The film, produced by Hanks’ producing partner Sean Stuart of Company Name, world premiered last month at the SXSW Festival.
Tower Records was established in the back of a Sacramento, Calif., drugstore in 1960 and grew to nearly 200 stores in more than a dozen countries on four continents with $1 billion in sales. In 2006, the company filed for bankruptcy.
Variety’s Joe Leydon gave the film a positive review at SXSW, calling it “freshly compelling.”
“All Things Must Pass” took seven years to complete after securing more than $92,000 in initial funding from a Kickstarter campaign with more than 1,600 backers. The film, written by Steven Leckart, includes interviews with Bruce Springsteen, Dave Grohl, Elton John and David Geffen along with Tower Record founder Russ Solomon.
The deal was negotiated by Nolan Gallagher of Gravitas Ventures with Marc Bortz and Kevin Iwashina from Preferred Content and Josh Braun and Dan Braun from Submarine on behalf of the filmmakers.