Jackson estate to sign '£133 million sony deal'

The executors of Michael Jackson's estate are set to make pop history by signing a staggering £133 million contract with the late superstar's record company, according to a new report.

Estate administrators are close to signing a deal with Sony Music Entertainment - the King of Pop's label - to produce 10 money-spinning projects over the next seven years, reports the Associated Press (AP).

The deal announcement is reportedly set for Tuesday (16Mar10), and in the planned statement obtained by the AP, estate administrator John Branca confirms the agreement will break "all previous industry benchmarks".

The statement reads, "During his life, Michael's contracts set the standard for the industry. By all objective criteria, this agreement with Sony Music demonstrates the lasting power of Michael's music by exceeding all previous industry benchmarks."

The 10-project deal includes the already released This Is It movie soundtrack.

According to TMZ.com, an album containing previously unheard music by Jackson will be released in November (10), and there is sufficient new material to fill three records.

The reports suggest that £133 million is the guaranteed sum Jackson's estate can expect to make in revenue, with suggestions the figure could reach £166 million with merchandise and touring deals.