To publish previously unknown songs and covers of the King of Pop Michael Jackson, the record label Sony has concluded a contract worth 250 million dollars.
The contract is valid until 2017, reported the Wall Street Journal citing well-informed sources. Sony has sold about 31 million of his albums worldwide since Jackson’s death on June 25 last year. By the first anniversary of the singer’s death, Jackson’s heirs, his mother and three children, expect to earn 250 million dollars from the sale of sound recordings, as well as promotional materials, the screening of the film This is It, and recordings of rehearsals for concerts that were to be held in London. The same paper also states that the new substantial contract will allow the heirs to pay off part of the debt that Jackson accumulated due to his lifestyle. It is estimated that by the end of the year they must repay as much as 125 million dollars of debt. ( www.hrt.hr)
