'Buried' becomes the first major purchase at Sundance this year...

...as it's picked up for release by Lionsgate. Here's the story from The Hollywood Reporter:

Lionsgate pulled off the first pickup at Sundance on Sunday, acquiring North American rights to the Ryan Reynolds-toplined man-in-a-coffin thriller “Buried” for just under $4 million.

Additionally, a source involved in the deal says Lionsgate has made a mid- to high-eight-figure P&A commitment on the film. Plans are to release “Buried” this year, and details on its rollout are still under discussion.

Rodrigo Cortes’ thriller launched the first heated bidding war in Park City after its Saturday midnight premiere. Screen Gems and Fox Searchlight were in an overnight race with Lionsgate for the film, ending just as Searchlight pulled out late Sunday afternoon.

Some were concerned about the claustrophobic nature of the thriller, which aims its camera at Reynolds as he attempts to break out of a coffin, from inside the coffin for 90 minutes. But buyers clearly felt it would be the first breakout hit of the festival.

-I look forward to seeing it...