Paramount Vantage, which is launching its international sales division in Cannes, has introduced its first picture to buyers - The Marc Pease Experience, a comedy starring Ben Stiller and Jason Schwartzman which has just wrapped.

Todd Louiso (Love Liza) directs and co-wrote the film which tells the story of a high school production of The Wizard Of Oz. Vantage co-financed the film with Michael London's Groundswell Productions.

New vice president of international sales Alex Walton is meeting buyers on the film here.

Vantage co-president Nick Meyer said that the completed films on its 2007 slate will go through Paramount Pictures International (PPI) as planned but that from now on, Vantage would assess each film on a case-by-case basis.

The 2007 slate includes two films in official selection in Cannes - Michael Winterbottom's A Mighty Heart (out of competition) and the Coen Brothers' No Country For Old Men (competition) to which it has international rights only. Other films scheduled for the rest of the year include Noah Baumbach's Margot At The Wedding and Marc Forster's The Kite Runner.

The Marc Pease Experience is the first film to be financed through Groundswell's new financing deal with global investment firm TPG-Axon Capital and marks its first studio-co-financed production. It was co-written by Jason Koskoff and co-stars Anna Kendrick, the actress who made an impression in Sundance competition entry Rocket Science. Producing alongside London and his head of production Bruna Pappandrea is David Rubin of Firefly Pictures.