Sony Pictures Will Acquired Michael Jackson's Rehearsal Footage

Sony Pictures is finalizing the deal to acquire rehearsal footage from Michael Jackson's "This Is It" tour, hoping to release it in time for Halloween.

Sony is will be paying close to $60 million for the 80 hours of rehearsal footage that was shot at the Staples Center in Los Angeles. The rehearsal footage is currently owned by AEG Entertainment. AGE was promoting Jackson's run of 50 shows at London's O2 Arena.

Sony plans on having it in theaters on October 30. The film will feature at least three videos, including an alternative version of "Thriller," it was intended to be an interstitial video during Jackson's O2 shows.

Reportedly, Fox, Universal, Paramount and Relativity were also interested in obtaining the rehearsal footage, butit made more sense for Sony since its Music Entertainment division owns the publishing rights to Jackson's songs.

Terms of the deal are still being hammered out, but the Jackson family estate will collect 90 percent of what's left after AEG recoups its costs for the tour. Originally it was reported that AEG was planning on using the footage for a live CD/DVD set to try and  recoup the money they lost after Jackson's death, including $85 million in ticket refunds.