The King of Pop is unanimously considered one of the greatest musicians the world has ever produced. Now Michael Jackson, the architect of those hypnotic albums and dance moves and groundbreaking videos, is even bigger in death — in more ways than one.
The estate of Michael Jackson has just signed the greatest deal ever in music, The Associated Press reports. The deal is worth up to $250 million, with a guarantee of $200.
The gargantuan recording deal was made with Sony Music Entrtainment. According to the publication, the contract was negotiated through the estate and extends over seven years and 10 projects. Much like Tupac Shakur, Notorious BIG and many other prolific musicians who passed on prematurely, Jackson has enough unrecorded material for at least three albums, which undoubtedly will be released in the ensuing years.
The key to the deal, tmz.com was told by an inside source, was the royalty rate on foreign soil. Two-thirds of MJ’s sales have been outside of the United States, particularly in the latter years.
The first album is tentatively scheduled for a November release with others projects to be compiled and released in the upcoming years. As part of the deal, Sony will be able to get a two-year extension on the right to distribute the coveted Michael Jackson catalog, extending the distribution deal to 2017. The executors of Jackson’s estate, John Branca and John MClain, brokered the deal. –terry shropshire
