IFC Films has sold its Midnight Madness entry River to Blumhouse and Universal for over $10 million, Deadline reports. The sale comes after a furious bidding war that saw Sony drop out at the last minute and several major studios pass on the film entirely.
The horror thriller, directed by Joshua Guiliano, follows three estranged siblings stranded on a rural boat who are stalked by a faceless killer. Jane Levy and Jessica Rothe star. The film premiered at the Toronto International Film Festival’s Midnight Madness section, where it drew a strong response from buyers.
The Bidding War
The festival’s official market added this year, but many buyers complained about a slow pace of business. That changed with River. Other distributors wanted it, including Jason Blum’s Blumhouse Atomic Monster deal at Universal and Sony.
By Monday morning, Sony was the last studio standing with a bid of $8 million. By Saturday night, Focus, Paramount, A24 and Netflix had all passed. This morning, Sony dropped out, then Blumhouse and Universal won the feature for over $10 million.
It is very unusual for a distributor to give up any kind of feature commodity in a booming box office marketplace, but the acquisition money was so good here that IFC couldn’t resist.
Why Blumhouse Wanted It
Blumhouse Atomic Monster was passionate to get its hands on the project all weekend. The connection runs through Sam Zimmerman, who leads indies at the genre studio. Zimmerman worked with Guiliano on River during his time at Shudder.
Guiliano’s next movie, Occupant, also came into play. Last week, Blumhouse Atomic Monster, Divide/Conquer and Spooky Pictures inked Guiliano’s next movie Occupant.
The Connection Between Zimmerman and Guiliano
Zimmerman’s history with Guiliano goes back to Shudder, where he led indie productions. That relationship gave Blumhouse a direct line into the filmmaker’s next project, Occupant, which the studio group is now financing.
A Familiar Pattern
The sale echoes Blumhouse’s past success at TIFF. Last year, Blumhouse, with Focus Features, acquired Obsession out of TIFF for $15M. That turned into a massive global-grossing hit with more than $513 million at the box office.
The Curry Barker-directed title is now pushing for awards. The pattern is clear: Blumhouse buys at TIFF, the film performs, and the studio moves on to the next one.
The Critical Consensus
Twelve reviews on Rotten Tomatoes stand at 83% fresh for River.
The Studios That Passed
Several major studios passed on River entirely. Focus, Paramount, A24 and Netflix all walked away by Saturday night.
Sony made it to $8 million before dropping out. The sequence shows how quickly a sale can collapse when the price gets too high.
The Price Paid
The final price was over $10 million. The bidding war pushed the price beyond the initial $8 million Sony offered.
| Event | Timeframe |
|---|---|
| Sony bid $8 million | Monday morning |
| Focus, Paramount, A24, Netflix passed | Saturday night |
| Sony dropped out | This morning |
| Blumhouse and Universal won | This morning |
The Bottom Line
IFC Films has sold its Midnight Madness entry River to Blumhouse and Universal for over $10 million. The film premiered at the Toronto International Film Festival’s Midnight Madness section, where it drew a strong response from buyers.
The sale is a signal of confidence in the film’s commercial potential. Blumhouse has a proven track record with this kind of genre property.
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