July 22, 2009 04:42:20 GMT
Rumor has it, Sony Pictures is projecting an October 30 release for the feature film covering the late King of Pop's concert rehearsal footage from his 'This Is It' tour.
The feature film project for Michael Jackson's rehearsal footage from his "This Is It" concert could be coming out on Halloween weekend. According to The Hollywood Reporter (THR), Sony Pictures is in final talks to obtain the rights for the untitled Michael Jackson project and is eying to release the movie on Friday, October 30.
Sony reportedly has paid AEG Live, who owns the rights for the footage, a whopping $60 million since the opening bid for the Hollywood studios was allegedly started at $50 million. THR furthermore claimed that while terms of the deal are still being worked out, the Jackson's estate will get 90% of the fee and AEG will reap the remaining 10%. Despite the circulating report, Sony declined to comment on the film's deal.
Before this report of Sony in final negotiation for the film's rights came out, it was said that Fox, Universal, Paramount and Relativity were also interested in putting in bids. However, at the time, many speculated Sony would likely win the bidding, partly because Sony Music has rights to Michael's music.
Weeks following Michael Jackson's sudden death, AEG Live has considered to turn the legendary singer's rehearsal footage for his "This is It" concert into a feature film. The material, owned by the concert promoter, was said to contain over 100 hours of Michael rehearsing his back catalog for the tour scheduled to play at the O2 Arena, London, later in the year.
It also included the King of Pop performing his hits "Thriller" and "Beat It" in addition to production meetings and auditions. Some of the rehearsal footage were shot in high definition. At the time, AEG's president and CEO Randy Phillips revealed that they are waiting for Jackson's estate to be settled before proceeding with their plan.