Jackson's estate signs striking contract

Administrators of Michael Jackson's estate and Sony Music Entertainment announced a seven-year distribution deal for as many as 10 Jackson projects, Los Angeles Times reported on Tuesday.

The contract through 2017 could be worth up to 250 million dollars, which is one of the biggest recording deals in history.

"We and Sony feel that the future for Michael Jackson is unlimited," said John Branca, a special administrator for the estate.

"During his life, Michael's contracts set the standard for the industry," said 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."

Rob Stringer, chairman of Sony Music's Columbia Epic Label Group, said "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 AP reported that a new album of unreleased Jackson recordings will come out in November. Future projects may also include a DVD compilation of videos and a re-release of "Off the Wall."

Nevertheless, the money will go a long way to settling Jackson's debts, estimated at around 400 million dollars at the time of his death.

Source: Xinhuanet