TMZ has confirmed theMichael Jackson estatehas signed the biggest deal ever in music -- worth up to $250 million with a guarantee of $200 million.
The estate made the deal withSony Music Entertainment-- the contract is for 10 projects over seven years.
One album will debut in November, which contains never-before released recordings. We're told Jackson left enough material for at least three albums of fresh material.
A source tells TMZ the royalty rate on foreign sales is the key to the deal -- and 2/3 of the sales of MJ records traditionally have been outside the U.S.
And we're told Sony gets a two-yearextensionfor the right to distribute the Michael Jackson catalog -- to 2017.
The deal has nothing to do with TheBeatles' catalog -- it's all about MJ original recordings.
The agreement was brokered byJohn BrancaandJohn McClain, executors of the MJ estate.
TMZ has confirmed the
