Dimension Sells Off Mandy Moore Shark Thriller '47 Meters Down' to Byron Allen

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The move comes as the financially strapped Weinstein brothers have begun to sell off some of their films.

Byron Allen's Entertainment Studios has acquired North American rights to the Mandy Moore shark thriller 47 Meters Down, which it will distribute on 2,500-plus screens through its recently purchased theatrical distribution company Freestyle Releasing.

Entertainment Studios bought the finished film for seven figures from Dimension.

The story revolves around two adventure-seeking sisters who go cage-diving while on vacation in Mexico. Much to their horror, the cage breaks away from the boat, leaving the pair in an observation cage trapped at the bottom of the ocean, surrounded by hungry Great White sharks. The key to their survival — with very little time and very little oxygen in their tanks — is to try and swim 47 meters to the surface while being hunted by the sharks.

Claire Holt (The Vampire Diaries) and Matthew Modine also star in the film directed by Johannes Roberts.

Mark Lane and James Harris produced 47 Meters Down, with Bob and Harvey Weinstein serving as executive producers.

The move comes as the financially strapped Weinstein brothers have begun to sell off some of their films.

“Dimension Films has delivered us a terrific movie,” Allen said Monday in a statement. “We have paid a premium for 47 Meters Down because we really believe in the genre, and in the film.”

Added Dimension's Matthew Signer: "We love this film and support the filmmakers. We even contributed additional funds to enhance the picture. Our original plan was to release the film before The Shallows, but since that couldn't happen, we decided to go with a more conservative release strategy that would take place this summer. When the producers brought us Entertainment Studios, who will release the movie wide next year, we all agreed this would be the best option for everyone involved and were happy to make a deal. We wish Entertainment Studios the best of luck and couldn't be happier for the filmmakers."

Entertainment Studios currently has a multiyear output deal with Netflix and also recently closed a multiyear home entertainment output deal with Anchor Bay/Starz and aims to distribute 100 motion pictures over the next five years.

47 Meters Down marks the second acquisition by Entertainment Studios, following the horror/suspense movie Friend Request, which is scheduled for release on Oct. 7 on 2,500-plus screens.

"We loved working with Bob, Matt and Keith [Levine] at Dimension," said Lane and Harris. "They stepped up creatively and financially to improve the film tremendously and we are grateful to them for allowing us this opportunity. We are discussing a few projects and hope to work together in the near future."