Michael Jackson Estate Inks Record, Record Deal
3/16/2010 9:10 AM PDT
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 -- 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 has nothing to do with The Beatles' catalog -- it's all about MJ original recordings.
The agreement was brokered by John Branca and John McClain, executors of the MJ estate.