Summit Entertainment has acquired North American distribution rights to Penelope, starring Reese Witherspoon and Christina Ricci, reports Variety.
Summit, which is gearing up to operate as a full-service studio, plans to release Penelope on Feb. 1. The film is a teen fable centered on a woman with a facial deformity who must marry someone from her own class to break an evil spell.
IFC acquired domestic theatrical rights last year at Toronto. It set release dates in April and then again in August before pulling the plug as part of its move to focus on its core business of smaller-budget indies. IFC was partnered with the Weinstein Company, which had acquired TV and home video rights.
Penelope also stars James McAvoy, Catherine O’Hara, Peter Dinklage and Richard E. Grant. Mark Palansky directed.