by Stephen Wicks, Founder of BlackBusinessList.Com
According to various news sources, Michael Jackson's estate sold the music catalog that it owned to Sony for over $750 million dollars. The fact unknown by many was that Michael Jackson was co-owner of Sony/ATV Music. This company owned the publishing rights of hundreds of artists. Michael Jackson purchased his interest in Sony/ATV Music in 1985 for $47.5 million. I think it's safe to say that he turned a profit.
Michael Jackson was a co-owner in the publishing rights of artists such as: Afrika Bambaataa, Akon, Angie Stone, Babyface, Backstreet Boys, Beck, Beyonce, Black-Eyed Peas, Bob Dillon, Boyz II Men, Bruce Springsteen, Cyndi Lauper, Elvis Presley, Eminem, Fetty Wap, George Michael, India.Arie, John Legend, Lady Gaga, Lil Kim, L.L. Cool J, Little Richard, Mary J. Blige, Ne-Yo, Pharrell Williams, Psy, R. Kelly, Rihanna, Santana, Shakira, Snoop Dog, Taylor Swift, Willie Nelson, Wyclef Jean, and a lot more!
Due to the financial moves of Michael Jackson, his family will still be able to benefit from his genius for generations if they reinvest the funds from the sale.
I wonder how many African Americans will be inspired by Michael Jackson's business dealings. Will we finally see the value of ownership? Will we finally see that not only can we earn from our talents in our respective careers but we can also invest in "owning." We must learn to spend our money on investments that will ensure our financial stability over time.
BlackBusinessList.Com is starting many programs that will attempt to teach and educate the Black community on financial literacy and business ownership. We hope that Michael Jackson's shining example will motivate us all to look at the big picture and look for investments that will help us grow as a community.
Here is a video that explains the Jackson estate's deal with Sony.
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