vIndianz.com (Wed, March 17, 2010) — Los Angeles: Michael Jackson’s estate has signed the biggest music record deal ever worth $250 million with Sony Corporation, nine months after the King of Pop’s tragic demise. The deal is one of the recent boosts to the Jackson fortune, which was very low prior to the late singer’s death.
The deal includes the first ever release of a dozen never-before heard Michael Jackson songs and a new album to be released during Christmas later this year. A string of MJ’s popular albums, remixes and music video DVDs might also be re-released. Rumors are also rife about a Cirque de Soleil show with a Michel Jackson theme and its exclusive sound track album. However, merchandising and likeness rights of the late singer are not part of the deal.
Before his death, Michael Jackson was heavily in debt and was dangerously close to declaring bankruptcy. He had also failed to pay the mortgage worth $25 million for the 2700 acre Neverland Ranch that he called home. His financial worries also stemmed from his shopping exploits such as the one in Las Vegas where he splurged $1 million.
However, album sales rose to an estimated 31 million globally soon after his death last year, making him the artist with highest album sales in the US. Profits of such magnitude, including the deal with Sony, would not have been possible without the artist’s longstanding popularity with his fans worldwide. His posthumous earnings from album sales, merchandise and ticket sales for the documentary This Is It are expected to touch $250 million by his first death anniversary.
Further Reading- Another sad chapter reveals itself in fabricated ‘Michael’ – Washington Post
- Lloyd’s of London: MJ Lied, So We Won’t Pay – TMZ.com
- Michael Jackson Autopsy Documentary Pulled From Discovery Channel – New York Magazine
- New Michael Jackson Song ‘Much Too Soon’ Released Online – MTV.com
- Collaborators say new MJ album honors legacy – The Associated Press
- Michael Jackson comeback tour insurer wants policy voided – OnTheRedCarpet.com
- Dr. Conrad Murray on Michael Jackson Kids: "That’s My Children" – The Hollywood Gossip
- Justin Bieber Passes Michael Jackson’s Box-Office Record – MTV.com
- Sony warns may fall short of LCD TV sales target – Reuters
- Michael Jackson: Judge delays trial of Michael Jackson’s doctor while defense … – Los Angeles Times
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