*As previously reported, Pepsi has revived its sponsorship deal with Michael Jackson, partnering with the late singer’s estate to roll out a billion Pepsi cans with a silhouette of Jackson as part of its newly launched “Live For Now” global marketing campaign.
PepsiCo has released a photo of the new can, pictured above.
The beverage company and Jackson’s estate declined to disclose the financial terms of the latest deal. Jackson signed onto a Pepsi sponsorship deal in 1984 for a then-record $5 million.
The new campaign is part of PepsiCo’s pledge to ramp up spending on its flagship cola, which has been losing ground behind archrival Coca-Cola Co.
PepsiCo is boosting its overall marketing budget this year by as much as $600 million, or by about 20 percent, according to The Hollywood Reporter.