Our Terms of Service and Privacy Policy have changed.

By continuing to use this site, you are agreeing to the new Privacy Policy and Terms of Service.

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

Index Last Change % Change
Dow 17,409.72 269.48 1.57%
Nasdaq 4,691.87 97.42 2.12%
S&P 500 2,036.09 35.55 1.78%
Treasuries 1.46 0.00 0.07%
Data as of 7:31am ET
Company Price Change % Change
Bank of America Corp... 12.70 0.52 4.27%
Freeport-McMoRan Inc... 10.69 0.56 5.53%
Ford Motor Co 12.39 0.23 1.89%
Apple Inc 93.59 1.54 1.67%
Citigroup Inc 40.44 1.96 5.11%
Data as of Jun 28
Sponsors

Sections

Sumner Redstone's National Amusements issued a warning Tuesday to Viacom executives who are fighting to keep their board seats, telling them that their legal challenges are futile. More

Investors are already sifting through the Brexit market rubble for opportunities. Morgan Stanley compiled a list of highly-rated stocks that have limited or no direct exposure to the situation in the U.K. More

Facebook has redesigned the share tools on other websites, part of a larger set of changes designed to spur more sharing on Facebook. More

Chipotle is set to launch a customer loyalty program that starts July 1 and runs through September. More