Deadline revealed last night that Sony Pictures Classics was in talks to acquire Pablo Larrain’s No, and now they’ve formalized the deal. Here’s the official announcement:

CANNES (May 22, 2012) – Sony Pictures Classics has acquired all North American rights to Pablo Larraín’s Cannes Directors’ Fortnight sensation, NO from financier Participant Media in association with Funny Balloons and Fabula. NO stars Gael García Bernal (Babel, The Motorcycle Diaries), Alfredo Castro, Antónia Zegers, Marcial Tagle, Néstor Cantillana, Jaime Vadell and Pascal Montero. The film is one of the best received films in Cannes with raves from critics following the first screening in Director’s Fortnight.

Directed by Pablo Larraín (Post Mortem, Tony Manero) from a screenplay by Pedro Peirano (TheMaid), NO is produced by Juan de Diós Larraín and Daniel Dreifuss and executive produced by Participant’s Jeff Skoll and Jonathan King.

Based on a true story, when Chilean military dictator Augusto Pinochet, facing international pressure, calls for a referendum on his presidency in 1988, opposition leaders persuade a brash young advertising executive, Rene Saavedra (Gael García Bernal), to spearhead their campaign. With scant resources and constant scrutiny by the despot’s watchmen, Saavedra and his team devise an audacious plan to win the election and free their country from oppression.

“This movie is a masterfully engaging and energetic drama about politics and power, a tonic for the brain that is also a major entertainment. NO establishes Pablo Larrain as a major international director and Gael Garcia Bernal gives his finest performance. We are also delighted to be back in business with our friends at Participant,” stated Sony Pictures Classics.

“Pablo, Gael and the team made a brave, inspiring film, and we are grateful to the audiences at Cannes for embracing it so warmly,” said Participant Media CEO Jim Berk, “Sony Pictures Classics is the perfect partner to introduce this film to American audiences.”

Jeff Ivers and Jonathan King of Participant Media negotiated the deal with SPC.