Millions of people loved and adored Michael Jackson. His scintillating dance moves, his crisp timing, and his impeccable reach around the world immersed him into a lifestyle many either envied or enjoyed. A new book released today (June 3), Michael Jackson, Inc. takes a look at the moves Jackson made before he became the undisputed King of Pop.
During the mid-1980s, an informal investment committee was implemented to purchase artists’ publishing catalogs whole stock. This group involved David Geffen, the Hollywood maverick who would found DreamWorks Studios; John Johnson, the genius behind Ebony Magazine; John Branca, an attorney who would later go on to handle Jackson’s estate; and Michael Jackson, the universe’s biggest artist and chairman of the board, indefatigable in his resolve to become No. 1.
While this wasn’t NASDAQ stock or assets that were to be traded on the New York Stock Exchange, they were rare and highly valued commodities. Little known to anyone outside of this investment circle, Michael Jackson and America’s savviest businessmen were plotting to go after a billion-dollar entertainment conglomerate, also known as The Beatles. With an Australian billionaire by the name of Robert Holmes à Court, asking for more than $40 million for ATV (which included The Beatles’ most popular songs such as “Yesterday,” “Penny Lane,” etc.), Jackson and company had their disagreements, fights, and a battle with competition looming in the foreground.
As the book, Michael Jackson, Inc. hits shelves today, we take a look at the 10 things you didn’t know about MJ the businessman.
Photo: WENN
The Moonwalk Sweetened The Deal
With competition coming from left and right, Michael Jackson advised his attorney, John Branca, to throw in a public appearance into the deal. As they had already offered $47.5 million for the ATV catalog, MJ and Branca decided to make a stop in Perth, Australia in hopes that the owner of The Beatles’ chart topping songs would relinquish one of his prized possessions.
MJ Remained Silent
The notoriously shy King of Pop was all but audible at the initial meeting about the ATV catalog. Backed by attorney John Braca, Jackson did what he’d often done in meetings–wrote a note on the back of a financial statement–which said, “John, let’s please not bargain … I don’t want to lose the deal. IT’S MY CATALOGUE.”
Gifted “Penny Lane” To Penny
As others began to make their bid (reportedly to the tune of $50 million), Jackson made his demands known with another signature perk: excluding the song “Penny Lane” from the deal for Holmes à Court’s daughter, Penny. The late, great King of Pop was hoping that the billionaire would receive the gesture as a way to gift the song to his daughter as a present.
Learned The Game From Paul McCartney
Before ever purchasing anyone’s catalog, Michael Jackson learned the art of buying publishing from the man whose catalog he’d eventually own – Paul McCartney. The Beatles’ songwriter showed Jackson as a young performer the computer printout of all the songs that he bought. This was the catalyst that started Jackson on a path to owning works by Gamble and Huff and others.
MJ Put His Baby Ballin’ To Work
His star was just beginning to take off and according to Michael Jackson, Inc., Jackson brought home $9 million for his work in 1980. He would take that paltry sum and begin to invest in purchasing the catalogs of musicians known the world all over.
MJ’s First Purchases Weren’t Historic
Uninterested in using his $9 million on real estate deals, Jackson and his attorney John Branca decided instead to purchase songs to begin his publishing catalog. One of his first collections were two big hits by Ernie Maresca, who had two top-charting songs with “Runaround Sue” and “The Wanderer.” At first, Jackson didn’t recognize them, but after listening to the songs for awhile, he called Branca and said, “You gotta get those songs! I danced to them all weekend.”
MJ Wanted To Have The #1 Publishing Catalog In The World
Michael Jackson was always a student of music and the business, even when others didn’t think so. In the book, Michael Jackson, Inc., he had his focus honed on owning things at a scale that few could have fathomed at his age. The biggest selling artist of all time wanted to be the number one publisher in the world, and would frequently discuss which of the greatest songs of all time would be the best to own.
MJ Asked For Yoko Ono & Paul McCartney For Permission
Before diving
head first into the ATV deal, Jackson called up his good friends Yoko Ono and Paul McCartney instead of just lunging after the catalog disrespectfully. Both parties gave Jackson the blessing to go after the deal with Ono reportedly saying, “That [catalog] would be wonderful in the hands of Michael rather than some big corporation.”MJ Anticipated Intellectual Property Being Worth Money
Executing extreme foresight, Michael Jackson knew the game before it became big business. While people were telling Jackson to not buy the ATV catalog, the King of Pop had a tremendous sense of value and knew just how important owning publishing would be to the music industry.
MJ Really Wanted Berry Gordy’s Jobete Catalog
One of the most interesting parts from Michael Jackson, Inc. is an excerpt where John Branca admits that Jackson really wanted to buy Berry Gordy’s Jobete/Motown catalog. The Motor City music executive eventually sold half of his catalog to EMI for $132 million.
Michael Jackson, Inc. is published by Simon & Schuster’s Atria imprint and is in stores today (June 3).