Even in death, Michael Jackson has secured his status as the highest paid entertainer ever.
The Associated Press reports the fallen pop idol’s estate just signed a recording contract with Sony Music Entertainment worth at least $200 million, the biggest deal in history.
A source close to the deal told the AP that the estate will release 10 projects by 2017, including an album of Michael’s never-released material that should hit store shelves in November. If the estate meets certain terms of the contract, the deal could rake in as much as $250 million.
"During his life, Michael’s contracts set the standard for the industry," said John Branca, the co-administrator of the Jackson estate, in a statement prepared for release Tuesday. "By all objective criteria, this agreement with Sony Music demonstrates the lasting power of Michael’s music by exceeding all previous industry benchmarks."
Under the deal, the estate is now obligated to put out nine more products because Sony is counting the album This Is It as one of the agreed upon releases. Other projects may include a re-release of Off the Wall and a DVD of his music videos.
– Sonya Eskridge