JACKO’S BACK IN PLAY

Just when you thought we wouldn’t have Michael Jackson to kick around any more comes word the beleaguered superstar has begun work on an album of new material tentatively set for release in late 2007, according to a report in the music biz bible, Billboard.

The artist, who currently makes his home in the Persian Gulf state of Bahrain, will record the album for Two Seas Records, a new production and label jointly created by Jackson and its chairman Abdulla Hamad Al-Khalifa. Hey, whatever happened to Frank DiLeo?

In a statement issued today, the singer said, "I am incredibly excited about my new venture and I am enjoying being back in the studio making music." The label is reportedly considering potential distribution and licensing agreements.

Guy Holmes, Chairman of the U.K. label Gut Records, will oversee the recording as CEO of the Bahrain-based company and will double as manager of the performer’s other business interests, splitting time between Bahrain and London.

The new album will be Jacko’s first studio set since 2001's Invincible for Sony’s Epic label, which has sold more than 2 million copies in the U.S.

Jackson has reached a deal with creditors to refinance more than $200 million in loans secured by his stake in the Beatles' song catalog.

Jackson has been living off his 50% share of Sony/ATV Music, which he first acquired in 1985 in a deal orchestrated by longtime attorney John Branca. The entire catalog, half of which he owned, has been valued at around $1 billion.