Michael Jackson

Michael Jackson is close to a deal that would help him to avoid bankruptcy by refinancing his debts and possibly selling part of his interest in scores of hits by The Beatles, The New York Times said on Thursday.

The paper said the ongoing negotiations to refinance hundreds of millions of dollars of loans would require him at some point in the future to offer Sony Corp (NYSE:SNE - news). part of his interest in a song catalog that includes many of The Beatles best-known songs.

Jackson bought the ATV catalog, which included more than 200 songs written by members of The Beatles, for $48 million in 1985. He caused some controversy when he subsequently licensed their 1968 song "Revolution" to a Nike commercial.