Tuesday, March 16, 2010
The Wall Street Journal reported that since Mr. Jackson's death on June 25, Sony has sold an estimated 31 million of his albums globally. This number is staggering and it's albums, not single songs. I guess that's why Sony Music was willing to pay his estate a minimum of $200 million for 10 future albums including some unreleased material over a period of seven years. The piece states that half of the money will pay down Jackson's debts including $35 million to AEG who were the promoters of his never materialized tour and refinance his Sony/ATV Music Publishing and Neverland Ranch. Will the gloved one's catalog have the staying power to generate enough revenue to make this deal lucrative for Sony? What a time to take the risk.