Sony has confirmed plans to buy Michael Jackson's 50 percent share in their Sony/ATV publishing company.

The company currently owns the majority of the Beatles back catalogue as well as the catalogues of countless other legendary artists.

Jackson became the owner of ATV in 1985 shelling out $40 million for the entity.

At the time the other leading bidder was MJ's close friendPaul McCartney.

Jackson then sold half of the enterprise to Sony in 1995 for $100 million, thereby creating the Sony/ATV imprint.

According to statements from Jackson's family the deal will help them pay off some of the debts surrounding Jackson's estate and will also help them build cash reserves.

They will retain a ten percent stake in EMI's publish arm Mijack Music.