Jackson near deal to avert bankruptcy

NEW YORK - Singer Michael Jackson is close to a deal that would help him to avert bankruptcy by refinancing hundreds of millions of dollars in loans, the New York Times said on Thursday.

The paper, citing people briefed on the plan, said the ongoing negotiations would also 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 scores of hits from The Beatles.

Jackson would agree to provide Sony, which is co-owner of the Sony/ATV Music catalog, with an option to buy about 25 percent of the catalog, or half of his stake, at a set price, the Times said.

Sony officials could not immediately be reached for comment.