Michael Jackson’s Estate Has Signed Biggest Record Deal In History
Sony Music is due to officially announce the landmark contract this morning. The deal reportedly involves 10 album releases over seven years, including one of previously unreleased material. It is the biggest contract of its kind in the history of the music industry, with the previous record being rapper Jay-Z’s $150 million deal with Live Nation.
"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. "By all objective criteria, this agreement with Sony Music demonstrates the lasting power of Michael's music by exceeding all previous industry benchmarks."
Rob Stringer, chairman of Sony Music's Columbia Epic Label Group, added: "We're dedicated to protecting this icon's legacy and we're thrilled that we can continue to bring his music to the world for the foreseeable future."
The soundtrack of the recent film This Is It is thought to be included in the deal.
Other projects included may include a video game, re-releases of other albums and DVD compilations of music videos.
The deal follows a big year of sales of Michael’s music and memorabilia. Sony sold more than 31 million copies of the star’s records in the months after his death last year, making Michael one of the biggest-earning acts of 2009.
The money is expected to be used to settle Michael’s many debts, which were estimated at around $400 million at the time of his death.
Michael died of acute Propofol intoxication in his Los Angeles home last June. His death has been ruled homicide by intravenous injection by another and his personal physician Conrad Murray pleaded not guilty to a charge of involuntary manslaughter last month.
