Studios snap up Sundance favourites, boost indie film market

PARK CITY, Utah (REUTERS) - Movie studios have been searching for the next big thing at the Sundance Film Festival after the critical and commercial success of indie films such as Beasts Of The Southern Wild with a slew of business deals being made during the festival.

The biggest purchase came midway through the 10-day event when Fox Searchlight paid about US$10 million (S$12 million) for quirky coming-of-age comedy The Way, Way Back, starring Steve Carell and Toni Collette, according to sources close to the deal.

The Way, Way Back is the directorial debut of Oscar-winning screenwriters Nat Faxon and Jim Rash, who penned last year's hit The Descendants.

While eight-figure deals are rare at Sundance, Fox Searchlight, a division of 20th Century Fox, a unit of News Corp , is a regular big spender at the festival.