*Michael Jackson has set another yet another record.
His estate is now the recipient of the biggest recording deal in history: a $200 million guaranteed contract with Sony Music Entertainment for as many as 10 projects over the next seven years, according to various reports.
If certain conditions are met, the contract could be worth up to $250 million through 2017, and include video games as well as music and film releases.
“The audio rights span across different projects,” said Rob Stringer, chairman of Columbia Epic, a division of Sony, according to the Los Angeles Times. “There may be theater. There may be films and movies. There may be computer games — or multimedia platforms that I don’t know about today that will happen in 2015.”
The first fruit of the deal was the two-disc album that accompanied “This Is It,” the film based on video of concert rehearsals for what was to have been Jackson’s comeback at London’s O2 arena.
Up next is an album of never-before-released Jackson recordings due in November, reports the AP. John Branca, co-administrator of the Jackson estate, said his co-executor John McClain is already working on selecting unreleased the material.
“They’ve got over 60 unreleased recordings that they’re choosing from,” Branca said he was told by McClain, according to the LA Times. “The first album will have around 10. There’s some very recent stuff and vintage stuff that deserves to be shared with Michael’s fans.”
Future projects may also include a DVD compilation of videos and a re-release of “Off the Wall,” Jackson’s fifth studio album, which first came out in 1979, accompanied by some unreleased material.
Before his sudden death in June at age 50, the pop star had wanted to re-issue the album, people familiar with the deal said.
“During his life, Michael’s contracts set the standard for the industry,” said Branca in a statement. “By all objective criteria, this agreement with Sony Music demonstrates the lasting power of Michael’s music by exceeding all previous industry benchmarks.”
“We’re 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,” Stringer stated.
Who did not see this coming? Well good luck to Sony and all others involved in the future projects. I am glad Michael’s musical legacy will continue. I hope the CD of unreleased material is good.
…Mike was right…The muthafuccer was right when he said he was worth more dead than alive…A 200million dollar deal to a dead man?…WTF?….Prince better be watching his fuccing back…I’m serious yo…They might take a stab *(No pun intended) at Madonna’s azz too…She’s in that aging Nova Star category too…
Damn! $200 milli for a dead man’s recordings? Its only now that he’s dead that you realized that despite his trouble holding on to Neverland, he was always just a tour or album away from comfortably being in the black. Now that’s a serious legacy.
If Elvis can make megabucks 30 some odd years after his death, there is NO reason that Michael’s estate shouldn’t make money as well.
What’s irking me is the involvement of these lawyers as executors of his estate. I wish his family had more control over his estate vs. these lawyers. I’ll never understand why Michael didn’t change his will to exclude these vultures from capitalizing off his legacy.
I feel you, but do you think that his family has the business savvy to take his legacy to the next level? Surely, the greed and selfish aspect is without question. I believe at the this point, most would not take them seriously or definitely take advantage of their ignorance. Trust, the vultures were out there waiting for something like this to happen.
Mz Tee,
Personally, I think MJ made the right move in selecting these two (Branca and McClain). His family (particularly Dad and the brothers) I think would have loused it up for his estate with all sorts of infighting and self interest above the interest of the estate. I just think that the size and complexity of his estate would have been too much for his family to handle appropriately.
Sure they could have easily hired attorneys or other individuals to do the work for them, but their track record doesn’t tend to suggest that this would come out as a “net positive.” And in the end, MJ’s priority was to provide for his children … then … his mom (only).