CATEGORIES Movies, Coming Soon
The phrase "And the Oscar goes to Peter Weir" will not be uttered in 2011 -- for now.

Why? Variety reports that the Master and Commander's latest film, 'The Way Back,' is now officially out of the Oscar race with a release date set for Jan. 21, 2011.

Still, sources tell TheWrap that Newmarket Films, which picked up the film's distribution rights, is still mulling a one-week awards run at the end of the year. The phrase "And the Oscar goes to Peter Weir" will not be uttered in 2011 -- for now.

Why? Variety reports that the Master and Commander's latest film, 'The Way Back,' is now officially out of the Oscar race with a release date set for Jan. 21, 2011.

Still, sources tell TheWrap that Newmarket Films, which picked up the film's distribution rights, is still mulling a one-week awards run at the end of the year.

'The Way Back' chronicles the escape of a small group of multinational prisoners from a Siberian gulag in 1940. The cast includes Colin Farrell, Ed Harris, Jim Sturgess, Mark Strong and Saoirse Ronan.

With the new release date, 'The Way Back' will face competition from Paramount's untitled comedy with Ashton Kutcher and Natalie Portman and Miramax's horror film, 'Don't Be Afraid of the Dark.'

This weekend, Peter Weir is being honored with a tribute at the Telluride Film Festival, where 'The Way Back' is making its world premiere.