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.
Check out photos of Jackson
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."
Watch videos of Jackson
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.