Sony Music Entertainment Signs Michael Jackson’s Estate for $250 Million

In a contract that includes the rights to DVD’s, unreleased recordings and video games, Sony Music Entertainment has come to an agreement with the administrators of Michael Jackson’s estate in a deal that is allegedly worth $250 million. According to MTV.com, the contract’s duration will last for seven years and it is being rumored that Sony Music may have obtained the rights to nearly 10 previously unreleased Michael Jackson projects.

Interestingly enough, the late Michael Jackson was $500 million in debt at the time of his tragic passing. However, album sales of Jackson’s released recordings since his death in combination with licensing deals that have been struck by special administrator for Jackson’s estate, John Branca, have generated nearly $250 million. As record sales continue to decline at a staggering rate, Jackson’s released recordings have withstood industry trends as sales have reportedly exceeded the 30 million copies mark since his passing.

The Chairman of the Sony division that is expected to handle the newly obtained Michael Jackson releases, Rob Stringer, commented on the acquisition, saying, "[The recordings will] span across different projects. There may be theater. There may be films and movies. There may be computer games or multimedia platforms that I don't know about today that will happen in 2015."