Leave it up to the King of Pop to set record history after his death. The Michael Jackson estate has officially inked a record deal with Sony Entertainment — and it’s not just any music contract. The signed agreement breaks the record for the biggest music deal ever at a maximum amount of $250 million (with a guarantee of $200 million), TMZ reports.
The contract documents the completion of 10 projects over seven years, TMZ reports.
The first album will debut in November, which contains never-before released recordings.
MJ left enough material for at least three albums of fresh material. The deal doesn’t include touring or merchandise, so it dwarfs the huge contracts signed by Madonna and U2 with Live Nation.
“During his life, Michael’s contracts set the standard for the industry,” estate administrator John Branca said in a prepared statement obtained a day early by the Associated Press.
“By all objective criteria, this agreement with Sony Music demonstrates the lasting power of Michael’s music by exceeding all previous industry benchmarks.”
Possible “new” efforts could include a remastered release of MJ’s 1979 hit album, Off the Wall, a DVD compilation of his pioneering videos and a video game, according to insiders.
Not only did This Is It sell more than five million copies, but Michael was the biggest-selling artist of 2009. Fans picked up more than 31 million copies of his albums following his death in June, with two-thirds of sales occurring outside the U.S.