MUMBAI: Sony Pictures 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, it is understood.
The bid came after studios, including Paramount, Universal and 20th Century Fox, were shown the footage early last week but all the studios remained tight-lipped on the subject.
Sony Pictures would now produce the film with Jackson‘s concert promoter, AEG Live. The deal would go a long way in helping promoters, AEG Live recoup some of the $30 million to $32 million it spent producing the concert before Jackson expired on June 25.
Incidentally, Sony Pictures had an advantage on the other bidders because its music wing, Sony Music distributes Jackson‘s music and is in a 50:50 partnership with Jackson in Sony/ATV Music Publishing.
Though Sony‘s bid is at par with the cost of making a mid-range budget film, it is offset by the fact that Sony Music would benefit from the music licensing rights of the film.
The promoters 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 Kenny Ortega.
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