A Michael Jackson Thriller For Sony

If nothing else, Sony proved once again that it knows how to spend money. From the 30-foot inflated Michael Jackson statue that loomed above Tower Records on Hollywood's Sunset Strip to the mammoth electronic sign blinking over Times Square, it was hard to miss the June 20 launch of the latest album by the music industry's self-styled King of Pop. To critics, the album is alternately brilliant and bloated. But to Sony Records, which waited nearly four years for it, HIStory may be one of the least profitable best-selling albums ever released.

In all, Sony Corp.'s Epic Records unit says it spent $30 million to launch Jackson's double-CD offering. That dwarfs the average $2 million a record company might spend to promote a Madonna, Rolling Stones, or Aerosmith release. But industry observers say the total Jackson rollout tab, including his music video with sister Janet Jackson for the song Scream, may well run closer to $40 million. Add in the estimated $10 million it cost Jackson to produce the 30-song album, and the moonwalking superstar is in a spending orbit all his own.