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Jackson Estate Signs $250 Million Deal with Sony

CNBC.com
Tuesday, 16 Mar 2010 | 10:44 PM ET

The King of Pop is dead; long live the King of Pop.

Michael Jackson
AP
Michael Jackson

That's what Sony Music seemed to be saying after signing a $250 million 10-album deal for previously unreleased music and the catalog from the late Michael Jackson.

The label, a unit of Sony Corp , is expected to release the first batch of new music in November.

Jackson has been with Sony's Epic label for 30 years and the new deal with his estate extends his time with the label from 2015 to 2017.

The self-proclaimed King of Pop, was one of 2009's biggest-selling artists, as fans, new and old, mourned his passing on June 25. The sales provided a boost to Sony Corp overall.

Sony Music sold 28 million Michael Jackson albums, including 5 million copies of the soundtrack from "This Is It," a documentary of the slate of shows the star was planning at the time he died.

Sony's Hollywood studio unit Sony Pictures produced the film, which took the number one spot in DVD sales breaking previous records for first-week sales of a music film.

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