The kids will be growing up Jackson

Averting a potentially ugly custody battle, Michael Jackson’s mother, Katherine, and his ex-wife Debbie Rowe have reached a deal keeping the King of Pop’s three children in the care of the Jackson clan and giving 79-year-old Katherine full custody, her lawyer confirmed.

Katherine Jackson’s attorney, L. Londell McMillan, made the announcement this morning on CBS’ Early Show, revealing that after several weeks of negotiations, Rowe (the biological mom of 12-year-old Prince Michael and 11-year-old Paris) agreed to terms that will give the Jackson matriarch full custody, in exchange for visitation rights.

“There is no situation better for these children than for them to be raised and reared in the loving care of Mrs. Katherine Jackson,” L. Londell McMillan said. He added that the issue of Debbie Rowe, who is the mother of two of the children – Prince Michael I, 12, and Paris, 11 – will be detailed in an announcement to come shortly. As for speculation that the King of Pop left his family with more debt than money, McMillan said there’s no reason for the children or his mother to worry about going broke. “That estate is worth, in my estimation, a couple of billion dollars,” he said. “You hear $500 million. Don’t buy it.”

McMillian also insisted that Rowe, 50, would not be receiving any financial windfall as part of her decision to give up her parental rights and not challenge the custody arrangement in court. “It’s an agreement…for the best interests of the children. This is not a money deal. There’s no situation better for these children then to be raised and reared under the care of Mrs. Jackson,” the lawyer said.

The resolution makes good on Jackson’s final wishes as stipulated in his will that his mother raise the kids, which includes 7-year-old Prince Michael II (aka “Blanket”), who was born via artificial insemination and whose mother’s identity remains unknown. Katherine, with help from eldest daughter Rebbie, has been taking care of the children in the family’s Encino, Calif., compound.

Jude Law to be a father for the fourth time

Jude Law, who has three children with ex-wife Sadie Frost, has discovered he’s expecting a fourth child with an unidentified former lover. The actor, who is currently single, has refused to reveal the name of the woman despite confirming the pregnancy. Law has pledged to ‘fully’ support his new offspring which is allegedly the result of a Christmas fling.

“Jude Law can confirm that, following a relationship last year, he has been advised that he is to be the father of a child due in the fall of this year,” the actor’s rep says in a statement. “Mr. Law is no longer in a relationship with the individual concerned but he intends to be a fully supportive part of the child’s life. This is an entirely private matter and no other statements will be made.”

The relationship happened when he was working on the set of new movie Sherlock Holmes in New York over Christmas, according to the Daily Mirror. The mother-to-be is seven months pregnant. Law, 36, split from wife Sadie Frost in 2003 after six years of marriage. They are parents to Rafferty, 12, Iris, 8, and Rudy, 6. He and G.I. Joe star Sienna Miller called off their engagement in 2005 after Law admitted to having an affair with his children’s nanny, Daisy Wright. They briefly reconciled, but broke up for good in 2006.

Law, who is currently single, will appear in Hamlet on Broadway in October, and will star with Robert Downey Jr. in the film Sherlock Holmes opening on Christmas Day.