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Add the andPOP Facebook Application(andPOP) - Nearly bankrupt, Michael Jackson may sell his interest in the Beatles library, according to the NY Times.
This would help Jackson avoid bankruptcy.
By selling the rights to the Beatles songs, Jackson would earn hundreds of million of dollars.
According to the report, Jackson owes hundreds of millions of dollars in loans. He would sell the catalogue to Sony.
Jackson bought the ATV catalogue in 1985 for about $50 million. The catalog includes about 250 songs written by members of the Beatles, including many of their biggest hits like Revolution.
Sony and Jackson each own 50 per cent of the $1 billion catalogue. The deal would make Sony a majority owner, with 75 per cent.
The plans are all part of a debt refinancing package proposed to Jackson, according to the Wall Street Journal, which adds that a deal is expected to be announced soon.
The Jackson-Sony ownership controls the copyright to the ATV songs, meaning they can license the tracks to commercials, movies or other projects.
