The decision to chill temporarily was made so that talks can take place between the two parties.
At issue, Jackson argues, is Granada's claim that it owns unaired footage of its documentary, from British journalist Martin Bashir.
Among the many jaw-dropping revelations in the documentary were Jackson's claim that the only plastic surgery he's ever had were two nose jobs (to enhance his singing). Jackson, 44, also admitted that he has slept -- albeit chastely -- with children in his bedroom, despite 1993 allegations of sexual misconduct with a minor. (Jackson later settled the case out of court for an undisclosed sum.)
According to Reuters, Jackson was seeking to have all previously unseen footage held by Granada locked away until a wider dispute between the two sides (and Bashir) was resolved.
"In particular, Granada has failed to honor an agreement reached earlier this month to deliver up to Michael Jackson unused film footage of his children, where recognizable," according to a statement from the singer.
When Jackson's statement was released on Monday, Granada Television said it would fight any legal action "vigorously."
JOSH & FERGIE: ROCKED BY SCANDAL
Did he cheat with a stripper?
Married less than a year, the couple denies an Atlanta woman’s claims that she and Josh had a fling
Note that this week’s cover of PEOPLE may differ regionally
