Jackson Estate And Sony Sign 7-Year/$250M Deal
March 16, 2010 at 4:21 AM (PT)
MICHAEL JACKSON's estate and SONY MUSIC ENTERTAINMENT have agreed on a seven-year distribution deal for as many as 10 new JACKSON projects, including unreleased recordings, DVDs and perhaps even video games, valued at as much as $250 million, reports THE LOS ANGELES TIMES.
"We and SONY feel that the future for MICHAEL JACKSON is unlimited," said special administrator for the estate JOHN BRANCA.
COLUMBIA EPIC LABEL GROUP Chairman ROB STRINGER said, "the audio rights span across different projects. 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 TIMES notes the "deal eclipses BRUCE SPRINGSTEEN's $110-million, seven-album deal with COLUMBIA RECORDS signed in 2005. The ELVIS PRESLEY estate takes in between $50 million and $60 million annually through music sales and licensing deals. JIMI HENDRIX's posthumously released album 'Valleys of Neptune' may sell 100,000 copies in its first week of release. THE BEATLES continue to thrive in the marketplace four decades after their breakup and despite the deaths of two members, JOHN LENNON and GEORGE HARRISON."