Wacko Jacko Gets Half of Leiber & Stoller...

#355456

From the Elvis News site:

Sony/ATV Music Publishing today announced that it has acquired the legendary catalogue of award-winning songwriters Jerry Leiber and Mike Stoller. The Leiber Stoller catalogue contains more than 40 Top 40 hits, including "Stand By Me," "Poison Ivy," "Is That All There Is?," "Love Potion #9" and some of the greatest songs that are part of the Elvis Presley legend, including "Hound Dog" and "Jailhouse Rock." Sony/ATV MusicPublishing is co- owned by Sony and trusts formed by Michael Jackson.

"I have always been a great fan of this amazing catalogue," said Martin N. Bandier, Chairman and CEO, Sony/ATV Music Publishing. "These songs can only be described as gems that help define American music. I am looking forward to exploring ways to introduce them to a whole new generation and to working with Jerry and Mike, who are two of the most prolific and successful songwriters of all time."

"This is an important and exciting acquisition for Sony/ATV Music Publishing," said Rob Wiesenthal, Chief Financial Officer, Sony Corporation of America, and Executive Vice President and Chief Strategy Officer, Sony Entertainment Inc. "This catalogue traces decades of rock and roll history, and we look forward to further increasing its value for the company going
forward."

"I am delighted that we were able to acquire the Leiber Stoller catalogue," said Michael Jackson. "The songs of Jerry Leiber and Mike Stoller have defined an era, and the artists who have recorded their work reads like a who's who of rock and roll."

Leiber and Stoller, who have worked together for more than 50 years, have been inducted into the Songwriters' Hall of Fame, the Record Producers' Hall of Fame, and the Rock and Roll Hall of Fame. They also share a star on the Hollywood Walk of Fame.

Thought he was broke ?

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The filthy rich are never truly broke Colin. Remember when Trump declared bankruptcy?

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What was the purchase price? Hope L&S (if they still own the songs) got a nice hunk of change. Approaching age 75, it makes sense to get their money now.

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Jackson's half of that publishing company is completely mortgaged. That doesn't mean Sony/ATV cannot continue to do business and invest in additional catalogues (that is what publishing companies do). Sony and Bank Of America and others essentially control Jackson's interest as collateral for the massive loans he took out over the years. Jackson has no true cash flow, he simply borrows against his assets (like his share in Sony/ATV). He'll never see the returns from his publishing investment again, he already has borrowed hundreds of millions against it and now he and his advisors are constantly trying to restructure the debt so he can simply pay off the interest. Ultimately he will have to hand over his share of that publishing company.