Published Mar 16, 2010Michael Jackson's estate has reached an agreement with Sony Music for the largest recording contract in history, with some reports estimating the deal to be worth as much as $250 million.
According to an Assosiate Press report, industry insiders are reporting that the deal guarantees Jackson's estate at least $200 million and is for ten albums over a seven-year period. The deal involves a mix of previously unreleased material and repackaged versions of Jackson's existing material. It's unknown how much Jackson music was recorded before his death in June, but at least two full albums of unreleased material are planned, according to AP.
A Sony press release sent out today (March 16) confirms that the label has indeed renewed its contract with the estate, stating it plans to "create new projects for Michael Jackson featuring the never-before-released Jackson recordings." It goes on to say the first project featuring unreleased music is expected for a November 2010 release.
The deal with Sony also includes the soundtrack to This Is It, which has already been released by the label. Sony has sold over 30 million Jackson albums since his death, with a good percentage of those sales being online downloads.