Sony and the MJ Estate Unite 2010-03-22 by taylormemer | 8 Comments | Sony Entertainment and the Michael Jackson Estate have struck up a recording contract worth over $250 million. The deal, which has been described as the most lucriative the industry has ever seen, ensures the Estate will be guarenteed $200 million from ten albums to be released over a seven year period. The albums will incorperate both released and unreleased material, with the first scheduled to be out later this year and another not long after.
Despite the heavy investment seen on Sony's behalf, chairman Rod Stringer sees the deal as not only a contract but also a "partnership" between the two music industry superpowers. Figures already are reporting that since his death in June 2009, a staggering 31 million Michael Jackson albums have been sold.
The deal headed by Jackson's long-time lawyer John Branca, is also expected to assist in covering the immesnse debt owed under his name. $35 million is to be reimbursed to AEG Live, the promoter in control of the This is It London concerts, as well as $325 between his two largest assets: Sony/ATV, his joint venture record company with Sony, and the infamous Neverland Valley Ranch.
In 2017 the rights to Jackson's music become open - until then, Sony are safely assuming that their venture will be backed by a steady influx of sales through the desire for more Michael Jackson compilations and unreleased goodies.
Full article:
http://online.wsj.com/article/SB10001424052748704588404575124023860735864.html
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Tagged: Michael Jackson
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woah, i wouldn't have guessed he left behind that much posthumous material
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Well, they've milked 2pac for over 13 years, so...
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[IMG]http://celeb-news.net/wp-content/uploads/2009/04/tupac-alive-60.jpg[/IMG]
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^ woah. you think you know whats up, and then startling new evidence comes your way!
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wow that pic is just wow, where is that from, the enquirer?
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LOL!
I can't say I'm really surprised, but still. That's a lot of debt he left behind though.
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Ten albums, that's probably between 100 and 200 unreleased songs during a very long career, plus I imagine they'll be releasing never-before-heard demos and the like...ten albums isn't that much, actually.
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MJ was sued in 1993 by people claiming he'd ripped off some of his big hits off them and unlikely as it seemed there was a videoed deposition (still on youtube) where MJ lists all of the songs he has written. It suggests there are about 50-100
How many songs are actually recorded is hard to say, but for Bad- he recorded 30 according to Quincy Jones- meaning 17 are still unreleased.
For Dangerous he probably has a similar number floating about. The other albums probably less.
I just hope they release them in a cool way- like 'Thriller- the cut songs' or 'Bad- all the unreleased material' and not just keep releasing 'greatest hits- with 1 or 2 new hits!' which is what I suspect they'll do.
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