Sony Music has locked up Michael Jackson with a sweet multiyear deal that could be worth more than $1 billion and will include records, work with big-name directors and his own record label.

The agreement establishes the Jackson Entertainment Complex for his various ventures, starting with the album being released this summer.A Sony statement said Jackson also will be making short movies based on songs from the album and working with directors like David Lynch, Tim Burton and Sir Richard Attenborough.

Jon Peters and Peter Guber, the heads of Columbia Pictures, said, "Michael Jackson is one of the most brilliant all-around entertainers in the world, a consummate performer. He's a national treasure and we're absolutely thrilled in having him bring his creative genius to the Columbia Pictures Entertainment family."