According to the Hollywood Reporter, Sony Pictures is in final negotiations to acquire the film that will feature Michael Jackson’s rehearsal footage from his “This Is It” concert tour.  The price tag is about $60 million. Sony and AEG Live have set a release date for Friday, October 30.

Per The Hollywood Reporter, the proceeds will be split 90% for the Jackson kids and his mother, as well as his charity, and 10% to AEG Live.

The movie is actually a consequence of no one buying television rights, as the LA Times reports that a MJ TV special appears to be a no go. AEG Live has been negotiating with movie studios for several days over the film rights to the concert rehearsal footage along with the broadcast rights for a TV special.

According to the article, several networks showed interest in the program, but balked over AEG’s $20-million price tag for a show that would not include any new or exclusive footage of Jackson performing. Additionally, AEG originally planned to air the special on August 29– Jackson’s birthday– which falls on a Saturday; however, networks would have rather aired the special in the fall when viewership is usually higher.

Some Twitterers aren’t in favor of a TV special, anyway:

1. 
   ArianaTucker Hollywood News Michael Jackson TV special falls apart: Networks balked over AEG s $20-million price tag
2. 
   MJJ_Tribute This is a bummer: Michael Jackson TV special falls apart – Los Angeles Times http://tinyurl.com/nwk5pg #MichaelJackson (via @MiJacksonNews)
3. 
   astumpf RT @LATimesbiz Michael Jackson TV special falls apart: http://bit.ly/yCwS8 Finally!!!!!!! Some good news!
4. 
   ehonderich RT @mj_news: Michael Jackson TV special falls apart – Los Angeles Times http://bit.ly/FtaeG #michaeljackson crazy! Greed greed greed
5. 
   LDDetroit Joe Jackson shopping a Michael Jackson special to the networks; causes plans for 8/29 concert to be dropped http://bit.ly/1xIJ8. WTF?!

However, most in the Twitterverse say they will see the MJ movie:

1. 
   MellowMarketing They’re turning Michael Jackson’s last concert rehearsal footage into a movie?? WTF?!
2. 
   Crazyukfan2005 Is glad they are making Michael Jackson’s rehearsal footage into a movie!! I can’t wait to see it!!
3. 
   EquusFemina Not sure how I feel about this… I just want to see it! RT @latimesMJ: Michael Jackson Rehearsal Footage: The Movie http://bit.ly/eVXYo
4. 
   imamoviefanatic crap. They r making Michael Jackson movie now. it will be documentary with rehearsal footage 4 upcomingconcert etc. released the end of ‘09.
5. 
   MJJalways @samanthajulia michael jackson footage frm last rehearsal will be release as a movie in 30 october,hopefully
6. 
   kingpolaris michael jackson movie to be made using 80 hours of footage from the rehearsal for the london show, what a suprise
7. 
   TerrenceEdmonds Sony Pictures paid one million dollars for Michael Jackson’s last rehearsel footage for the movie they plan on making. I WANT that audition!
8. 
   angelineenygren I can’t wait till they release the Michael Jackson dvd from his last rehearsals ! Godd SONY bought the rights.
9. 
   TaraFlyPhotos So, Sony is creating a Michael Jackson movie to be released in October?? Did they mean this year? LOL That’ll be quite a rushed production.
10. 
    RioHerrero Sony bids for michael jackson rehearsal footage.. $50 million .I’m amazed by its worth! http://bit.ly/ry2J2

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