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My Profile Top News Reuters top ten news stories delivered to your inbox each day. Subscribe You are here: Home > News > Entertainment > Article Home Business & Finance News U.S. Politics International Technology Entertainment Film Music People Television Arts Industry Sports Lifestyle Oddly Enough Health Science Special Coverage Video Pictures Your View The Great Debate Blogs Weather Reader Feedback Do More With Reuters RSS Widgets Mobile Podcasts Newsletters Your View Make Reuters My Homepage Partner Services CareerBuilder Affiliate Network Professional Products Support (Customer Zone) Reuters Media Financial Products About Thomson Reuters Hello Goodbye: Jackson's Beatles rights at risk Sat Jun 27, 2009 6:29am EDT Email | Print | Share | Reprints | Single Page [-] Text [+] By Gina Keating LOS ANGELES (Reuters) - Beatles For Sale? The Fab Four's prized catalog -- specifically 267 songs mostly written by John Lennon and Paul McCartney -- is embarking on a long and winding road of ownership uncertainty following the death of Michael Jackson on Thursday. The pop singer and Sony Corp's Sony Music arm operated a lucrative joint venture that either owns or administers the copyrights to about 750,000 compositions written by the likes of Bob Dylan, Neil Diamond, Taylor Swift and the Jonas Brothers. Industry analysts estimate that Sony/ATV Music Publishing is worth at least $1 billion, making Jackson one savvy entertainer. His initial investment cost him $47.5 million in 1985. Music publishing is considered a license to print money. Not quite as exciting as the piracy-ravaged recorded-music side, it involves collecting royalties from such diverse avenues as downloads, radio airplay and videogames. But mystery now surrounds the beneficial ownership of Jackson's stake. According to a lawsuit filed in 2002 by a creditor, he secured bank loans totaling $270 million two years earlier using both his Sony/ATV stake and the copyrights to his own songs as collateral. Jackson lived an extravagant lifestyle, even as his commercial appeal dwindled amid damaging child-abuse allegations and changing music tastes. The Wall Street Journal reported in 2005 that his cash reserves ran so low earlier that year that he worried about paying his electric bill. The paper reported earlier this month that he had racked up about $500 million of debt. "VERY COMPLEX" VALUATIONS A clearer picture of his finances will emerge during the administration period of his estate that usually lasts about 18 months, said Renee Gabbard of the law firm Paul, Hastings, Janofsky & Walker in Costa Mesa, California. Jackson's executors will evaluate his assets, file the estate tax return and invite creditors to submit invoices, said Gabbard, who has a number of wealthy clients with entertainment-related estates. The process of valuing estate assets, especially intellectual property like music copyrights, is "very complex" and often takes "quite a while," said Gabbard. "When you have entertainers and musicians they usually have quite extensive royalty contracts. It's very tough to put a value on a catalog of songs," she said. Jackson and Sony formed their joint venture in 1995, with the singer contributing ATV Songs, whose 4,000 tunes included most of the Beatles catalog. He had bought ATV a decade earlier from Australian businessman Robert Holmes a Court, famously outbidding McCartney in the process. Jackson was not involved in the day-to-day operations of Sony/ATV, but as a lover of the songwriting process was known to be "incredibly proud" of the company and its fast growth, according to a publishing industry source. A spokesman for Sony/ATV declined to comment. His stakes in both Sony/ATV and in Mijac, which holds his own copyrights, were owned by trusts. It was not clear if they were irrevocable or not. If they are revocable, then they could be dismantled to satisfy creditors, Gabbard said. Continued... View article on single page Share: Del.icio.us Digg Mixx Yahoo! Facebook LinkedIn Next Article: Hello Goodbye: Jackson's Beatles rights at risk Also On Reuters Mounting jobless claims force states to borrow Google's China rift hints at challenges ahead Full Coverage: Remembering Michael Jackson More Entertainment News Michael Jackson death still unsolved after autopsy | Video Farrah Fawcett funeral set for Tuesday in L.A | Video Rapper Coolio pleads guilty to cocaine possession Michael Jackson feared he'd "end up" like Elvis: Lisa Marie Jackson leaves hefty debts, unrealized comeback More Entertainment News... Editor's Choice Slideshow A selection of our best photos from the past 24 hours. 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World mourns Jackson's death Most Popular Videos RSS Feed Fan Fare Blog: Share your thoughts Michael Jackson: Motown's fallen hero What was supposed to be a yearlong celebration of Motown Records’ 50th anniversary, turned into a major tragedy with the death on Thursday of one of its biggest stars, Michael Jackson. Blog Blog: Jackson death overshadows Farrah Fawcett Commentary: Jackson's troubled financial legacy Blog: King of Pop or tarnished genius? Blog: A legacy in dance We want to hear from you Join the Reuters Consumer Insight Panel and help us get to know you better Please take a moment to complete our survey Reuters.com: Help and Contact Us | Advertise With Us | Mobile | Newsletters | RSS | Labs | Archive | Site Index | Video Index Thomson Reuters Corporate: Copyright | Disclaimer | Privacy | Professional Products | Professional Products Support | About Thomson Reuters | Careers International Editions: Africa | Arabic | Argentina | Brazil | Canada | China | France | Germany | India | Italy | Japan | Latin America | Mexico | Russia | Spain | United Kingdom | United States Thomson Reuters is the world's largest international multimedia news agency, providing investing news, world news, business news, technology news, headline news, small business news, news alerts, personal finance, stock market, and mutual funds information available on Reuters.com, video, mobile, and interactive television platforms. 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