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Michael Jackson's estate signs record $250 mln deal with Sony
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Michael Jackson's estate has signed a contract, worth up to $250 million, with Sony Music Entertainment for 10 projects over seven years, a knowledgeable person said. The deal is the biggest recording deal in history.
The deal, for about 10 recordings through 2017, will guarantee the Jackson estate up to $250 million in advances and other payments and offer an especially high royalty rate for sales both inside and outside the United States.
One of the albums will be of never-before-released Jackson recordings that will come out in November, the source said.
One of the albums will be of never-before-released Jackson recordings that will come out in November, the source said.
Future projects may include a video game, a DVD compilation of videos and a rerelease of "Off the Wall," Jackson's fifth studio album of 1979, with some unreleased material. The King of Pop had allegedly wanted to reissue the album, people familiar with the deal said.
One of the projects already counted in the contract was the two-disc album that accompanied "This Is It," the film based on footage of concert rehearsals for what was to have been Jackson's comeback at London's O2 arena.
The deal also allows Sony and the estate to collaborate on a wide range of lucrative licensing arrangements, like the use of Jackson music for films, television and stage shows and lines of memorabilia.
[Source: AP, The New York Times]
One of the projects already counted in the contract was the two-disc album that accompanied "This Is It," the film based on footage of concert rehearsals for what was to have been Jackson's comeback at London's O2 arena.
The deal also allows Sony and the estate to collaborate on a wide range of lucrative licensing arrangements, like the use of Jackson music for films, television and stage shows and lines of memorabilia.
[Source: AP, The New York Times]
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