Magnolia snags 'Signal' in wee hours


The buying frenzy of the Sundance Film Festival continued into the wee hours of the night when Magnolia Pictures entered final negotiations for North American, U.K. and Australian rights to the horror film "The Signal" after the film's midnight screening.

The indie company is said to be purchasing the rights for around $2.3 million, though Magnolia won't confirm the sale as some deal points remain outstanding.

From writers/directors David Bruckner, Jacob Gentry and Dan Bush, "The Signal" centers on a mysterious transmission which invades every cell phone, radio and TV in the city, turning its inhabitants into killers. "The Signal" will mark the second purchase for Magnolia and its largest acquisition at a festival. The Mark Cuban-owned studio landed the first sale of the confab with the documentary "Crazy Love" picked up late Saturday.

"We didn't give anyone else a chance on the film," said Cassian Elwes, co-head of William Morris Independent. "We really wanted to be in business with Magnolia on this one. They had already expressed a lot of interest in the project and it's a big deal for them. They were really aggressive about the film."

William Morris Independent repped the filmmakers.