It’s the richest recording deal in music history — and it was given to a dead man.
On Tuesday, Sony Music Entertainment signed the late King of Pop Michael Jackson to a posthumous 9 album deal over the next 7 years. But surely you must be wondering how a deceased person could land such a lucrative and savvy business deal?
In the 8 years prior to Jackson’s death, it’s common knowledge that he struggled with a plethora of medical, legal and financial problems and did not release any albums of original material. But what may not be common knowledge is that during this time he was constantly writing and recording new songs. Jackson is said to have an extensive library of unreleased songs, which will now see the light of day beginning with the first new release in November.
Since his death last summer, Jackson has sold more than 31 million albums. “During his life, Michael’s contracts set the standard for the industry,” said John Branca, the co-administrator of the Jackson estate. “By all objective criteria, this agreement with Sony Music demonstrates the lasting power of Michael’s music by exceeding all previous industry benchmarks.” And according to Rob Stringer, chairman of Sony Music’s Columbia Epic Label Group: “We’re dedicated to protecting this icon’s legacy and we’re thrilled that we can continue to bring his music to the world for the foreseeable future.”
The Jackson estate and the Jackson children could stand to net upwards of $200. million from this deal with Sony.
Congrats Mike my man. Even in death your still the King.