Michael Jackson now owns the rights to Eminem's back catalogue, after his partnership company Sony/ATV purchased the publishing company Famous Music for $370 million.

Bjork, Shakira and Beck are also among the many artists whose publishing rights were sold by Viacom, of which Famous Music is a subsidiary, at auction yesterday afternoon.

The acquisition comes just months after speculation that Jackson would be forced to give up the rights to the Beatles back catalogue because he was facing bankruptcy. Jackson outbid Sir Paul McCartney in 1985 for the rights to the Beatles music at a cost of $47.5 million, but rumours that the singer has been living beyond his means were reinforced when he sold 25% of Sony/ATV back to Sony last year.

Yesterday's deal means Sony/ATV own the rights to over 125,000 songs, of which Eminem is one of the most high-profile and profitable. In an interesting twist, Jackson once attempted to have the video to Eminem's song Just Lose It taken down because it features the rapper dressed as Jackson and later rapping the words: "Come here little kiddies on my lap / Guess who's back with a brand new rap / And I don't mean rap as in a new case of child investigation accusate."

Speaking about yesterday's acquisition, Sony/ATV CEO Martin N. Bandier said: "The Famous Music catalogue is a world-class asset filled with evergreen songs that people know and love. The depth and breadth of the catalogue is what truly makes it great."