Jackson estate signs record deal with Sony

jackson_fans.gi.top.jpgBy Aaron Smith, CNNMoney.com staff writer and Grace Wong, contributing writer


NEW YORK(CNNMoney.com) -- The administrators of Michael Jackson's estate and Sony Music Entertainment said Tuesday that they have reached a deal concerning the sale of the late singer's recordings.

The deal was worth about $250 million, the Wall Street Journal reported.

Sony (SNE) Music's Columbia Epic Label Group and Legacy Recordings will continue to hold rights to Jackson's catalog, and plan to release previously unreleased Jackson recordings in November, according to Sony and administrators for the Jackson estate, John Branca and John McClain.

"We believe we have a partner in Sony that knows and appreciates Michael's artistry as well as the passion of his fans," said McClain, in a press release. "We look forward to continuing our partnership with Sony to preserve and enhance his remarkable musical legacy."

Rob Stringer, chairman of the Columbia Epic Label Group, said in the press release that he's "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 Journal said the deal will distribute 10 albums over seven years guarantees Jackson's estate $200 million, and is being heralded as the most profitable recording contract ever.

The agreement covers unreleased recordings, DVDs and possibly other projects such as video games, reports said.

Jackson died on June 25 last year after having suffered cardiac arrest. To top of page

Frontline troops push for solar energy
The U.S. Marines are testing renewable energy technologies like solar to reduce costs and casualties associated with fossil fuels. Play
25 Best Places to find rich singles
Looking for Mr. or Ms. Moneybags? Hunt down the perfect mate in these wealthy cities, which are brimming with unattached professionals. More
Fun festivals: Twins to mustard to pirates!
You'll see double in Twinsburg, Ohio, and Ketchup lovers should beware in Middleton, WI. Here's some of the best and strangest town festivals. Play
Index Last Change % Change
Dow 18,288.63 155.93 0.86%
Nasdaq 5,008.10 44.57 0.90%
S&P 500 2,117.39 12.89 0.61%
Treasuries 2.08 0.08 4.10%
Data as of 3:18am ET
Company Price Change % Change
Apple Inc 129.09 0.63 0.49%
Cisco Systems Inc 30.19 0.68 2.30%
Bank of America Corp... 16.01 0.20 1.27%
Microsoft Corp 43.88 0.03 0.07%
Intel Corp 34.06 0.81 2.44%
Data as of Mar 2
Sponsors

Sections

Guinness owner says inclusion of an LGBT group in this year's parade is reason to resume its sponsorship, though some gay rights groups are still protesting the parade's policies. More

The Stratos Card is a new Bluetooth-connected device that wants to make all of your credit cards, debit cards, loyalty cards, and gift cards obsolete. More

Last week, the House of Representatives passed a bill that would expand benefits offered by the college savings plans to include coverage of expenses like computers and Internet access, among other things. And there is bipartisan support for it in the Senate, too. More