Columbia Pictures snap up rehearshal footage for $60 Million from AEG.
Michael Jackson Rehearsal Footage: Columbia Pictures Wins Deal
Aug 06, 2009 | Comments 0
During the recent court hearing over Michael Jackson’s estate, it was reportedly revealed that it is in fact Columbia Pictures, who are a subsidiary of Sony Pictures that have the offer to purchase the rights to the film that will feature Jackson’s “This Is It” concert rehearsals.
And according to rollingstone.com, the offer was for $60 million. But reports have stated that the final approval of the deal is depending on consent from Michael Jackson’s mother Katherine. There is reportedly another hearing on the subject scheduled for August 10th.
It has also been said that under the terms of the deal, ninety percent of the movie’s profits will go to the Michael Jackson Family Trust, with eighty percent of that going to Michael’s children and mother. The other ten percent is said to go to concert promoters AEG Live.
Other reports have revealed that there will be more than 100 hours of rehearsal footage from Jackson’s time at the Staples Center in Los Angeles. And apparently, there are also numerous stipulations that the film has to adhere to under the deal.