Los Angeles, Mar 17 (THAINDIAN NEWS) Sony is close to signing a record deal of $200 million with the Michael Jackson’s estate. This is said to be a staggering record deal, and it is all set to make history in the arena of music as well. The administrators of the late King of Pop said that they are very close to making history, after they sign this deal. In lieu of the $200 million, they will produce 10 projects over the next 7 years. ‘This is It’ movie soundtrack is one of the constituent projects of these 10 projects. The figure can also be scaled to $250 million, if the touring deal and the merchandise are also roped in this agreement.

It is being reported that both the sides would announce this staggering deal soon, and the estate administrator of the Late King of Pop said that this agreement would shatter “all previous industry benchmarks”. The statement says that, “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 administrators of Michael Jackson’s estate say that they have a lot of unheard music by MJ, which is enough for 3 records. It is being expected that an album would be released in November 2010.