Anschutz Entertainment Group has begun the process of recouping some of its losses after Michael Jackson's death derailed plans for a lucrative 50-night series of concerts at its O2 Arena in London.
Los Angeles Superior Court Judge Michael Beckloff this week approved a $60m deal in which Columbia Pictures, a division of Sony, is paying AEG and the Michael Jackson estate to produce a feature-length film from footage shot of the singer as he rehearsed.
AEG will share 90 per cent of the profits with the Jackson estate, but the sum should allow the concert promoter and venue owner to recoup the estimated $30m it had invested to prepare for what had been billed as a comeback tour.
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