Sony May Be the Highest Bidder of Jackson Footage

Sony Pictures is increasingly looking like the front-runner in the bidding war to obtain the film rights of the rehearsal videos of Michael Jackson's comeback concert tour, says the Los Angeles Times.

AEG, the concert promoter who was working with Jackson on his tour prior to his sudden passing, reportedly accepted bids from numerous studios, including Fox, Universal and Paramount, the publication wrote.

The offered rights are said to be for 1,200 hours of rehearsal footage, a source close to the negotiations told the Los Angeles Times.

It is said that Fox and Universal bids are still being considered; however, Sony's reported $50 million bid and the fact that the company's "music division controls distribution of Jackson's output as an adult solo performer and retains the right to block a competing studio from using his songs, put the studio in the strongest position," a source told the publication Sunday.

According to the New York Times, no final deal is expected until new week.

The theatrical release of the footage is said to be in October.