Only nine months after the tragic and untimely death of the King of Pop Michael Jackson, we now have news that his estate has just signed one of the biggest recording contracts in history with Jackson’s longtime label Sony, giving them the rights to sell his back catalog.
According to the New York Times, the deal – which is for about 10 recordings through 2017 – will guarantee the Jackson estate up to $250 million in advances plus other payments, and offer an especially high royalty rate for sales both inside and outside of the United States.
The deal will allow Sony and the estate to collaborate on a huge range of lucrative licensing arrangements, including the use of Jackson’s music for films, television and stage shows, and lines of memorabilia that will be limited by the imagination of the estate and demand.
Speaking during an interview on Monday, John Branca – an entertainment lawyer who is also one of the estate’s executors – said “We think that recordings will always be an important part of the estate. New generations of kids are discovering Michael.”
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