TMZ has confirmed the Michael Jackson estate has signed the biggest deal ever in music -- worth up to $250 million with a guarantee of $200 million.
The estate made the deal with Sony Music Entertainment. According to the Associated Press, the contract is for 10 projects over seven years.
One album will debut in November, which contains never-before released recordings. We're told Jackson left enough material for at least three albums of fresh material.
A source tells TMZ the royalty rate on foreign sales is the key to the deal -- and 2/3 of the sales of MJ records traditionally have been outside the U.S.
And we're told Sony gets a two-year extension for the right to distribute the Michael Jackson catalog -- to 2017.
The deal was brokered by John Branca and John McClain, executors of the MJ estate.