Michael Jackson Still Making Money In Death: $200 Million Deal Inked
Posted on Mar 16, 2010 @ 06:48AM
Sony Music Entertainment has inked Michael Jackson's estate to the largest recording contact in history, which guarantees the late King of Pop's estate at least $200 million for 10 projects over the next seven years, RadarOnline.com has learned.
The agreement will formally be announced Tuesday. Projects in the works include an album of never-released songs slated for release this fall; a re-release of Jackson's 1979 hit album Off The Wall, with bonus tracks; and a DVD featuring all of Jackson's videos.
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"During his life, Michael's contracts set the standard for the industry," John Branca, one of the Jackson estate executors, said in a statement Tuesday. "By all objective criteria, this agreement with Sony Music demonstrates the lasting power of Michael's music by exceeding all previous industry benchmarks."
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Sony's Rob Stringer said his company is "dedicated to protecting this icon's legacy, and we're thrilled that we can continue to bring his music to the world for the foreseeable future."
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On March 20 1991, Sony Music expected to realize $1 billion in revenue from the partnership. Michael was paid $65million just for signing. His contract gives him a record breaking 25% royalty rate and an unprecedented 50-50 profit split with Sony.
Posted Wed, 03/17/2010 - 1:44pm
Combine CBS and Sony, Michael realized nearly $2billion in retail revenue since 1991 and over 75 mill. albums have been sold from Thriller, Bad, Off The Wall, BOTDF, Invincible, Number Ones, Thriller25, King Of pop, Collection, This is It .
Posted Wed, 03/17/2010 - 1:46pm
it's insane how much money with little care grandma (who is bankrupt) is getting
Posted Tue, 03/16/2010 - 11:12am
Is this appropriate or legal? Shouldn't everything go to his kids and they can decide what kind of deal THEY want when they are old enough to understand?
Posted Tue, 03/16/2010 - 11:10am
that crazy azz family is thrilled to hear this. more for them to live off of so they don't actually work. hopefully someone is taking care of michael's childrens' money or they will be broke.
Posted Tue, 03/16/2010 - 9:40am
Poor guy needs to keep working from beyond the grave to feed all those kids from the moocher brothers. Funny how they keep multiplying and now Grandma has to house and feed them.
Posted Tue, 03/16/2010 - 9:17am