Sony Signs A Deal With Michael Jackson’s Estate (SNE)

Sony Corp (NYSE: SNE) has signed a deal worth $250 million with Michael Jackson’s estate. The deal, coming nine months after the singer’s death, is one of the most lucrative recording contracts in history. Under this deal, Sony (SNE) will acquire rights to sell the singer’s back catalog and other unheard recordings. Sony has sold more than 30 million copies of Michael Jackson’s albums since his death last year.

According to one of the estate’s executors, new generations of kids are discovering Michael Jackson. He also said that the singer’s work has global appeal. Rib Stringer, Chairman of the Columbia/Epic Label Group, said, “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.”