A new deal signed by Michael Jackson’s estate and Sony shatters Jay-Z’s $150 million record. Staggering new sum…
Even in death, Michael Jackson is breaking new records. The King of Pop’s estate has signed the biggest recording deal in history: a $200 million guaranteed contract with Sony Music Entertainment for 10 projects over seven years, according to a person familiar with the deal.
The record-breaking contract through 2017 could be worth up to $250 million if certain conditions are met. One of the albums will be of never-before-released Jackson recordings that will come out in November, the person said.
Future projects may also include a video game, a DVD compilation of videos and a rerelease of “Off the Wall,” Jackson’s fifth studio album, which first came out in 1979, accompanied by some unreleased material. Before his sudden death in June at age 50, the pop star had wanted to reissue the album, people familiar with the deal said.
Including the more than 5 million copies of that special release, Jackson has sold some 31 million albums since his death, about two-thirds of them outside the United States.
The landmark deal is worth more than all other benchmarks, such as the all-encompassing rights deals that concert promoter and ticket-seller Live Nation Entertainment Inc. had previously signed with Madonna at $120 million and Jay-Z for $150 million.
Jackson’s deal is even more remarkable because it does not include royalties from merchandise – Read full article…