The estate of late pop icon Michael Jackson and Sony Corp. have signed a deal for one of the most lucrative recording contracts in history. The deal guarantees the Michael Jackson estate over $200 million in income and will produce around 10 new albums over the next decade.
The Michael Jackson Sony deal will result in 10 new albums mixed of previously unreleased songs and familiar fan favorites. The Michael Jackson estate stands to garner over $200 million in revenue from the deal, which also includes licensing arrangements for use of the late singer’s material in movies, television and other productions. New lines of Michael Jackson memorabilia will also be on tap for fans.
The Sony deal’s first acquisition will be a retroactive claim to Michael Jackson’s This Is It soundtrack, released last year. A new Michael Jackson album of previously unreleased tracks is scheduled to be released later this year.
â€œItâ€™s not just a record deal,â€ Rob Stringer, chairman of the Sony’s Columbia/Epic Label Group division, told the New York Times. â€œWeâ€™re not just basing this on how many CDs we sell or how many downloads. There are also audio rights for theater, movies, computer games. I donâ€™t know how an audio soundtrack will be used in 2017, but youâ€™ve got to bet on Michael Jackson in any new platform.â€
Michael Jackson may be gone, but the new Sony deal with his estate ensures his legend will continue to permeate the music industry and our culture at large for many years to come.
Katherine Jackson, mother to late pop icon Michael Jackson, is raking in the cash from her son’s estate. Court documents released Thursday showÂ Michael’s mother is receiving over $85,000 a month in payments from the estate for her and her grandchildren. Michael Jackson’s three children were granted an additional $60,000 per month in support.
These monthly allowances for Katherine Jackson and the kids is just the tip of the iceberg. Court documents also show their expenses charged to the estate total hundreds of thousands of dollars.
Although Michael Jackson was notoriously in debt to a number of creditors when he died, the court says the late singer’s estate is worth over $500 million and is currently solvent. Katherine Jackson and Michael Jackson’s three children were named as the primary beneficiaries in his will, along with several unnamed charities.
79-year-old Katherine Jackson was named the official guardian of Michael Jackson’s three children – Paris, Prince and Prince Michael II, also known as Blanket – by Los Angeles Superior Court Judge Mitchell Beckloff after his death.
Katherine Jackson, the mother of late pop icon Michael Jackson, was granted permanent guardianship of her sonâ€™s three children on Tuesday morning by Los Angeles Superior Court Judge Mitchell Beckloff. As previously negotiated with Jacksonâ€™s ex-wife Debbie Rowe, Katherine Jackson will have custody of Prince Michael, Paris and Blanket.
Debbie Rowe will receive visitation rights with Paris and Prince Michael, as well as monetary spousal support based on previous agreement with Michael Jackson before his death. An unspecified amount of allowance has also been granted to 79-year-old Katherine Jackson and Jacksonâ€™s children from the singerâ€™s estate.
Another major legal issue to be dealt with during Tuesdayâ€™s hearing is the big question of who will emerge with primary control of Michael Jacksonâ€™s estate. Currently, Jacksonâ€™s attorneyâ€™s John Branca and John McClain â€“ appointed as his estate executers by Jackson in his will – hold most of the reins of Jacksonâ€™s estate and assets.
Katherine Jackson may or may not challenge aspects of this arrangement in an attempt to gain further access to her late sonâ€™s fortune.
Branca and McClain are also expected to ask for additional leeway to broker deals to promote Michael Jackson related products to bring in more cash flow to the estate.