Zumic Daily Business Roundup 8.26.2013: MLB To Stream Concert, Jackson Family Taxes, John Lennon's Tie Sold, BMI's Big Revenues

MLB to Stream Global Citizen Festival

Major League Baseball is getting into the music business. MLB Advanced Media has acquired the worldwide distribution rights to the Global Citizen Festival and will live-stream the entire concert online. The festival will be on Saturday, September 28 in Central Park. It will be headlined by Stevie Wonder, Kings of Leon, Alicia Keys, and John Mayer.

Via: The New York Times

Jackson Estate Owes $702 Million in Taxes

The IRS hit Michael Jacksons's estate with a $702 million bill, claiming that the estate undervalued its assets in 2009, the year of Jackson's death. The estate valued Jackson's image and likeness at $2,105, but the IRS put its value at $434 million, which is more likely to be true. The estate now owes $505.1 million in back taxes and $196.9 million in penalties.

Via: Rolling Stone

John Lennon's Tie Sells for $5,600

John Lennon gave Joyce McWilliams his tie at one of The Beatles' shows in 1962 in exchange for lending him a handkerchief. Recently, she decided to sell the tie at an auction at the Beatles Shop in Liverpool, which holds the auction for Beatles memorabilia each year. The tie sold for £3,627, or about $5,600.

Via: Rolling Stone

BMI Celebrates Its Biggest Revenue Year Ever

The BMI 2013 R&B/Hip-Hop Awards were on Thursday night, and aside from all the awards celebration, performing rights organization BMI was celebrating its biggest year of revenues since its beginning in 1939. The revenues are due in large part to the artists signed to Cash Money and Young Money records, which include Lil Wayne and Nicki Minaj.

Via: Billboard