After an all-night auction, the Weinstein Company snagged the rights to the film, which also stars Harry Lloyd, Richard E. Grant and Jim Broadbent. Deadline reports that it was a heated battle between TWC, Summit Entertainment, Relativity Media and Fox Searchlight, with TWC emerging victorious after ponying up $7 million.
Five minutes of the Phyllida Lloyd–directed film screened in Cannes to a positive response. TWC is expected to release the film at the end of the year in hopes that it will be an Oscar contender like the studio's 'The King's Speech,' which nabbed Best Picture, Best Director and Best Actor prizes at this year's Academy Awards.
Streep and Lloyd worked together on the 2008 smash 'Mamma Mia!' which grossed a staggering $603 million worldwide.