Magnolia has acquired worldwide rights to Bobcat Goldthwait’s dark comedy “God Bless America.”

Deal was announced Tuesday at the Toronto Intl. Film Festival. “God” premered Friday in TIFF’s Midnight Madness section.

“God” centers on a man, possibly terminally ill, who decides to kill repugnant members of society.

Producers are Sean McKittrick and Jeff Culotta. Cassian Elwes and Preferred Content’s Kevin Iwashina and Christine D’Souza brokered the deal.

Pic stars Joel Murray and Tara Lynn Barr, and is a Darko Entertainment production written and directed by Goldthwait.

“God” is the second collaboration between Goldthwait, Darko and Magnolia/Magnet, who released “World’s Greatest Dad” in 2009.

Magnet is planning a 2012 theatrical release for “God” through Magnolia’s Ultra VOD program. The film is Magnet’s second acquisition out of the Toronto fest following Michael Dowse’s raucous hockey comedy “Goon”

Murray plays a divorced and depressed man who is becoming increasingly overwhelmed and infuriated by the rampant stupidity that surrounds him.

“I’m a big fan of all of Bobcat’s films, and very excited to be collaborating with him again,” said Magnolia/Magnet President Eamonn Bowles. “‘God Bless America’ is the revenge fantasy to end all revenge fantasies. It’s a brilliant skewering of all that’s despicable in American pop culture and it’s his funniest film to date.”