King of Pop - Michael Jackson's estate has reportedly signed a record-breaking recording deal with Sony Corp. that could be worth as much as $250 million.
The seven-year, 10-album deal guarantees Jackson's heirs at least $200 million, The Wall Street Journal reported on its Web site last night.
Sony is touting the pact as a record, eclipsing Jay-Z's $150 million deal with Live Nation. Jackson's new albums would feature previously unreleased songs and repackaged versions of existing ones.
His estate owns his recordings, but Sony had the right to distribute them until 2015. The new contract extends that to 2017, New York Post reports.
Rob Stringer, chairman of Sony Music Entertainment's Columbia/Epic Label Group, said Sony was confident its investment could more than be covered by the initial outlay, according to the report.
"We see it as a partnership," Stringer said, according to the Journal.
The deal will give the Jackson estate much-needed capital to cut the late singer's debt, the Journal pointed out. The estate will probably use the funds to pay an initial $125 million toward debts by the end of 2010, according to a report in CNBC.