<P> The competitors in the 1984 sale of ATV Music included Charles Koppelman and Marty Bandier's New York - based the Entertainment Co., Virgin Records, New York real estate tycoon Samuel J. LeFrak, and financier Charles Knapp . On November 20, 1984, Jackson sent a bid of $46 million to Holmes à Court . Branca suggested the amount of the bid after having spent time evaluating the earnings of the catalogue and learning of another bid for $39 million . Jackson was only interested in the music copyrights, but the package also included buildings, a recording studio and studio equipment . The two sides signed a non-binding memorandum of mutual interest in December 1984 and Jackson's team began a four - month process of verifying ATV Music's legal documents, financial reports, and every significant composition in the nearly 4000 - song catalog . </P> <P> The two sides began drafting contracts in January 1985 and follow - through meetings began on March 16 . Jackson's team described the negotiations as frustrating, with frequent shifts of position by the other side . One Holmes à Court representative described the negotiations as a "game of poker". Jackson's team thought they had reached a deal several times, but new bidders would enter the picture or they would encounter new areas of debate . The prospective deal went through eight drafts . In May 1985, Jackson's team walked away from negotiations after having spent hundreds of hours and over $1 million . In June 1985, they learned Koppelman / Bandier had made a tentative agreement with Holmes à Court to buy the catalog for $50 million . </P> <P> But in early August, Holmes à Court contacted Jackson and talks resumed . Jackson only raised his bid to $47.5 million, but he had the advantage of being able to close the deal faster, having completed due diligence of ATV Music prior to any formal agreement . He also agreed to visit Australia as a guest of Holmes à Court and appear on the Channel Seven Perth Telethon . Holmes à Court included some more assets and agreed to establish a scholarship in Jackson's name at a U.S. university . Branca closed the deal and purchased ATV Music on Jackson's behalf for $47.5 million on August 10 . 1985 . In October 1985, Jackson fulfilled his contract provision to visit Perth, Western Australia and appear on the telethon, where he spoke briefly and met with two children . </P> <P> In an analysis of the acquisition, the Los Angeles Times noted that if "Yesterday" were to earn $100,000 a year in royalties, the Lennon estate and McCartney would divide 50% of the income; $25,000 each . The publisher, Jackson, would receive the other 50%; $50,000 . It was mentioned that "Yesterday" probably earns more than $100,000 a year . The publisher would also control the use of the song in films, commercials and stage productions . Jackson went on to use the Beatles' songs in numerous commercials, feeling that it would enable a new generation of fans to enjoy the music . McCartney, who had himself used the Buddy Holly song catalogue in commercials, felt saddened . Privately, Jackson was reported to have expressed exasperation at McCartney's attitude; he felt that the musician should have paid for the songs he had written . At the time, McCartney was one of the richest entertainers in the world, with a net worth of $560 million and a royalty income of $41 million . Jackson stated, "If he didn't want to invest $47.5 million in his own songs, then he shouldn't come crying to me now ." </P>

When did michael jackson purchase the beatles catalog