SONY BIDS $50 MILLION FOR THE MICHAEL JACKSON "THIS IS IT" REHEARSAL FOOTAGE!

LOS ANGELES — 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.
That's according to a person familiar with the bid.

The person says the bid came after several studios, including Paramount, Universal, 20th Century Fox and Warner Bros., were shown footage starting early last week. The person spoke on condition of anonymity because the bidding had not been completed.

The winning studio would produce the film with Jackson's concert promoter, AEG Live, and his estate.

Sony's music arm also distributes Jackson's music and is in a 50-50 partnership in Sony/ATV Music Publishing with his estate.

The bidding was reported earlier by the Los Angeles Times and industry blogger Nikki Finke.