The deal is in the high six figures and closed in the early morning hours on Tuesday. At various points, A24 and IFC had been circling the picture.
The film will get a traditional, nationwide theatrical release later this year. “Tangerine” has generated a great deal of press attention because director Sean Baker and cinematographer Radium Cheung shot the picture using an iPhone.
The film stars trans actresses Mya Taylor and Kitana Kiki Rodriguez in their bigscreen debuts as two prostitutes looking for a pimp on Christmas Eve in Hollywood. Baker co-wrote the film with Chris Bergoch.
This film is the second Sundance acquisition for Magnolia. Earlier in the festival, the studio nabbed “Results,” a comedy with Guy Pearce and Cobie Smulders playing personal trainers.
The deal was negotiated by Magnolia senior VP of acquisitions Dori Begley and director of acquisitions John Von Thaden with Jessica Lacy at ICM Partners and Josh Braun of Submarine on behalf of the filmmakers.