Business deals could add millions to Jackson estate
An attorney for the executors of Michael Jackson`s estate said on Monday that deals worked out in partnership with the King of Pop`s concert promoter could provide millions of dollars to his estate.
|Last Updated: Aug 04, 2009, 10:45 AM IST|Source: Bureau
Los Angeles: An attorney for the executors of Michael Jackson`s estate said on Monday that deals worked out in partnership with the King of Pop`s concert promoter could provide millions of dollars to his estate.
Since his death in June, numerous reports have speculated that concert promoter AEG Live and the executors of Jackson`s estate were working on arrangements to make videos, DVDs and other merchandise based on the "Thriller" singer`s planned comeback.
Attorney Howard Weitzman, who represents Jackson`s longtime lawyer John Branca and music industry executive John McClain, the two executors of Jackson`s will, said after a court hearing Monday that Los Angeles Superior Court Judge Mitchell Beckloff, who is overseeing matters related to the estate, will likely approve business agreements at an Aug. 10 hearing.
Weitzman said the deals "will bring millions of dollars of revenue to Michael Jackson`s estate."
Attorneys for AEG Live and the companies they have been talking with, Bravado and Columbia Pictures, a division of Sony Pictures Entertainment, attended Monday`s hearing.
In an agreement with AEG Live, Jackson was to have performed 50 shows in London starting on July 13, but he suffered cardiac arrest and died on June 25 before the shows could happen.
AEG Live has said it hopes to use rehearsal footage to help offset the $30 million it spent in advance and generate enough cash for Jackson`s estate to erase its debt. AEG is controlled by Denver billionaire Philip Anschutz.
Jackson was said to have debts totaling $500 million when he died, but his assets, including rights to many songs by The Beatles, reportedly outweigh his debts by about $200 million.
In the court filing with his 2002 will, lawyers attached a document that said the estate could have a value of more than $500 million, and experts believe that value will grow with increased fan interest in the King of Pop.
Bureau Report
By clicking “Accept All Cookies”, you agree to the storing of cookies on your device to enhance site navigation, analyze site usage, and assist in our marketing efforts.
Cookies Setting
By clicking “Accept All Cookies”, you agree to the storing of cookies on your device and the processing of information obtained via those cookies (including about your preferences, device and online activity) by us and our commercial partners to enhance site navigation, personalise ads, analyze site usage, and assist in our marketing efforts. More information can be found in our Cookies and Privacy Policy. You can amend your cookie settings to reject non-essential cookies by clicking Cookie Settings below.
Manage Consent Preferences
Strictly Necessary Cookies
These cookies are necessary for the website to function and cannot be switched off in our systems. They are usually only set in response to actions made by you which amount to a request for services, such as setting your privacy preferences, logging in or filling in forms. You can set your browser to block or alert you about these cookies, but some parts of the site will not then work or you may not be able to login.
Functional Cookies
These cookies enable the website to provide enhanced functionality and personalisation. They may be set by us or by third party providers whose services we have added to our pages. If you do not allow these cookies then some or all of these services may not function properly.
Targeting Cookies
These cookies may be set through our site by our advertising partners. They may be used by those companies to build a profile of your interests and show you relevant adverts on other sites. They are also used to limit the number of times you see an advert as well as help measure the effectiveness of an advertising campaign. They do not store directly personal information, but are based on uniquely identifying your browser and internet device. If you do not allow these cookies, you will experience less targeted advertising.
Performance Cookies
These cookies allow us to count visits and traffic sources so we can measure and improve the performance of our site. They help us to know which pages are the most and least popular and see how visitors move around the site. All information these cookies collect is aggregated and therefore anonymous. If you do not allow these cookies we may not know when you have visited our site, and may not be able to monitor its performance.