Sony Bids $50 Million for Rights to Michael Jackson’s Final Rehearsal Footage

Sony Corp.’s movie studio has bid $50 million to acquire the worldwide distribution rights to a film based on rehearsal footage for Michael Jackson’s “This Is It” comeback concert series, according to a person familiar with the bid.

The person said Monday that the bid came after several studios, including Paramount, Universal, 20th Century Fox and Warner Bros., were shown footage starting early last week. The person spoke on condition of anonymity because the bidding had not been completed.

The winning studio would produce the film with Jackson’s concert promoter, AEG Live, and his estate.

It would go a long way to helping AEG Live recoup some of the $30 million to $32 million it spent producing the concert before Jackson died June 25.

Sony Pictures has a leg up on other bidders because Sony Music distributes Jackson’s music and is in a 50-50 partnership with his estate in Sony/ATV Music Publishing.

The bidding was reported earlier by the Los Angeles Times and industry blogger Nikki Finke.

The estate and AEG Live are also negotiating with several television networks and pay-per-view outlets on a TV special that would be a stage show featuring Jackson’s music and dancing. It would be directed by “This Is It” director Kenny Ortega.

The selling price being discussed for the rights to show the TV special is also in the tens of millions of dollars.

Source: AP

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