http://en.wikipedia.org/wiki/Lennon/McCartney
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Brian Samuel Epstein (pronounced /ˈɛpstaɪn/) (19 September 1934 – 27 August 1967) was a British music entrepreneur, and the manager of The Beatles.
Epstein died of an accidental drug overdose at his home in London in August 1967. The Beatles' early success has been attributed to Epstein's management and sense of style. Paul McCartney said of Epstein: "If anyone was the Fifth Beatle, it was Brian."
http://en.wikipedia.org/wiki/Brian_Epstein
The Beatles entered into a publishing agreement with Dick James Music (DJM) who set up a company called Northern Songs. Epstein agreed that James should receive 25% of the shares, and Charles Silver, his financial partner and accountant, should also receive 25%. Lennon and McCartney received 20% each, and Epstein held the remaining 10%
http://en.wikipedia.org/wiki/Brian_Epstein#Publishing
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Northern Songs Ltd. is a company founded in 1963 by music publisher Dick James, Brian Epstein, and The Beatles to publish songs written by John Lennon and Paul McCartney (see Lennon/McCartney).
http://en.wikipedia.org/wiki/Northern_Songs
Along with Lennon's and McCartney's songs (published in the United States by Maclen Music, named for McCartney and Lennon), Northern Songs published George Harrison's early compositions, and Ringo Starr was also signed as a songwriter. Both Northern Songs and Maclen Music were administered by Dick James Music. When the initial contracts expired, Lennon and McCartney renewed, while Harrison instead started his own company, Harrisongs Ltd., and Starr his own, called Startling Music.
In a novel move, during 1965 it was decided to "take the company public" to save on capital gains tax, and Northern Songs was reorganised as a public company, with Lennon and McCartney each owning 15%, Beatles manager Epstein's company, NEMS, assigned a 7.5% interest, James and partner Emmanuel Charles Silver (who served as Northern Songs' chairman) retaining a total of 37.5% of the ownership, and Harrison and Starr together owning about 1.6%. The rest traded on the London Stock Exchange.
http://en.wikipedia.org/wiki/Northern_Songs#Foundation_and_early_history
After Epstein died, Lennon and McCartney sought to renegotiate their publishing deal with James. In 1968 they invited James for a meeting at Apple Records. They tried to film the meeting with James, and were rather brusque with him. Already-cool relations between James and the Beatles became even cooler. Early in 1969, James and Silver abruptly sold their shares in Northern Songs to Britain's Associated TeleVision (ATV), giving the Beatles no notice, or the chance to buy them out. (Lennon learned of the sale from a morning newspaper during his honeymoon with Yoko Ono, and immediately called McCartney).[4] Lennon and McCartney, upset that the songs they had written were not theirs legally, attempted to gain ownership of the publishing rights.[4] Their bid to gain control, part of a long and acrimonious fight, failed. The financial clout of Lew Grade, their adversary in the bidding war, ensured that the music written by the two Beatles passed into the control of ATV.
Under their publishing contract with Northern Songs, Lennon and McCartney were legally bound to continue their songwriting until 1973. The simplest way out, if they couldn't gain control, was to also sell out to ATV, while keeping the writer's royalties from their contracted songs. Lennon and McCartney sold their stock (Lennon his 15%, McCartney's portion slightly higher, since he himself bought additional shares) in October 1969 for £3.5 million. Harrison and Starr chose to keep their shares.
ATV held its controlling interest in Northern Songs until 1985, when ATV Music went up for sale. Outbidding McCartney (who'd tried unsuccessfully to persuade Yoko Ono to join him) was singer Michael Jackson, who won the bidding for a reported $47 million. The recent friendship and collaboration with McCartney and Jackson ended suddenly as a result. It turned out Ono had actually encouraged Jackson to buy the shares, telling the press after the sale, "I just feel like a friend has them." When asked how he felt about having Jackson as his "boss", as controller of the song catalogue, McCartney replied, "I think he needs to give me a raise." McCartney reportedly did ask Jackson for a royalty increase but was turned down, further cooling their relationship.
In 1995, Jackson merged his catalogue with Sony Music's publishing, for a reported $95 million, establishing Sony/ATV Music Publishing, in which he retained half-ownership.[5] In April 2006 a package was proposed whereby, Jackson would borrow $300 million and reduce the interest rate payable on a loan he had, while giving Sony the future option to buy half of Jackson's stake in their jointly-owned publishing company (leaving Jackson with a 25% stake).[5] Jackson agreed to a Sony-backed refinancing deal, although the finalised details were not made public.
http://en.wikipedia.org/wiki/Northern_Songs#Publishing_rights
Dick James (12 December 1920 – 1 February 1986), born Reginald Leon Isaac Vapnick,[1] was a music publisher and the founder of the DJM record label and recording studios, as well as (with Brian Epstein) The Beatles' publisher Northern Songs.
http://en.wikipedia.org/wiki/Dick_James
James entered the music publishing business as his singing career tapered off, and in February 1963 established Northern Songs Ltd., with Beatles John Lennon and Paul McCartney, to publish Lennon and McCartney's original songs.[4] (Fellow Beatles George Harrison and Ringo Starr were also signed to Northern Songs as songwriters, but did not renew their contracts in 1968). James's company, Dick James Music, administered Northern Songs.[5]
What initially began as an amicable working relationship between the Beatles and James disintegrated by the late 1960s; the Beatles considered that James had betrayed and taken advantage of them when he sold Northern Songs in 1969 without offering the band an opportunity to buy control of the publishing company. James profited handsomely from the sale of Northern Songs, but the Beatles never again had the rights to their own songs.[6]
James died in London of a heart attack in early 1986, at the age of 65.
http://en.wikipedia.org/wiki/Dick_James#Switch_to_publishing
Sony/ATV Music Publishing is a music publishing company co-owned by The Michael Jackson Family Trust and Sony. The organisation was originally founded as Associated TeleVision (ATV) in 1955 by Lew Grade.
ATV Music Publishing and Grade acquired the rights to the Lennon/McCartney song catalogue, Northern Songs, in 1968. The catalogue featured nearly every song written by John Lennon and Paul McCartney until The Beatles' split in 1970.
Grade's fortune began to dwindle as the 1980s approached and by the mid-1980s, ATV Music Publishing and Pye Records were both up for sale. The companies were bought by Australian businessman Robert Holmes à Court, who disposed of them quickly and to his great profit. They were sold to Jackson for $47.5 million in 1985. This upset McCartney—who had told Jackson about the importance of owning publishing, and his own plans to purchase The Beatles catalog—who felt Jackson on purpose outbid McCartney.
In 1995, ATV Music Publishing was merged with Sony and renamed Sony/ATV Music Publishing. The company became the third largest music publisher in the world, owning the rights to songs by Elvis Presley, Eminem, Akon, Bob Dylan, and Willie Nelson. The value of Sony/ATV Music Publishing has varied in reports. Industry experts have estimated the company to be worth as much as $1.5 billion.
http://en.wikipedia.org/wiki/Sony/ATV_Music_Publishing
ATV Music and Lew Grade, who had been knighted by this time, acquired the rights to the Lennon/McCartney song catalogue, Northern Songs, in 1968. The catalogue featured every song written by John Lennon and Paul McCartney until The Beatles' legal split in 1971. Northern Songs had been co-owned and administered by Brian Epstein and Dick James. Upon Epstein's death in 1967, James, who was approaching retirement, put the company up for sale. Lennon and McCartney, upset that the songs they had written were not theirs legally, attempted to gain ownership of the publishing rights. Their bid to gain control, part of a long and acrimonious fight, failed. The financial clout of Grade, their adversary in the bidding war, ensured that the music written by the two Beatles passed into the control of ATV.
http://en.wikipedia.org/wiki/Sony/ATV_Music_Publishing#Early_history
By the mid-1980s, ATV Music Publishing and Pye Records were both up for sale. The companies were bought relatively cheaply by Australian businessman Robert Holmes à Court, who asset-stripped them and sacked many long serving employees, before selling them on again. During this time, American singer Michael Jackson was recording "Say Say Say" for Paul McCartney's Pipes of Peace album. Jackson stayed at the home of McCartney and his wife Linda during the recording sessions, becoming friendly with both. One evening whilst at the dining table, McCartney brought out a booklet displaying all the songs to which he owned the publishing rights. He explained that music publishing was a way to make big money. Jackson replied by telling McCartney that he would buy The Beatles' songs one day. "Great. Good joke", McCartney laughed.
Shortly afterward, John Branca, Jackson's attorney, advised the singer that the Northern Songs catalogue was up for sale. Warned of the competition he would face in buying such popular songs, Jackson remained resolute in his decision to purchase them. Branca approached McCartney's attorney to query whether the Beatle was planning to bid. The attorney stated he wasn't; it was "too pricey". McCartney had previously attempted to purchase Northern Songs alongside John Lennon's widow, Yoko Ono in 1981 for $20 million; the pair would each pay $10 million. Ono refused as she thought it was too high a price. Not wanting to spend the $20 million himself, McCartney let the sale fall through. After months of negotiating, Branca closed the deal and purchased Northern Songs on Jackson's behalf for $47.5 million.
In an analysis of the acquisition, Los Angeles Times noted that if "Yesterday" were to earn $100,000 a year in royalties, the Lennon estate and McCartney would divide 50% of the income; $25,000 each. The publisher, Jackson, would receive the other 50%; $50,000. It was added that "Yesterday" in particular would earn considerably more than $100,000 a year. The publisher would also control the use of the song in films, commercials and stage productions. Jackson went on to use the Beatles' songs in numerous commercials, feeling that it would enable a new generation of fans to enjoy the music. McCartney, who himself had used the Buddy Holly song catalogue in commercials, felt saddened. Privately, Jackson was reported to have expressed exasperation at McCartney's attitude; he felt that the musician should have paid for the songs he had written. At the time, McCartney was one of the richest entertainers in the world, with a net worth of $560 million and a royalty income of $41 million. Jackson stated, "If he didn't want to invest $47.5 million in his own songs, then he shouldn't come crying to me now".
Ono was pleased that Jackson had acquired Northern Songs and called it a "blessing". Speaking in November, 1990, Ono stated, "Businessmen who aren't artists themselves wouldn't have the consideration Michael has. He loves the songs. He's very caring." She added that if she and McCartney were to own the songs, there would certainly be arguments. Ono explained that neither she or McCartney needed that. "If Paul got the songs, people would have said, 'Paul finally got John'. And if I got them, they'd say, 'Oh, the dragon lady strikes again'".
http://en.wikipedia.org/wiki/Sony/ATV_Music_Publishing#Acquisition
As a side note the following is a BET youtube clip of their special on MJ called "Michael Jackson, Our Icon". In that clip an Ebony insider discusses how MJ also received advice on acquiring music publishing rights from Mr. John H. Johnson, CEO of Ebony Magazine. That converstion can be found at the 4:43 to the 5:50 frames.
After Jackson's acquisition of ATV Music Publishing, his record label, CBS, were negotiating the sale of their record division in an unrelated deal. Following hurriedly arranged meetings and disagreements over the selling price, a deal was sealed by Jackson during a concert in Tokyo. Upon seeing the success of this sale, Japanese corporation Sony sought to break away from its core business of hardware manufacturing and diversify into music, films and games. Looking for further opportunities, the company aimed to expand its music publishing interests. The Japanese corporation offered Jackson $90 million for 50% of ATV Music Publishing in 1995. Jackson gladly accepted; he had essentially acquired half ownership of the Beatles' songs for a large profit. Jackson's own songs were not included in the deal. Having been merged, the company was renamed Sony/ATV Music Publishing and became the third largest music publisher in the world
http://en.wikipedia.org/wiki/Sony/ATV_Music_Publishing#Merger
In May 2001, Jackson denied rumours that he was planning to sell the Beatles' song catalogue. Rumours had circulated that the singer was to sell them in order to finance the upkeep of Neverland Ranch and to cover legal bill expenses.[13] The singer announced in a statement, "I want to clarify a silly rumour - the Beatles catalogue is not for sale, has not been for sale and will never be for sale
Following Jackson's death in June 2009, it was revealed that Sony/ATV Music Publishing would keep control of the Beatles' songs. Upon his death, Jackson's entertainment attorney, Joel Katz, commented on the singer's work as a businessman. "Michael Jackson was a perfectionist and his business affairs are worldwide. Many of them are quite ongoing and will be dealt with appropriately." Ivan Thornton, a private-wealth adviser who worked with Jackson and his family, also commended the business side of the musician. "His business mind was fascinating. We’d go to meetings with bankers and Wall Street people and once I explained the language to him, he totally got it. There was no formal education there, but his natural knack was off the charts."
http://en.wikipedia.org/wiki/Sony/ATV_Music_Publishing#Recent_history
In 2005, Jackson's defense attorney, Thomas Mesereau, revealed that the song catalogue had been valued at between $4 billion and $5 billion. The company's song catalogue is believed to generate up to $80 million a year; The Beatles' hits alone bring in $30 million to $45 million a year. Jackson's other publishing firm, Mijac, which publishes songs written by Jackson himself and which is administered by competitor Warner/Chappell Music, is valued to be worth at least $75 million.
http://en.wikipedia.org/wiki/Sony/ATV_Music_Publishing#Value
In 1985, ATV Music, a music publishing company owning thousands of music copyrights, including the Northern Songs catalogue that contained the majority of the Lennon/McCartney compositions recorded by The Beatles, was put up for sale. Jackson had become interested in owning music catalogs after working with Paul McCartney in the early 1980s: Jackson had learned McCartney made approximately $40 million a year from other people's songs. McCartney's attorney assured Jackson's attorney that McCartney was not interested in bidding on ATV: McCartney reportedly said "It's too pricey". However, McCartney later changed his mind and tried to persuade John Lennon's widow Yoko Ono to join him in a joint bid. Ono declined, and McCartney pulled out. Jackson eventually beat the rest of the competition in negotiations that lasted 10 months, purchasing the catalog for $47.5 million.
http://en.wikipedia.org/wiki/Michael_Jackson#Pepsi.2C_.22We_Are_the_World.22_and_business_career_.281984.E2.80.9385.29
At the turn of the century, the American Music Awards honored Jackson as Artist of the '80s. Throughout 2000 and 2001, Jackson worked in the studio with Teddy Riley and Rodney Jerkins, as well as other collaborators. These sessions would result in the album Invincible, released in October 2001. Invincible was Jackson's first full-length album in six years, and it would be the last album of new material he released while still alive. The release of the album was preceded by a dispute between Jackson and his record label, Sony Music Entertainment. Jackson had expected the licenses to the masters of his albums to revert to him sometime in the early 2000s. Once he had the licenses, he would be able to promote the material however he pleased and he would also be able to keep all the profits. However, due to various clauses in the contract, the revert date turned out to be many years away. Jackson discovered that the attorney who represented him in the deal was also representing Sony. Jackson was also concerned about another conflict of interest. For a number of years, Sony had been pushing to buy all of Jackson's share in their music catalog venture. Jackson feared that Sony might have something to gain from Jackson's career failing, since if his career did fail he would have to sell his share of the catalog. Jackson sought an early exit from his contract. Just before the release of Invincible, Jackson informed the head of Sony Music Entertainment, Tommy Mottola, that he was leaving Sony. As a result, all singles releases, video shootings and promotions concerning the Invincible album were suspended.
Jackson alleged in July 2002 that Mottola was a "devil" and a "racist" who did not support his African-American artists, using them merely for his own personal gain. He charged that Mottola had called his colleague Irv Gotti a "fat nigger". Sony refused to renew Jackson's contract, and claimed that a $25 million promotional campaign had failed because Jackson refused to tour in the United States.
http://en.wikipedia.org/wiki/Michael_Jackson#Label_dispute.2C_Invincible_and_third_child_.282000.E2.80.9303.29
His total lifetime earnings from royalties on his solo recordings and music videos, revenue from concerts and endorsements have been estimated at $500 million; some analysts have speculated that his music catalog holdings could be worth billions of dollars. This speculation however is contradicted by financial documents obtained by the Associated Press, which showed that as of March 31, 2007, Jackson's 50 percent stake in the Sony/ATV Music Publishing catalog (his most prized asset) was worth $390.6 million and Michael Jackson's net worth was $236 million. Billboard has estimated that Jackson has generated at least $1 billion in revenue in the year following his death.
http://en.wikipedia.org/wiki/Michael_Jackson#Lifetime_earnings
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