Jeff Jensen
July 21, 2009 AT 12:00 PM EDT

Sony Pictures has paid $60 million for the rights to release a movie of footage shot during Michael Jackson’s rehearsals for his This Is It concert tour, according to the Hollywood Reporter. The film will hit theaters October 30. According to other reports, AEG Live, which is said to have 80 hours of rehearsal footage at its disposal, and Jackson’s family will split Sony’s money, with Jackson’s family receiving 90 percent of the fee and establishing a charity in the late singer’s name. 

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