Sony Reportedly Seeks Jackson's OK To Sign Songwriters
July 5, 2007 at 5:26 AM (PT)
SONY is in talks with MICHAEL JACKSON to renegotiate the terms of their music-publishing joint venture, which would allow SONY BMG, the sister company, to sign songwriters for the first time, reports THE LONDON TIMES.
A clause in the existing agreement between JACKSON and SONY prevents SONY backing a music publisher to rival their SONY/ATV venture, which has the copyrights to all 252 BEATLES songs in its catalogue. If SONY can persuade JACKSON to relax or even erase the clause as part of the negotiations, that would allow SONY BMG, the recorded music concern, to become a part-competitor.
SONY BMG wants to enter the music publishing market because it would help to offset the collapse in recorded music and would allow the record label to sign up songwriters in tandem with acts.
SONY BMG CEO ROLF SCHMIDT-HOLZ said in MAY, "We will do everything to reenter the market for music publishing."
JACKSON recently agreed to allow SONY/ATV to expand aggressively under MARTY BANDIER, the newly appointed chief executive. The company now also has an option, which it has so far declined to exercise, to buy a further 25% of the business from its partner.