Sony has kicked off the bidding to acquire distribution rights to a film based on rehearsal footage for Michael Jackson's "This Is It" concert series, according to an anonymous source.
The person said Sony bid $50 million after several studios, including Paramount, Universal, 20th Century Fox and Warner Bros., were shown the footage last week.
The final rehearsal for Michael's upcoming tour was recorded in multi-camera, high definition video and a multi-track audio. A snippet was released earlier this month.
It also reportedly included Michael being suspended from a crane at one point and a 3-D view of a "Thriller"-inspired haunted mansion.
The recordings of the rehearsals, including about 100 hours of footage, were reportedly made as part of a deal between AEG Live and Michael, which included plans to produce a live album and DVD of the singer performing his greatest hits.
Michael did a full run-through of his planned comeback concert.
The winning studio is expected to produce the film with concert promoter, AEG Live, and his estate.
The person did not want to be identified because the bidding had not been completed.
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