Michael Jackson’s Estate Inks $250M Record Deal
Even in the death, the King of Pop is still making music history. According to reports, Michael Jackson's estate just signed a record deal worth up to $250 million -- the largest of its kind in history.
The seven-year contract, made with Sony Music Entertainment, is for 10 albums, one of which will drop this November. Jackson's is said to have recorded enough music to fill at least three full albums. "During his life, Michael's contracts set the standard for the industry," said John Branca, the co-administrator of Jackson's estate, 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."
TMZ.com is reporting that the central part of the deal lies in Jackson's overseas royalties, as a large amount of revenue will come by way of the music icon's foreign profits. Since his death last year, fans have scooped up 31 million of Jackson's records. "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," said chairman of Sony Music's Columbia Epic Label, Rob Stinger.
With this latest deal Jackson trumps other big names like Jay-z who signed a $150 million deal with concert promoter Live Nation, and Madonna whose deal sits at $120M. However, Jackson's deal is unique because it does not include merchandise royalties.
Jackson died on June 25, 2009 from cardiac arrest just days before he was to set out on his 'This Is It' tour in London. Following his passing, concert promoter AEG released rehearsal footage of ill-fated tour. 'This Is It' went on to gross over $250 million worldwide making it the most successful music documentary of all time.