NEW YORK — Viacom Inc. said Wednesday it will sell its Famous Music publishing unit to Sony/ATV Music Publishing, the song catalog co-owned by pop star Michael Jackson.
The deal is estimated to be worth $370 million in cash, people familiar with the talks said.
Famous Music's catalog of more than 125,000 songs and sound cues includes music by Eminem and Shakira as well as soundtracks from "The Godfather" and "Mission: Impossible." Famous was founded to publish songs from movies.
The deal is the first major move by recently appointed Sony/ATV Chief Executive Martin Bandier, the former head of EMI Music Publishing.
As part of the deal, Sony/ATV will be entering the production music business through the Famous Extreme division.
Sony/ATV is jointly owned by Sony Corp. and Jackson. Its catalog includes songs by the Beatles, Neil Diamond, Bob Dylan, Jimi Hendrix and others, making it the fourth-largest music publisher.