Administrators for Michael Jackson's estate and entertainment giant Sony have signed a deal for the rights to the pop icon's work - including the release of new music he was working on at the time of his death.
US media reports said the deal was worth US$250 million, and would give Sony distributions rights for all of Jackson's material until 2017.
Some of Jackson's previously unpublished music is now due to be released in November, the two sides said in a joint statement, without giving precise details of the terms of the deal.
"With this new agreement, Sony Music's Columbia Epic Label Group and Legacy Recordings will continue their term of rights to his catalog and also create new projects for Michael Jackson featuring the never-before-released Jackson recordings," the statement said.
"The first project featuring unreleased music is expected for release in November 2010."
Jackson, 50, died suddenly on June 25 last year at his home in Los Angeles after an overdose of powerful prescription drugs, as he prepared to perform a series of comeback concerts in London.
Posthumous box office hit
Since his death, Sony has sold some 31 million Jackson albums worldwide. The album to accompany the posthumous movie This Is It has sold five million copies, Sony said.
By the first anniversary of his death, Sony expects to have made US$250 million from the sale of music, merchandise and tickets to This Is It, the Wall Street Journal said.
"We believe we have a partner in Sony that knows and appreciates Michael's artistry as well as the passion of his fans," said John McClain, one of the estate's administrators.
"We look forward to continuing our partnership with Sony to preserve and enhance his remarkable musical legacy."
The blockbuster deal involving as many as 10 new Jackson projects may include computer video games as well as music and film releases, the Los Angeles Times said.
"Michael has always been a treasured member of the Sony Music family. 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," said Rob Stringer, Columbia Epic Label chairman.
The Los Angeles Times reported Stringer had said a variety of different projects may be under consideration.
Theatre, films, games
"There may be theatre. There may be films and movies. There may be computer games -- or multimedia platforms that I don't know about today that will happen in 2015."
The deal would guarantee the late singer's heirs at least US$200 million, the Wall Street Journal said, going a long way to easing the debts left behind by Jackson, due to his lavish lifestyle.
A Los Angeles court has named Jackson's mother, Katherine Jackson, 79, the guardian of his three children, Prince Michael, 12, Paris, 11 and Prince Michael II, 7.
She is also the guardian of his estate, which includes his Neverland ranch and rights he held to songs by The Beatles.
Sony's contract "exceeds all previous industry benchmarks," entertainment lawyer John Branca, one of the estate's executors, said in the statement.
Branca told the LA Times that his co-executor McClain was already working on selecting the unreleased material. "They've got over 60 unreleased recordings that they're choosing from," Branca said.
Manslaughter charge
"The first album will have around 10. There's some very recent stuff and vintage stuff that deserves to be shared with Michael's fans."
Jackson's doctor Conrad Murray last month pleaded not guilty to involuntary manslaughter in connection with the sudden death, but has admitted administering the drugs to the singer.
Branca noted other high-earning careers held by dead music legends indicated the value of Jackson's brand.
The closest comparable contracts would be rapper Jay-Z's 2008 accord with Live Nation worth US$150 million for recordings and concerts.
"If you look at Elvis and the Beatles, and how their brands are thriving, they only hint at what the future holds for Michael," Branca said.
In October, Forbes Magazine named Jackson as number three in its annual Top-Earning Dead Celebrities list, earning US$90 million in the months after his death.
