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Article: Sony to sell George Michael for $100m
- Article from:
- The Independent (London, England)
- Article date:
- July 4, 1995
- Author:
CopyrightCopyright 1995 The Independent - London. Provided by ProQuest LLC. (Hide copyright information)
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In the biggest transfer deal the music industry has seen, Sony
Music is to receive about $100m (pounds 63m) for its discontented
star George Michael.
Sony will get a $40m (pounds 25m) "signing off" fee for Michael,
plus the right to release a George Michael/Wham! greatest hits
album next year which will generate at least $30m. The record
company has also won the right to 4 per cent of profits on future
releases.
The whole deal is estimated to be worth $100m. Sony will also
keep all rights to the George Michael back catalogue.
As predicted in the Independent two months ago, Michael will
move to a new company, Dreamworks, set up in the United States by
the film director Steven Spielberg and ...