He is said to require funds urgently to cover a $70 million loan from Bank of America secured by his Mijac publishing company, while a second, $200 million loan secured by his 50% interest in Sony/ATV Music Publishing (of which John Branca’s firm, Ziffren, Brittenham, Branca and Fischer LLP, owns 5%) is also a concern, though a reportedly less urgent one.
Attorney/advisor Branca is helping Jackson understand and negotiate what is said to be a very complicated financial scenario during what is clearly a difficult period.
Meanwhile, Sony/ATV, which reports to Sony U.S.’s Rob Wiesenthal, is said to be eager to make a deal to buy out Jackson, since as half-owner, Jackson currently has veto power over any deal in excess of $1 million. If Sony ponies up a number tolerable to Jackson, a third party may not be involved, but there have already been whispers of Jackson adviser Charles Koppelman bringing in Goldman Sachs as another potential buyer—though many are wondering what the investment bank’s play is. All involved are said to be treading very lightly around an understandably high-strung
THE COUNT: ROLLING LOUD KEEPS ITS EYES ON THE PRIZE
The latest from the live sector (3/14a)
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THE NEW UMG
Gosh, we hope there are more press releases.
TIKTOK BANNED!
Unless the Senate manages to make this whole thing go away, that is.
THE NEW HUGE COUNTRY ACT
No, not that one.
TRUMP'S CAMPAIGN PLAYLIST
Now 100% unlicensed!
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