Sony/ATV Head Martin Bandier's Memo to Staff Following Jackson Buyout: 'Very Positive News'

Martin Bandier, Chairman/CEO, Sony/ATV Music Publishing

In the wake of the announcement that Sony will buy the Michael Jackson estate's stake in music publishing market leader Sony/ATV, that company's CEO Martin Bandier sent a letter to the company’s employees thanking them for their hard work throughout an uncertain period.

Sony has agreed to pay $750 million to the Jackson estate for its equity in Sony/ATV, a joint venture created in 1995. The deal, still subject to certain closing conditions as well as regulatory approval, is expected to be completed at the end of this year or early next.

Read the full memo below:

Dear all,

As you have heard, Sony Corporation has signed a binding agreement to buy the 50% stake in Sony/ATV Music Publishing owned by the Estate of Michael Jackson, subject to regulatory approvals. Once the deal is complete it will mean Sony/ATV will be 100% owned by Sony.

This outcome is very positive news for Sony/ATV and everyone who works for the company. I cannot think of a clearer or more emphatic way for Sony Corporation to show its support for us and everything we do than by undertaking this deal. It demonstrates their absolute faith in our company and recognizes the terrific job we are doing.

I would also like to take this opportunity to thank the Estate and particularly John Branca, John McClain and Karen Langford for all their support and input over the years of the joint venture. They will always be an important part of the Sony/ATV legacy.

I know the last few months have created some uncertainty since the buy/sale process was announced last October and I cannot be prouder of the way everybody has continued to do their jobs in a professional and diligent manner and ensured that it really has been business as usual during this time. With the announcement this week we can now fully focus on the future. I said at the time when the buy/sale process began our best years are still ahead of us and this deal has only confirmed that.

Sony/ATV is and remains the world’s leading music publisher and these past 12 months have been another great year both creatively and financially for the company. For those of you working in New York there has already been the fresh start over the last few weeks of moving into tremendous new offices and we will also have a brand new home in Los Angeles later in the year. There will be much to look forward to this year as we take the first steps in this exciting new era.

Martin Bandier