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 and 20th Century Fox , were shown footage starting early last week. The person spoke on condition of anonymity because the bidding had not been completed. None of the studios would comment on the record, The Associated Press reports.
Sale of the film rights could help Los Angeles-based AEG recoup the $30 million it invested in the concerts prior to Jackson’s death on June 25, AEG Live Chief Executive Randy Phillips told reporters on July 3. The promoter has more than 100 hours of documentary footage from meetings and rehearsals, including the singer’s final run-through in Los Angeles, he said.
News Corp.’s 20th Century Fox, Viacom Inc.’s Paramount and General Electric Co.’s Universal Pictures also reviewed the footage, said the person. Chris Petrikin, a spokesman for Fox, Patti Rockenwagner, a spokeswoman for Paramount, and Kori Bernards of Universal declined to comment, informs Bloomberg.
Paramount, Universal, and 20th Century Fox were also said to have made similar bids on the footage. The winning studio would produce the film with Jackson 's concert promoter , AEG Live, and help recoup some of the $30 million to $32 million it spent producing the concert before Jackson died.
Plans for a live album based on the rehersal footage has also been discussed, according to Examiner.com