Jennifer Armstrong
March 16, 2010 AT 09:25 AM EDT

Sony has signed a $250 million album deal with the late Michael Jackson’s estate, The Wall Street Journal reports. The deal, which comes nine months after his death, sets an industry record. It includes 10 albums over seven years, with a mixture of previously unreleased material and repackaged versions of formerly released songs. Since his death June 25, Sony has sold 31 million Jackson albums and his estate will likely earn $250 million in music, merchandise, and ticket sales to his This Is It concert film by the one-year anniversary.

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