Ira & Abby charts the tumultuous relationship between two people whose hasty marriage descends into a cycle of affairs, therapy and other domestic crises.
Robert Cary directed from a screenplay by Jennifer Westfeldt, who served as executive producer and stars opposite Chris Messina.
'We are thrilled to be able to work on this film,' 2929 Entertainment's Ray Price said. 'Staking out the comedic travails of sex, love and misunderstanding, Jennifer Westfeldt continues to establish herself as a chronicler of her generation.'
'It has been so gratifying for me to see how festival audiences have connected to this film,' Westfeldt, who wrote, co-produced and starred in the 2002 independent hit Kissing Jessica Stein, said.
'I feel so lucky that a smart, innovative company like Magnolia will give it a chance to be seen on a national scale.'
Magnolia's head of acquisitions Tom Quinn and head of business affairs Jason Janego negotiated the deal with Rena Ronson and Phil Alberstat of William Morris Independent and producer Brad Zions.
Odd Lot International is handling foreign sales at Cannes.