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Michael Jackson Estate

Inks Record,

Record Deal

3/16/2010 9:10 AM PDT BY TMZ STAFF


0630_mj_exd_tmz_06-1TMZ 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.

684 COMMENTS

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676.

katie    

and oh ya! I agree with the others who have said it..TMZ you put up the worst pictures of Michael...What's up with that?

1629 days ago
677.

Tstorm    

This is really neat ... one of my children LOVES TVXQ . Of course , Yuhno is not her favorite ... but she will still be pleased to know .

1628 days ago
678.
679.

Butterfly    

His new album has disappeared from the charts around the world. This situation is quite unusual for the King of Pop, an artist whose albums have always been hot items in terms of promotion for at least two years after their release. Today, only five months after its release, INVINCIBLE has become invisible. It did sell an astonishing 5 million copies in less than 3 months though, a record-breaking figure in such a short time, even by Michael Jackson’s standards. But after enjoying a successful launch, Jackson’s best ever, INVINCIBLE suddenly dropped out of the charts and became yesterday’s news. What are the reasons behind the fall of INVINCIBLE? How come a successful album with a huge potential suddenly stops being promoted? THE TRUTH The reason why INVINCIBLE is no longer being promoted by Sony Music is because the record company is fighting with Michael Jackson over a financial matter. A few years ago, as an advance on payments on the forthcoming sales of INVINCIBLE, Michael Jackson negotiated a loan from Sony Music, a common transaction between artists and record companies. In order to validate the loan, Michael Jackson had to put his ownership in the ATV Music Publishing catalog (including the 251-song Beatles’ catalog) as collateral. The ATV Music catalog was bought by Michael Jackson in 1985. In 1995, it was merged with Sony Music’s Sony Music Publishing catalog to become ATV/Sony Music Publishing. When merging his ATV catalog with Sony’s, Michael Jackson pocketed a sum estimated to be 95 million dollars. Today, Sony Music is pressuring Michael Jackson to refund the loan he took from them. And they have the means to do so. The problem is that Sony Music are simultaneously preventing Michael Jackson from repaying the money he owes them by sabotaging the promotion of the INVINCIBLE album, Jackson’s main source of income to refund the loan. So far, the INVINCIBLE album has sold 5 million copies worldwide. Sony Music need to reach the 7 million copies mark before they can make money from sales of the album. As for Michael Jackson, he is recouping the outstanding cost of the recording of the album on his portion of the money generated by the sales of the album. That means he hasn’t been getting any money from INVINCIBLE up to now. In order to generate monies for Sony Music and Michael Jackson, the INVINCIBLE album needs to make sales beyond the 7 million mark. It shouldn’t be difficult for the King of Pop to reach that mark. Thriller sold 52 million

1628 days ago
682.

Jan    

1628 days ago
683.

emjayjay    

nan

I don't trust JRT at all. He seems to not know much information on anything regarding MJ. He claims to have been friends with the guy, but i've heard the guys only met twice in MJ's lifetime. He seems to base all his information on what would've been reported in the tabloids/media. The guy doesn't have first hand information whatsoever RE:MJ. Just on this deal i'm sure he just jumped on what everyone was saying. I think he's just one other guy who claims and wants everybody to beleive HE WAS VERY CLOSE to MJ, yet in actual fact he was not. As far as i see it, he did not know the man, to the extent he claims to have known him. I'm sure they met in the 70's, early 80's AND THAT WAS IT! I never listen to anything he says GOOD or BAD about MJ. I see him as someone who managed to make himself a career USING MJ's name. He is one of those who profited off MJ's name, and will still do.

1628 days ago
684.

cali chick    

I have been WAITING for this....love you Michael!!! R.I.P my sweet prince!

1628 days ago
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