'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...

We have our first purchase of the Sundance Film Festival!

Interestingly, it's a documentary. Here's the story from Variety:

There was no time for Hollywood to get acclimated to the snow and altitude before the first major deal of the Sundance Film Festival was announced, Paramount's acquisition of Davis Guggenheim documentary "Waiting for Superman" for release in the U.S. this fall.

Robert Redford had only just begun his opening press conference in Park City when news of the sale came. He said with this year's line-up - -- where "Waiting for Superman" is playing in competition -- the fest is hoping to return more than ever to it's roots.

Par picked up worldwide rights to the film for an undisclosed price. "Waiting for Superman," which world preems at the fest Friday, was produced by Participant Media and examines the public education crisis in the U.S.

Deal reunites Paramount, Guggenheim and Participant, the team behind "Inconvenient Truth," which was also acquired at Sundance and grossed nearly $50 million worldwide. "Waiting for Superman" will be released under the Paramount Vantage label, but marketed and distributed by big Par.

For years, Redford and longtime fest director Geoffrey Gilmore wrestled with how to combat the the glam factor and commercialism that had sprung up around the festival.

"I felt that were sliding, I felt that we were beginning to flatline. We needed to get fresh again," said Redford, adding that the effort just happened to coincide with Gilmore's departure. Gilmore was succeeded by his longtime lieutenant, John Cooper.

"He [Gilmore] did an amazing job for many, many years. It was simply time for fresh new blood, and I think you have to keep rejuvenating yourself from time to time, and so that's what was happening," Redford continued.

Redford said the fest's hands have been tied in terms of combating the "ambush marketers that took over Main Street, took over houses, paid four times the amount of money so they could market their own product, and hand out swag and get celebrities to come. So then you end up with Paris Hilton, which doesn't have anything to do with us."

This year's line-up of films playing at Sundance looks particularly promising to buyers.

Opening night films "Howl" and docu "Restrepo" were also expected to draw buyer interest.

"Waiting for Superman's" sale was considered a fortuitous sign (even if it was technically negotiated before the fest).

Par does face one hurdle: the "Superman" name belongs to Warner Bros. and must be cleared with the Motion Picture Assn. of America

"Waiting for Superman" features several leaders in education, including Bill Gates of the Bill and Melinda Gates Foundation, Harlem Children's Zone prexy-CEO Geoffrey Canada, Washington, D.C. Public Schools Chancellor Michelle Rhee and Knowledge is Power program founders David Levin and Mike Feinberg.

Acquisition was announced by Paramount Film Group prexy Adam Goodman and Participant Media CEO Jim Berk. Film was produced by Lesley Chilcott and exec produced by Participant's Jeff Skoll and Diane Weyermann. Guggenheim penned the script with Billy Kimball.

"With these two great partners, Participant Media and Paramount Pictures, we have a chance to create public awareness around this issue, and this is the only way we can make real change in our children's schools," said Guggenheim.

The festival also announced a "surprise" addition to the Spotlight section: "Exit Through the Gift Shop," a "pseudo-documentary" about mysterious street artist Banksy. Film premieres Sunday.

-Thoughts on the doc's potential?

IFC Films picks up Todd Solodnz's 'Life During Wartime' for distribution

The Hollywood Reporter has the story:

IFC Films has acquired U.S. rights to Todd Solodnz's "Life During Wartime," which won the best screenplay award at the Venice International Film Festival, where it debuted.

A quasi-sequel to the filmmaker's 1998 "Happiness," the film stars Shirley Henderson, Ciaran Hinds, Allison Janney, Michael Lerner, Charlotte Rampling, Ally Sheedy and Michael Kenneth Williams.

It will be distributed during the summer via the IFC in Theaters platform, which releases movies simultaneously in theaters and on VOD.

"Wartime" was produced by Christine Kunewa Walker and Derrick Tseng and exec produced by Elizabeth Redleaf and Mike S. Ryan for Werc Werk Works.

-I look forward to seeing it...