TMZ has confirmed the Michael Jackson estate has signed the biggest deal ever in music — worth up to $250 million with a guarantee of $200 million.
The estate made the deal with Sony Music Entertainment — the contract is for 10 projects over seven years. One album will debut in November, which contains never-before released recordings. We’re told Jackson left enough material for at least three albums of fresh material.
A source tells TMZ the royalty rate on foreign sales is the key to the deal — and 2/3 of the sales of MJ records traditionally have been outside the U.S. And we’re told Sony gets a two-year extension for the right to distribute the Michael Jackson catalog — to 2017.
The deal has nothing to do with The Beatles’ catalog — it’s all about MJ original recordings. The agreement was brokered by John Branca and John McClain, executors of the MJ estate.
Source: TMZ
