Pattaya Daily News

23 March 2010 :: 12:03:36 pm 16383

Michael Jackson Signs US$250 Million Posthumous Deal

Sony recently confirmed a deal valued at over US$250 million for the rights to pop music legend, Michael Jackson’s music through his estate executors. The 10 album 7 year agreement eclipses any deal ever paid to any artist, living or dead.
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Michael Jackson, the 23rd of March 2010 [Pattaya Daily News]: Although it is not unusual for album sales to spike upon the death of an artist, Sony have taken the unusual step of effectively signing an artist posthumously to a multi-million dollar music deal. Both Sony management and sources from within Jackson’s estate confirm the deal as being the largest ever paid to any recording artist including living musicians.

The recent US$250 million deal will effectively keep the “King of Pop’s” career going for a further 10 years following his untimely death. Over the last decade music sales have continued to drop and the industry has struggled to maintain and support burgeoning artists into their careers, as such Sony have revealed the unprecedented deal as being one of the safest decisions they have ever had to make. “In the current unstable music industry, proven artists with an established commercial record come at a premium price, regardless of whether they are dead or alive,” an industry insider stated.

Jackson has sold over 31 million albums worldwide since his unfortunate death last summer with executors of his estate estimating that by the 1st anniversary of his death Jackson would have earned approximately US$250 million from posthumous music and merchandise sales.

In a rather ironic twist of fate in Jackson’s life and death, the problematic financial situation that plagued the singers final years is now steadily being alleviated by the singer’s posthumous success. Jackson’s estate has revealed that they expect to have paid off over US$125 million by the end of this year with a further US$325 million being refinanced with the security of Jackson’s 251 Beatles song catalogue and his 2,600acre Neverland Ranch estate in California.

It is believed that plans are already in place between Sony management and Jackson’s estate to release an album of unreleased songs before the end of the year. Also in the pipeline are planned releases for a series of “Best Of” collections and expanded re-issues of Jackson’s most popular albums, “Off the Wall” and “Thriller.”

Reporter : John Weston   Photo : Internet   Category : World News

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