Since beloved pop-star [lastfm]Michael Jackson [/lastfm] died at age 50 last summer his estate has sold 31 million albums. That’s why MJ’s estate just signed a contract with Sony Music Entertainment for $200,000,000. Try typing that with out losing count of the zeros. And that doesn’t include royalties from merchandise sales!
The Associated Press reports that MJ died with $400 million dollars of debt and the new contract will go a long way to settling that. But rest assured the remainder of his debt will be settled. Associated Press report:
“Distribution rights for “This Is It” were sold to Sony Pictures, another unit of Sony Corp., for $60 million and the movie went on to gross $252 million worldwide, the most of any concert film ever…
Jackson’s most lasting and valuable asset is the 50 percent stake in Sony/ATV Music Publishing, a company that owns publishing rights to music by The Beatles and numerous other artists, including Elvis Presley and Bob Dylan. Split with Sony Music, the copyright catalog itself is estimated to be worth $2 billion.”
We sure hope Michael rests in peace knowing his estate is financially secure.