2.9% since his death. At that low rate, paying back the loan quickly, in full, may not even be financially expedient—the company’s funds could be better utilized by buying up new, money-generating copyrights. That said, given Jackson’s postmortem earnings prowess, the estate could probably pay off that loan fairly soon if necessary.

The singer’s Immortal World Tour, a joint venture with Cirque Du Soleil, has grossed $160 million this year, making Michael Jackson the top-grossing live act in North America three years after his death. Other deals–including one with Pepsi, Jackson’s first endorsement pact in two decades–should continue to add to the estate’s coffers. Not even John Landis could have imagined such a resurrection.

For more on the business behind the King of Pop, sign up for news on my upcoming book, Michael Jackson, Inc (Simon & Schuster, 2014). You can also follow me on Twitter and Facebook.

By: Zack O'Malley Greenburg

Friday, October 19, 2012

Michael Jackson Bad25 Documentary Trailer

This  60-second trailer previews the documentary film by award-winning director Spike Lee, celebrates the 25th anniversary of Michael Jackson's landmark "BAD" album and tour.

Spike Lee's BAD25 Documentary to air on ABC Thanksgiving Day
Thursday, November 22 9:30-11:00 p.m. EST on ABC

Thursday, October 11, 2012

Michael Jackson Doc 'BAD25' Coming to Movie Theaters in New York and Los Angeles

Wow this is very exciting news. I wont be able to attend but Its great Promo for BAD25  exciting for MJ fans and Im not sure but  think it may make the Documentary eligible for and Oscar nomination. ~ Qbee

Michael Jackson Doc 'BAD25'
Coming to Movie Theaters in New York and Los Angeles

The Spike Lee-directed film, which recently debuted at the Venice and Toronto film festivals, will see exclusive one-week engagements on the coasts beginning Oct. 19.

The Spike Lee-directed documentary BAD25, which chronicles the making of Michael Jackson's 1987 hit album and recently debuted at the Venice and Toronto film festivals, will see a limited theatrical run beginning Oct. 19. That's when fans in Los Angeles and New York will be able to screen the doc in exclusive one-week engagements (see locations and dates below).

The doc is one of several projects timed to the 25th anniversary of Bad. They include a deluxe package of remastered music along with a second disc of 13 rare and previously unreleased bonus tracks, as well as the first ever DVD and live CD from the Bad world tour (shot and recorded on July 16, 1988 at Wembley stadium).

Said John Branca and John McClain, co-executors of The Estate of Michael Jackson, in a statement: “Spike was the only choice for us when we decided to open up the archives and make this documentary. He has done a masterful job taking the audience behind the scenes and revealing how this ‘coming of age’ project was created.”

 See BAD25 screening information below:
New York: Oct. 19 to 26 at AMC Loews Theater; 66 Third Ave.
Los Angeles:  Oct. 26 to Nov. 2 at Chinese 6 Theaters; 6801 Hollywood Blvd.

After the theater run, BAD25 will air on ABC on Thanksgiving night (Nov. 22).