BREAKING: Magnolia Pictures is wrapping up a deal worth north of $1 million for S-VHS, after an auction that included Lionsgate and Drafthouse. The deal beats the sum for the first film VHS, which Magnolia also released. The film, which premiered Saturday in Sundance‘s Park City At Midnight section, is a found-footage pic where two private investigators looking for a missing student break into an abandoned house and find a collection of mysterious VHS tapes. They are horrific and shine a light on the motives behind the student’s disappearance. There is a gangbang of directors on this one: Simon Barrett, Adam Wingard, Eduardo Sanchez, Gregg Hale, Timo Tjahjanto, Gareth Huw Evans and Jason Eisener wrote and directed the pic. WME Global‘s Mark Ankner conducted the auction.