Announcement comes just before Tribeca debut

Magnolia Pictures has nabbed world rights to “Limelight,” the doc by Billy Corben and Alfred Spellman of Rakontur (“Cocaine Cowboys,” “Square Grouper”).

Pic follows the rise and fall of nightclub owner Peter Gatien, whose buzzy Gotham venues in the 1990s included Limelight and Palladium.

Distribution deal was announced just prior to the doc’s world preem at the Tribeca Film Festival.

Jen Gatien produces with Corben and Spellman. Acquisition was negotiated by Magnolia’s Tom Quinn with Spellman and Gatien.

Magnolia targets an August theatrical release for “Limelight.” Pic is the second Tribeca pickup for the distributor, which also snagged rights to sushi-master docu “Jiro Dreams of Sushi.”

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