The AP has reported that Sony Corporation 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.
The report indicated that the bid came after several studios, including Paramount, Universal and 20th Century Fox, were shown footage starting early last week. The source of these details spoke on condition of anonymity because the bidding had not been completed. None of the studios would comment on the record.
The winning studio would produce the film with Jackson’s concert promoter, AEG Live, and his estate.
The bidding was also reported earlier by the Los Angeles Times and industry blogger Nikki Finke.
Sony Pictures has the advantage over other bidders because Sony Music distributes Jackson’s music and is in a 50-50 partnership with his estate in Sony/ATV Music Publishing. Sony’s bid is on par with the cost of making a mid-range budget movie, and is offset by the fact that the Sony group of companies would benefit from the music licensing rights attached to the film.
There is also enormous interest in Jackson material worldwide. Nielsen Media Research reported that an estimated 31 million viewers in the U.S. alone watched the Jackson memorial service live earlier this month.
“This type of a story, if put together right, could be very compelling and draw a very, very wide audience,” said Mark Fleischer, an entertainment attorney with Venable LLP and former executive at MGM Studios.
The estate and AEG Live 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 “This Is It” director Kenny Ortega.
The selling price being discussed for the rights to show the TV special is also in the tens of millions of dollars.
General Electric Co.’s NBC has been in talks on the TV show, but the concept, air date and cost for the rights has not been finalized, said NBC spokeswoman Rebecca Marks.
“We have no deal for the rights to the Michael Jackson special,” Marks said.
Source: MJFC / AP
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