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 17,712.66 34.43 0.19%
Nasdaq 4,891.22 27.86 0.57%
S&P 500 2,061.02 4.87 0.24%
Treasuries 1.95 -0.06 -2.94%
Data as of 7:17am ET
Company Price Change % Change
Intel Corp 32.00 1.92 6.38%
Bank of America Corp... 15.31 -0.11 -0.71%
Ford Motor Co 15.98 -0.03 -0.19%
Apple Inc 123.25 -0.99 -0.80%
Microsoft Corp 40.97 -0.24 -0.58%
Data as of Mar 27
Sponsors

Sections

America's job market is surging ahead, but consumers and businesses still aren't spending much. More

Apple CEO Tim Cook has spoken out against anti-LGBT legislation in the U.S., saying the new laws are "very dangerous" and contrary to America's founding principles. More