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.
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