The Michael Jackson estate and powerhouse Sony Music have agreed on a seven-year $250 million deal that approves the rights to release 10 more albums of the late singer's recordings.
Confirmation of the deal landed online earlier today (March 16).
TMZ has confirmed the Michael Jackson estate has signed the biggest deal ever in music -- worth up to $250 million with a guarantee of $200 million. The estate made the deal with Sony Music Entertainment -- the contract is for 10 projects over seven years.
The first of seven projects is slated to be released next fall.
According to reports, one of the first releases from the $250 million deal will be an album of unreleased material culled from Jackson's personal musical vaults, which reportedly house as much as three albums' worth of unheard material. That release is expected out by the end of 2010, most likely in November to capitalize on the annual pre-holidays sales.
Since his passing last summer, Jackson has sold millions of albums.
Sony has sold about 31 million copies of Jackson's albums worldwide since his death on 25 June, the report said. His estate may soon be able to pay off some of the huge debts he left behind, our correspondent adds. According to US media, Jackson also left behind dozens of new songs, which may be released, along with revamped packages of old hits.
The singer's This Is It compilation has continued to sell large quantities.
Late iconic singer Michael Jackson's This Is It took a hard hit moving 11 slots to No. 46 this week. Moving into its 19th week, the compilation project rests at 1,493,400 sold units.
Check out Warren G speaking with SOHH about Michael Jackson down below:
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