2ND UPDATE, 7:03 PM PT: Paramount has confirmed Deadline’s earlier scoop, saying in a press release that the studio has picked up the Amy Adams sci-fi pic Story Of Your Life. It was the first big auction at the 2014 Cannes Film Festival. Read the full release at the bottom of the original post.
UPDATE, 4:29 PM PT: It’s all over but the press release as Paramount has prevailed in the first big auction on the ground at the Cannes Film Festival. The studio is paying $20 million for U.S. and Canada on Story Of Your Life, and there is discussion about China as well. This is a clear record deal brokered by Lava Bear’s David Linde with WME Global’s Graham Taylor and FilmNation’s Glen Basner. The latter was also in the middle of the $7 million Berlin deal with TWC for The Imitation Game, which was a record setter for that festival. So forgive these guys if they are strutting big on the Croisette today. This certainly marks an outstanding start for the Cannes market, as distributors clearly need product and are willing to spend if it’s good stuff.