MagnoliaPictures has acquired North America distribution rights to Alex Gibney'sdocumentary Enron: The Smartest Guys In The Room, which is set to make its world premiereat Sundance later this month.
The picture isthe first complete project to be financed and produced by HDNet Films, thehigh-definition production division of Todd Wagner and Mark Cuban's 2929Entertainment run by Jason Kliot and Joana Vicente. Magnolia Pictures is also adivision of 2929.
Enron: TheSmartest Guys In The Roomis the inside story of one of the corporate world's biggest business scandals,in which top executives of America's seventh largest company walked away withmore than $1bn while investors and employees lost everything.
Gibney and Kliot served as producers, with Cuban, Wagnerand Vicente serving as executive producers.
The plan is forHDNet Films to finance and produce up to eight pictures a year on highdefinition digital video on budgets of up to $2m each.
The company isin post-production on Over The Mountains, a contemporary political drama written by Joseph Castelo,Ayad Stehle-Aktar and Tom Glynn. Titles in pre production include CarlosBrooks' dark comedy Quid Pro Quo.
Magnoliarecently released Woman, Thou Art Loosed, and will open Ong Bak: The Thai Warrior, starring Tony Jaa, later this year.