SONY Signs $250 Million Michael Jackson Catalog Deal; Including Stage Rights
The New York Times reports that the late Michael Jackson's estate has signed a seven-year contract with the singer's longtime label Sony Music Entertainment.
From the New York Times: "The deal, for about 10 recordings through 2017, will guarantee the Jackson estate up to $250 million in advances and other payments and offer an especially high royalty rate for sales both inside and outside the United States, according to people with knowledge of the contract who spoke anonymously because they were not authorized to speak about it publicly."
Rob Stringer, chairman of the Columbia/Epic Label Group (a Sony division) is quoted in the Times as saying, "It's not just a record deal...We're not just basing this on how many CDs we sell or how many downloads. There are also audio rights for theater, movies, computer games. I don't know how an audio soundtrack will be used in 2017, but you've got to bet on Michael Jackson in any new platform."
Entertainment lawyer and Jackson estate executor John Branca believes the appeal of the late pop singer has a wide reach, particularly with the younger generations. He is quoted in the Times, "We think that recordings will always be an important part of the estate...New generations of kids are discovering Michael."
To read the rest of the story in the New York Times, click here.
Photo Credit: Kevin Mazur, AEG/Getty Images
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