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Jackson estate to sign 200 million dollar deal
Posted on 16th Mar 2010 10:00 to category Band / Celebrity News
Michael Jackson's estate is to sign a $200 million contract to release new material with Sony Music.
The seven-year deal is reported to be the biggest record deal in history and is due to be finalised today (16.03.10).
The deal will cover 10 projects, including an album of unreleased songs, featuring the late 'Thriller' singer, who died last June, aged 50.
Co-executor of Michael's estate, John Branca, said: "During his life, Michael's contracts set the standard for the industry. By all objective criteria, this agreement with Sony Music demonstrates the lasting power of Michael's music by exceeding all previous industry benchmarks."
Projects which are thought to be included under the terms of the deal are a remastered version of Michael's breakthrough solo LP 'Off The Wall', a DVD compilation of his music videos and a new videogame, as well as the rights to the posthumously released album and DVD 'This Is It', which has so far sold over five million copies, and made $200 million at the worldwide box office during a limited run.
Since his passing, Michael's back catalogue has proved extremely lucrative, with the 'King of Pop' selling over 31 million albums worldwide, making him the biggest selling recording artist in the world in 2009.
The amount the singer's estate could make could even exceed $200 million with tied in merchandise and other deals.
The contract dwarfs previous contracts signed by other stars for recording and touring including a 10-year deal signed in 2007 by Madonna with Live Nation reportedly worth $120 million and a $152 million deal signed the next year between Jay-Z and the same company.
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