Sony Pays $60 Million For Jackson Rehearsal Footage; August Tribute Concert Canceled

Sony has secured the rights to the rehearsal footage of Michael Jackson's "This Is It" tour for a whopping $60 million, a source confirms to Access Hollywood.

The studio is planning to release a film using the footage in October.

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As part of their deal to obtain the footage, Sony also required that the planned August tribute concert in London be canceled. The studio stipulated that there couldn't be a tribute concert prior to the film's release.

Our source also said that "High School Musical" helmer Kenny Ortega, who was working with Jackson on his tour and was slated to direct the film, is no longer involved. According to our source, Sony has reached out to another director to take over the project.

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The move to cancel the planned tribute show, which was reportedly going to feature artists such as Justin Timberlake, has left many of those involved reportedly angry and frustrated.

According to our source, many involved are not being paid for their time spent working on the planned tribute and they are still unpaid costs related to preparations of the "This Is It" tour.

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