Michael Jackson's Estate Inks Record-Breaking Deal
Michael Jackson's estate has struck a seven-year distribution deal valued as high as $250 million with the late star's label, Sony Music Entertainment, in the biggest recording contract in history, The Associated Press reports.
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The deal, expected to be announced Tuesday, guarantees $200 million and covers 10 projects across various media, including the already released two-disc album from Jackson's documentary This Is It and a forthcoming album containing never-before-released material in November. Other possible projects include a DVD compilation of Jackson's groundbreaking music videos and a re-release of his 1979 smash Off the Wall.
"During his life, Michael's contracts set the standard for the industry," John Branca, the co-administrator of the Jackson estate, said in a statement prepared for release Tuesday. "By all objective criteria, this agreement with Sony Music demonstrates the lasting power of Michael's music by exceeding all previous industry benchmarks."
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Since Jackson's June 2009 death at age 50, some 31 million copies of his albums were sold (with two-thirds of the sales coming from overseas) —making Jackson the year's biggest-selling artist.