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 18,454.30 -48.69 -0.26%
Nasdaq 5,222.99 -9.34 -0.18%
S&P 500 2,176.12 -4.26 -0.20%
Treasuries 1.57 0.00 0.26%
Data as of 5:11pm ET
Company Price Change % Change
Bank of America Corp... 16.19 0.35 2.21%
EMC Corp 28.99 0.32 1.12%
Chesapeake Energy Co... 6.51 0.07 1.09%
Freeport-McMoRan Inc... 10.56 -0.42 -3.83%
Ford Motor Co 12.55 0.08 0.64%
Data as of 4:02pm ET
Sponsors

Sections

Martin Shkreli, the reviled drug company CEO who faces federal criminal charges, nearly doubled his $3 million investment in KaloBios. More

Global central banks are showing signs of gold buying fatigue. Gold demand at these powerful institutions recently dropped to a five-year low. More

Uber has hired on Jeff Jones, formerly chief marketing officer of Target, to serve as president of the company. More

With a veto from Gov. Chris Christie, the "Fight for $15" was dealt a setback in New Jersey. But legislators may sidestep Christie and put the question directly to voters in 2017 as to whether they would like to increase the state's minimum wage to $15. More