Sony, Jackson estate ink huge deal

Jackson died last June at the age of 50.

Under the new agreement made with the administrators of his estate, Sony Music's Columbia Epic Label Group and Legacy Recordings will control his catalog and also create new projects for the late star featuring never-before-released recordings.

The first project featuring unreleased music is expected to be released in November.

"Michael has always been a treasured member of the Sony Music family," Rob Stringer -- chairman of the Columbia Epic Label Group -- said in a statement Tuesday. "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."

"During his life, Michael's contracts set the standard for the industry, reflecting his unique vision and talents that inspired and excited people in every corner of the world," added Jackson estate administrator John Branca.

"By all objective criteria, this agreement with Sony Music demonstrates the lasting power of Michael's music by exceeding all previous industry benchmarks.

Each new generation produces countless new fans who appreciate Michael's artistry, requiring a partner that has Sony's wherewithal, business acumen and foresight to properly and respectfully showcase his genius well into the future," Branca said.

The financial terms of the deal were not disclosed, however, The New York Times cited unnamed sources as saying the singer's estate is expected to receive as much as $250 million in advances and other compensation and may collect a relatively high royalty rate for foreign and domestic sales of existing Jackson records and recorded but unreleased material.

Copyright 2010 United Press International