In one of the largest record deals ever, multiplatinum group Backstreet Boys have struck a new partnership agreement with its label, Jive Records, valued at about $60 million, sources said.
The five-album deal includes a significant amount of money up front for the group's next release, sources said. The follow-up to the best-selling "Millennium" album is slated for release in September. Jive's re-signing of Backstreet Boys puts an end to threats that the group - one of the world's most popular - might leave the label. Backstreet Boys, its management company the Firm and lawyers for both parties declined comment. The contract puts Backstreet Boys in the same financial stratum as such artists as Prince, Michael Jackson and the Rolling Stones. Backstreet Boys have sold nearly 40 million albums worldwide during the past four years and are the best-selling act of 1999.
