Deals Close on Michael Jackson's Concert Video, Custody of Children

July 21, 2009— -- The fate of Michael Jackson's children and personal assets may remain unsettled for some time, but sources say the fate of his professional swan song may be close to a resolution.

Sources tell ABC News that Sony may be close to closing a deal to pay up to $50 million for the rights to Jackson's final performance video, to be compiled from 100 hours of rehearsal footage owned by concert promoter AEG.

"We're told that Sony pretty much has the deal," Sharon Waxman, editor of the Wrap Web site, told "Good Morning America." "I mean, the T's aren't crossed and the I's aren't dotted on the paperwork, but our understanding is the deal's done."

Michael Jackson died June 25 of apparent cardiac arrest at his rented Los Angeles mansion.

Jackson's This Is It Tour would have reportedly brought in at least $165 million, but that number may be exceeded, now that he's gone.

That's because AEG is also selling television rights to a September tribute concert that reportedly included major headline acts -- possibly the Jackson brothers.

As for Jackson's share of the Sony/ATV music catalog -- more than 700,000 songs that comprise some of the Beatles most popular music --- it could be worth upward of $1 billion if Jackson's estate ever sells.

But who controls all that money is still up for debate. While TMZ reported this morning that Katherine Jackson's attorney, Londell McMillan, is planning to challenge estate executors John Branca and John McLain, McMillan issued a statement Monday that said Katherine simply wants to keep her options open.

"Neither Mrs. Jackson nor any of her lawyers has or will be contesting the will," McMillan said in the statement. "Nor has she decided whether or not to raise any challenge to the appointment of the executors named in the will or whether to seek the appointment of an additional co-executor."