Discovery Films and Magnolia Pictures have acquired North American theatrical and DVD rights to James Marsh's Sundance world documentary jury and audience winner Man On Wire.

Magnolia Pictures plans a late summer theatrical release followed by DVD roll-out through Magnolia Home Entertainment.

Man On Wire is based on French high-wire walker Philippe Petit's book To Reach The Clouds and reconstructs his celebrated act of derring-do high above the streets of the Twin Towers in 1974.

The film premiered at Sundance and was produced by Wall to Wall in association with Red Box Films for Discovery Films, the BBC and the UK Film Council. Simon Chinn produced and Jonathan Hewes served as executive producer.

Magnolia's senior vice president Tom Quinn, director of acquisitions Dori Begley and head of business affairs Jason Janego brokered the deal with Submarine's Josh Braun.