Sony Pictures is buying the final concert rehearsal footage of Michael Jackson for wide theatrical release on October 30th.

Sony Pictures, which is finalizing a deal to acquire concert rehearsal footage from the singer’s ”This Is It” tour from AEG Entertainment, is eyeing an Oct. 30 release date for the film.

The opening bid for the performance footage started at $50 million, and Sony is said to be ponying up close to $60 million for the 80 hours filmed.

Fox, Universal, Paramount and Relativity were also interested in putting in bids.

Sony made more sense, however, considering Sony Music Entertainment owns music publishing rights to Jackson’s songs.

Terms of the deal are still being worked out, but the Jackson family estate is expected to collect 90% of what’s left after AEG recoups its production costs for the tour.

Kenny Ortega the director of High School Musical will be putting the footage together with never before seen videos, and there’s even a possibility that the musical documentary will be in 3D!  This is a huge deal for Sony as this film will make an astronomical amount of money.

Source: Variety

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