Mr Jackson made the statement to counter "untruths and sensationalism"
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Michael Jackson has admitted that he paid people who threatened him with legal action in the past in order to avoid public embarrassment.
The singer said that "years ago" he had paid "certain people" who "wanted to exploit my concern for children".
He made the statement hours before a US report was due to claim Mr Jackson paid $2m (£1.1m) to an employee's son to avoid a child molestation accusation.
Mr Jackson said he wanted to respond to "untruths and sensationalism".
'Vulnerable target'
"Years ago, I settled with certain individuals because I was concerned about my family and the media scrutiny that would have ensued if I fought the matter in court," he said.
"These people wanted to exploit my concern for children
by threatening to destroy what I believe in and what I do.
"I have been a vulnerable target for those who want money."
The 46-year-old singer added: "I would never harm a child."
The 46-year-old singer has denied 10 child molestation charges
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The Dateline NBC report claimed that Jackson paid $2m (£1.1m) to the son of an employee at his Neverland Ranch in 1990 to avoid an accusation of child molestation.
Former Santa Barbara county sheriff Jim Thomas said police learned of the 1990 case while investigating a separate 1993 case, the details of which were recently made public.
In the 1993 case Jackson agreed to pay a boy he was accused of molesting up to $20m (£11m).
According to legal documents, Mr Jackson did not admit misconduct but settled because the case could have harmed his career, Court TV reported.
Mr Jackson is due to stand trial in Santa Barbara, California, in January. He has pleaded not guilty to 10 child molestation charges.