I.S. is where the action is

Company sports 2 of the mart's hottest titles

So far, two heads have been better than one at I.S. Film Distribution.

Of the precious few hot titles at this years edition of the American Film Market, two belong to I.S., the new shingle created through the merger of Intermedia’s and Summit’s sales arms.

The Intermedia-produced Jennifer Love Hewitt romance “If Only” made its debut for buyers in a private screening held at CAA Friday.

At the same time, the Summit-sourced “Racing Stripes,” a CGI pic about a zebra that wants to become a racehorse, crossed the finish line in most major territories.

Set in London, “If Only” is a time-travel tale in which a young man witnesses the accidental death of his girlfriend after an argument. He then gets a chance to relive the day and prove that he loves her.

With a pricetag between $15 million-$20 million, pic is designed as a Stateside counterprogrammer to be released in the vicinity of the 2004 Super Bowl weekend at the end of January or just prior to Valentine’s Day.

I.S. is selling worldwide rights outside Japan and a few minor territories.

“If Only” was scheduled to screen twice Saturday, with New Line Cinema and Miramax Films reps both expected in the audience, among others. Bids also have come from most major studios, with a deal expected by Monday.

As for “Racing Stripes,” production is set to begin Sept. 1 following brisk international sales at the AFM. Warner Bros. Pictures will release the pic domestically.

I.S. closed sales to Shochiku in Japan and Constantin in Germany, with deals pending in France, Spain and Italy.

“Racing Stripes” comes to I.S. via a three-pic deal that Summit principal Patrick Wachsberger signed in 2001 with “Racing Stripes” financier and producer Alcon Entertainment.

The companies also enjoyed success with the Warners/Alcon release “Insomnia,” which Summit repped internationally.