Jun. 14-20: The Big Payback. Los Angeles To Recoup From Michael Jackson Memorial
Posted Sat Jun 19, 2010 9:16am PDT by Billy Johnson, Jr. in That's Really Week
The estate of Michael Jackson and AEG, the company that produced the event at the Staples Center, have agreed to pay the city $1.3 million, Councilwoman Jan Perry said Friday, according to the Los Angeles Times.
The city's general fund will receive $1 million, and the remaining $300,000 will go to the Los Angeles Police Foundation, Perry added.
The general fund supports public safety and parks, and the LAPF funds will be used to cover equipment at the police department.
Perry and Mayor Antonio Villaraigosa expressed gratitude for the resolution. The councilwoman described the Jackson estate and AEG as "conscientious corporate citizens."
Villaraigosa echoed Perry's sentiments, calling their actions, "good corporate citizenship," CNN reported.
AEG President Timothy Leiweke said the company was glad to put the matter behind them, CNN reported.
According to CNN, $1,210,000 will be paid in cash. The foundation had already received $90,000.
"It was important to us that all parties agreed that this was not an obligation but a choice we believe was important to make at a time when thousands of city employees are being reduced," Leiweke said.
AEG worked with Jackson as the promoter and producer of the This Is It concert series planned for last July. The company also runs the Staples Center.
Jackson's posthumous film, also titled This Is It, includes concert rehearsal footage from the comeback tour and helped the Jackson estate solidify $80 million through various deals with AEG and Sony, CNN reported.
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