Michael Jackson Estate Would Sell 50% of Catalog For Just Under a Billion Dollars

Michael Jackson's music may very well have a new co-owner if a mega deal is negotiated with Sony worth nearly a billion dollars, but there are strings attached ... TMZ has learned.

Sources with direct knowledge tell TMZ ... the MJ estate will NEVER sell Michael's historic catalog outright. BUT, we've learned the estate would entertain a 50/50 split, but only if the estate maintains complete management and control.

Our sources say the estate would consider selling a 50% interest for around $900 million, and that would cover recordings, publishing rights, etc.

Here's what we're hearing ... there appears to be talks underway between the estate and Sony. When you think about it, Sony makes a lot of sense ... it's Mike's long-term label.

This is a distinction from other huge catalog sales that have gone down -- including from guys like Bruce Springsteen, Bob Dylan, Justin Bieber and more. Those deals, didn't even come close to what's potentially at play for Michael's stuff ... and they also relinquished virtually all say over how the work can be used by their new corporate owners.

Springsteen's catalog went for $500 million, and Justin Bieber's went for $200 mil ... again, that for total ownership.

If these MJ talks manifest, it would easily be the biggest blockbuster sale ever -- which speaks to just how popular and in demand Michael continues to be to this day.