Jackson in deal to escape money troubles

Michael Jackson has made a deal with Sony to escape his money problems, reportedly including the sale of much of his Beatles song rights.

Jackson had been due to pay back at least $200 million to Fortress Investment Group. If he could not pay, the investors would have taken his 50 per cent share in Sony/ATV, which owns 200 Beatles songs and numerous other hits.

Now it appears he has agreed to sell half of his share to Sony, leaving him with just 25 per cent overall.

Grahame Nelson, one of the singer’s advisers, described the deal as "restructuring his finances with the assistance of Sony". His statement continued: "Following negotiations with several leading financial institutions, Mr Jackson has concluded refinancing with affiliates of Fortress Investment Group, the lender that currently holds secured debts that were previously held by Bank of America.”