Michael Jackson is set to lose his Beatles' songs. The singer, who infuriate Sir Paul McCartney when he outbid him for the rights to the group's music 22 years ago, is being forced to sell the songs after running up huge debts.
Jackson has allegedly squandered his fortune on a lavish lifestyle. He also took out steep loans to fight recent child abuse charges.
In 1995, he was forced to sell part ownership of the catalogue, valued at ?750 million, to his former record company Sony and used his remaning share as security for loans.
The deal with Sony stipulated that if he was unable to pay the loans back he would have be required to sell the company the remainder of the catalogue by May 31 2008.
It is believed Sony will charge Jackson $US241 million for the expenses they have incurred.
Jackson hopes to repay ?150 million to a loans company once the sale is completed.
Meanwhile, it has been reported Jackson's reunion with the Jackson Five could earn him $US483 million.
The group - who last regularly performed together 23 years ago - are set to earn a fortune from playing 250 Las Vegas concerts over three years.
A world tour, a greatest hits album, two new songs, merchandise and product endorsements have also been discussed.
The band - comprising of Tito, Marlon, Jackie, Michael and Jermaine - are currently in talks with producer Jack Wishna, who was responsible for Celine Dion's live residency in Caesar's Palace.
source:Bang! Showbiz
― Bee OK, Thursday, 22 March 2007 11:14 (eighteen years ago)