MICHAEL JACKSON'S "THIS IS IT" WILL HIT THEATERS ON HALLOWEEN!

A film featuring the rehearsals from Michael Jackson's "This Is It" tour is set to hit theaters Friday Oct. 30.
Sony Pictures is in final negotiations to obtain the movie rights for $60 million, $10 million above earlier projections, The Hollywood Reporter's Showbiz 411's blog reports. Ninety percent of the money will go the Jackson estate (his three kids, mom, and charities), and 10 percent to AEG Live, the concert promoters.

Footage used for the film was shot at Staples Center before King of Pop died last month from cardiac arrest. The practice sessions were gearing Jackson up for his 50 sold out London concerts that were to begin this month and run through March 2010.

This may now be the only chance for the more than 1 million ticket holders to get a glimpse of what Jackson had in store for the show. Plans for an Aug. 29 tribute show in London, on what would have been Jackson's 51st birthday, have fallen through for now. The tribute would have featured the band that the pop star was rehearsing with.

Jackson's dad, Joseph Jackson, reportedly muddled plans for the tribute by shopping his own special to the networks.