« Last post by moonstreet on November 28, 2013, 11:29:16 AM »
« Last post by moonstreet on November 28, 2013, 11:29:16 AM »
« Last post by moonstreet on November 11, 2013, 09:05:09 PM »
Michael Jackson Estate's Valuation ($2,105) Vs. IRS' MJ Valuation ($434 Mil.)
By Michael R. Morris | November 11, 2013 1:55 PM EST
With all of the media focus on the recent decision in the Jackson family's wrongful death suit against AEG, in which a jury found AEG not liable over Michael Jackson's death, there is another court battle generating less press but which could cost hundreds of millions of dollars. This case pits the estate of Michael Jackson against the Internal Revenue Service, and centers on the $7 million taxable value of the estate's assets which were reported to the IRS. There's little doubt that the valuation of Michael Jackson's name and likeness rights at a paltry $2,105 raised a few eyebrows at the IRS offices -- the IRS' valuation was greater than $434 million and, in all, valued Michael Jackson's estate at more than $1.1 billion. The IRS has issued a notice of deficiency -- a bill for debts owed -- of estate taxes totaling more than $505 million. And because the IRS contends the executors significantly undervalued the estate's property, it tacked on additions of $196 million for good measure!
In response to the IRS' notice of deficiency, sent on on July 26, 2013, the Jackson estate filed a petition with the U.S. Tax Court, contending the valuations of the assets "were accurate and based upon qualified appraisals by qualified appraisers who had extensive experience valuing entertainment industry assets." On August 20, 2013, the IRS filed its response to that assertion, which detailed all of the proposed IRS valuations of Michael Jackson's assets, including his name and likeness. The disagreement has set the stage for a contentious valuation battle.
There's little doubt that the IRS knows that the exploitation of dead celebrity names and likeness is big business. What makes the estate of Michael Jackson's battle with the IRS of extreme interest is that, while the valuation of an estate's assets for federal estate tax purposes is usually made when a person dies (there is an election of value estate assets as of six months after the date of death), any subsequent dispute with the IRS over the worth of celebrity "name and likeness" rights rarely become public.
The rights of a deceased celebrity's estate to that celebrity's name and likeness rights are governed by state, not federal, law. So unless a deceased celebrity died a resident of a state affording posthumous protection for rights of publicity, such rights literally go to the grave along with that celebrity. This happened in the hotly litigated cases involving Marilyn Monroe, where the ultimate determination of her status as a New York and not a California resident meant Monroe's rights of publicity failed to survive her (since New York has no law protecting posthumous rights of publicity).
Conversely, California has for many years statutorily protected the rights of both living and dead celebrities in their names, voices, signatures, photographs and likenesses. In fact, these rights extend for 70 years after death, and, like most property rights, are licensable, transferable and descendible.
The holder of the deceased celebrity's right of publicity must, however, register the claim with the California Secretary of State (a simple procedure), and until that is done, damages cannot be recovered for any use prior to such registration.
To come within this statutory protection, California law requires that a decendent's right of publicity must have had "commercial value at the time of his or her death, or because of his or death."
Determining the value of intellectual property based on projected future earnings and discounted to a present value is not an exact science. In the case of the King of Pop, his estate has generated hundreds of millions of post-mortem licensing dollars, which the IRS no doubt factored into its valuation. So now the IRS and the estate of Michael Jackson are locked in a hotly contested battle over just how valuable the future earnings power of Michael Jackson's posthumous celebrity rights could be. While the Jackson case may settle prior to the Tax Court's adjudicating what these rights are worth, the litigation between the IRS and the Michael Jackson's estate could signal similar IRS scrutiny of other high-profile celebrities' name and likeness rights. Accordingly, the administrators of such estates need to be aware of the necessity to engage both qualified appraisers to value such rights and experienced tax professionals to defend against the inevitable IRS audit.
« Last post by moonstreet on November 10, 2013, 04:16:04 PM »
Immortal has been to Europe in 2012 & 2013 you can find the dates and places here http://www.mjjstreet.com/cirque-du-soleil-the-immortal-tour/tour-dates-europe/
It opened in London in October 2012 and did 8 performances there and in March 2013 there were 2 more performances in England , in Manchester and Birmingham.
« Last post by Dangerousgirl on November 10, 2013, 02:54:22 PM »
Fantastic news. I just hope one day it comes to Europe.
« Last post by moonstreet on November 09, 2013, 03:25:00 PM »
Cirque du Soleil's Michael Jackson Tour Adding Arena Dates in 2014
By Mitchell Peters, Los Angeles | November 08, 2013 11:24 AM EST
"Michael Jackson: The Immortal World Tour" returns to North America for 40 more dates next year, looking to sell another 120,000 tickets
"Michael Jackson: The Immortal World Tour," which recently became the ninth-top-grossing tour in history, will return to North American arenas in 2014, Billboard can exclusively reveal.
"We're in the process of fiercely booking it," Cirque du Soleil senior VP of touring shows Finn Taylor says. "We're mostly trying to do new markets so we can bring the show to new audiences, but there are some repeats of our more successful markets from the first tour."
Created in a partnership between the Michael Jackson estate and Cirque, "Immortal" will visit small to full-size arenas in the United States, Canada, Mexico and perhaps South America, beginning in March. The Cirque-promoted North American tour will perform in about 40 cities, but specific routing details weren't available at press time.
John Branca, who serves as co-executor of the Jackson estate with John McClain, says the upcoming "Immortal" performances could be slightly different from what audiences have already seen.
"I could see retooling the show in some ways and switching up some elements, but overall the format would stay very similar," Branca says. "There are certain numbers we might redo, but I don't think we would change the entire format."
In August, "Immortal" will once again visit Mexico City's Palacio de los Deportes, where it experienced some of its most lucrative business after grossing $13.2 million from 14 performances in 2012, according to Billboard Boxscore.
"We're positive we can sell another maybe 120,000-140,000 tickets in a second run," says Renato Herrera, executive VP at concert promoter OCESA, which operates the venue.
Herrera says there are also talks about taking "Immortal" to smaller arenas in such South American markets as Colombia, Argentina and Brazil.
Additionally, Cirque is in discussions with international promoters about bringing "Immortal" back to various parts of the world. With 407 shows under its belt, the trek has visited 25 countries on four continents. International dates haven't been confirmed beyond a lengthy run in Dubai, which goes through mid-January 2014.
"It's very tough to do one-offs with this show, because we have to bring all of the equipment with us," Taylor says. "We have to work on establishing some kind of regional leg or regional tour before we can get anywhere. There might be one or two Asian cities that want us, but we need six or seven to make it worthwhile."
« Last post by Dangerousgirl on October 26, 2013, 03:21:06 PM »
By Steve Gorman
LOS ANGELES | Sat Oct 26, 2013 5:16am EDT
(Reuters) - Music producer Quincy Jones sued Michael Jackson's estate on Friday, seeking millions of dollars in royalties generated from some of the star's biggest hits after the King of Pop's death.
Jones, who worked on Jackson's three biggest solo albums - "Off the Wall", "Thriller" and "Bad" - also named Sony Music Entertainment, the parent company of Jackson's longtime label, Epic Records, in the breach-of-contract complaint.
Jones accused the music giant and the song company controlled by Jackson's estate, MJJ Productions, of denying him royalties, fees and profit-sharing as they exploited Jackson's work through the posthumous concert film "This Is It".
His claim, brought in Los Angeles Superior Court, also mentioned two Cirque du Soleil productions based on Jackson's music, accompanying soundtracks and the 25th anniversary edition of "Bad".
According to the lawsuit, master recordings of songs Jones produced were remixed and edited to deprive the 27-time Grammy-winning producer of compensation he was entitled to under agreements with Jackson dating back to the 1970s and '80s.
Jackson died in 2009 aged 50 in Los Angeles from an overdose of the surgical anesthetic propofol, which he was taking as a sleep aid as he was preparing for series of comeback concerts.
The movie "This Is It," filmed during rehearsals for those concerts, generated more than $260 million at the box office worldwide, making it one of the highest-grossing concert films ever.
The lawsuit seeks at least $20 million in damages - $10 million for each of the two master contracts that Jones claims were breached in various ways under secret agreements between MJJ Productions and Sony after Jackson died.
"Quincy has been frustrated with these matters for a number of years, felt he was not making any progress and needed to take more formal action," Jones' lawyer, Henry Gradstein, told The Hollywood Reporter, which posted a copy of the suit online.
In a statement issued to the website TMZ.com, Howard Weitzman, a lawyer for the Jackson estate, said: "The estate of Michael Jackson was saddened to learn that Quincy Jones has filed a lawsuit seeking money from Michael's estate. To the best of our knowledge, Mr. Jones has been appropriately compensated over approximately 35 years for his work with Michael."
There was no immediate comment from Sony.
Jones, 80, who has worked with such greats as Frank Sinatra, Ella Fitzgerald and Dinah Washington, first collaborated with Jackson as one of the composers for the 1978 film adaptation of the musical "The Wiz," which starred Jackson as the Scarecrow.
He went on to produce Jackson's blockbuster solo albums, "Off the Wall," "Thriller" and "Bad" - released in 1979, 1982 and 1987, respectively. They ranked among the most commercially successful albums of their time.
"Thriller" alone sold 40 million copies in its initial chart run, with seven of its nine tracks reaching the top 10, according to AllMusic.com.
(Reporting by Steve Gorman; Editing by Andrew Heavens)
..... Edited by Moonstreet, Source Link Corrected.....
« Last post by moonstreet on October 24, 2013, 08:21:05 AM »
Queen finishing "great" unreleased Michael Jackson, Freddie Mercury songs
Published Wednesday, Oct 23 2013, 22:07 BST | By Catherine Earp
Queen drummer Roger Taylor has revealed that Brian May is currently working on unreleased tracks from the band.
The songs feature late Queen singer Freddie Mercury and were recorded with Michael Jackson.
Taylor said in an interview with Classic Rock Magazine: "Brian especially has been active working on old tracks. A couple of tracks that Freddie did with Michael Jackson.
"They've been hanging around for years and years and Michael's estate haven't really been able to make their mind up about what to do with them. So we suggested we finish them and see. They're pretty good - one of them is great."
May recently spoke about the upcoming Freddie Mercury biopic, claiming Sacha Baron Cohen didn't walk away from the lead part.
He said: "It's a shame that there were these sensationalist stories about him walking out. None of that was true.
"So we're in a very good place with the movie, and we remain friends with Sacha and hopefully there will be another project that we will work on together in the future."
« Last post by moonstreet on October 23, 2013, 05:59:45 PM »
Michael Jackson Leads Our List Of The Top-Earning Dead Celebrities
FORBES 10/23/2013 @ 9:56AM
Madonna was the top earner on our recent Celebrity 100 list, raking in $125 million between June 2012 and June 2013. Not bad for a living person. Her late buddy Michael Jackson easily topped her though, earning $160 million over the past year by our estimate. It’s the third time in the past five years that the top-earning celebrity in the world has come from the graveyard.
Much of Jackson’s money comes from two Cirque du Soleil shows. Immortal, a touring show, has grossed over $300 million since opening last year. One, which opened at the Mandalay Bay in May, is routinely sold out. Both shows feature the usual Cirque du Soleil acrobatics but One comes with a bonus: a hologram-like illusion of Jackson performs “Man in the Mirror” at the end of the show.
The King of Pop also still earns from his music and his half of the Sony SNE -2.02%/ATV catalog, which includes hits by The Beatles, Lady Gaga and Taylor Swift among others.
Jackson reclaims the No. 1 spot on our list from his friend Elizabeth Taylor. The movie star, who passed away in 2011, earned an estimated $210 million in the 12 months to October 2012 thanks to a series of lucrative auctions at Christie’s of Taylor’s art, jewels and clothes. This year her earnings dropped to an estimated $25 million, landing her in fourth place.
Over the past 12 months, the star’s estate earned big bucks from her White Diamonds perfume, which in 2012 brought in $53 million in retail in the U.S. alone, according to Euromonitor International, her rights in old movies and her smart stock and real estate investments. Taylor’s estate, now represented by Hollywood talent agency UTA, is at work on several licensing deals. Expect to see Taylor’s name on high-end clothing and cosmetics in the near future.
Our list looks at earnings between October 2012 and October 2013. We count money coming into the estate and we don’t deduct for how the estate handles it. To come up with our estimates we talk to estate managers, licensors and lawyers involved in the dead celebrity business.
Ranking second on our list is Elvis Presley with an estimated $55 million in posthumous earnings. The King of Rock n’ Roll may have taken a back seat to the King of Pop, but his estate is still earning steadily thanks to his eternally popular image and his famous home, Graceland. That was enough to convince billionaire Leon Black and his firm, Apollo Global Management, to buy CKX, the parent company of American Idol and the estates of both Elvis and Muhammad Ali, for $509 million in 2011.
Peanuts creator Charles Schulz ranks third for the second year in a row with $37 million. The Peanuts are still big but Iconix, which now runs the Peanuts license, thinks they could be even bigger. A new movie, starring the whole gang, is in the works at Fox.
Rounding out our top five is Bob Marley with $18 million. The iconic reggae singer might find it strange that his name has become part of a capitalist enterprise. There are Bob Marley speakers and messenger bags as well as a line of Bob Marley drinks that come in “mellow mood” and “one drop” (A.K.A. coffee).
New to our list this year is Jenni Rivera. The Mexican-American singer perished in a plane crash last December; since then, she has sold over 880,000 records, nearly as many she did in her life. Her postmortem earnings are boosted by the reality show I Love Jenni, which reached an audience of 5.5 million in its third and final season, and her autobiography Unbreakable: My Story, My Way, which has moved over 400,000 copies since its release in July.
« Last post by Dangerousgirl on October 23, 2013, 10:08:10 AM »
It would so cool if it won. Its up against though competition but we can also be positive.
Great to see it recognized with a nomination
« Last post by moonstreet on October 23, 2013, 08:18:40 AM »
Billboard Touring Awards nominations announced
2:33 p.m. EDT October 22, 2013
Korina Lopez, USA TODAY
This year's class of Billboard Touring Awards has something for everyone; it has pop, country, rock and rap.
While expected favorites Jay Z, Justin Timberlake, Bon Jovi, Bruce Springsteen, Taylor Swift and the Rolling Stones got nominations, Bruno Mars and One Direction make their debut, too.
Here's the full list of nominations:
Bon Jovi, Because We Can
Bruce Springsteen & the E Street Band, Wrecking Ball
Michael Jackson Immortal
Bruce Springsteen & the E Street Band
Jay Z & Justin Timberlake Legends Of Summer, with DJ Cassidy
Kenny Chesney No Shoes Nation Tour, with Eric Church, Eli Young Band, Kacey Musgraves
Taylor Swift Red Tour with Ed Sheeran, and Joel Crouse, Brett Eldredge, Florida Georgia Line, Casey James
TOP COMEDY TOUR
P!nk – Rod Laver Arena, Melbourne, July 7-Aug. 26
The Rolling Stones — O2 Arena, London, Nov. 25, 29, 2012
The Rolling Stones — United Center, Chicago, May 28, 31, June 1
Outside Lands Music & Arts Festival
LEGEND OF LIVE
Shell Rotella HAUL OF FAME
Dave Matthews Band
The Rolling Stones
Vans Warped Tour (HAULER OF THE DECADE)
Eventful FANS' CHOICE AWARD
Bruce Springsteen & the E Street Band
Dave Matthews Band
New Kids On The Block
The Rolling Stones