Jackson plans new album in '07
A statement released on behalf of Two Seas Records said British music industry executive Guy Holmes had been named CEO of a newly formed joint venture between Jackson and Bahrain royal family member Abdulla Hamad Al-Khalifa.
Holmes, who now plans to divide his time between London and Bahrain, will oversee the making of Jackson's first studio album since Invincible in 2001, and also manage the star's business interests, the statement added.
For all latest news, follow The Daily Star's Google News channel. "I am incredibly excited about my new venture, and I am enjoying being back in the studio making music," Jackson said in the statement.
The 47-year-old singer, one of the top-selling pop stars of all time, now lives in the Gulf state of Bahrain.
Holmes is chairman of London-based independent label Gut Records.
News of Jackson's latest deal comes days after the singer announced he had reached agreement with creditors to refinance some US $270 million in loans secured by his prized stake in the Beatles' song catalogue.
The fate of the new album will be closely watched by the record industry after Invincible, Jackson's previous comeback bid, registered disappointing US sales of around two million copies.
Jackson's Thriller remains one of the best-selling studio albums of all time with over 26 million US copies sold.