The first day of the Cannes Film Festival began with disappointing results as the opening night movie is being hailed as one of the worst films to open the Cannes Film Festival.

After a number of disputes over the final cut to the movie "Grace of Monaco," the film finally premiered. However, the results were some of the worst in years. Critics stated that film was inert and that performances were a mess. They also stated that director Oliver Dahan had directed the movie without any expertise and it felt like an amateur work. Some critics even went on to state that the disputes between the Weinstein Company and Dahan were more thrilling and interesting than the film itself. The festival opening slot has proven be a mixed bag as such film as "Blindness," "My Blueberry Nights" and "The Great Gatsby" all scored mediocre reviews. However, there has never been a case where a film is completely panned. The movie currently has a zero percent aggregate score on Rotten Tomatoes and that could prove tricky for its ultimate domestic opening.

Interestingly, the Royal family of Monaco also destroyed the film, and noted that it was silly and completely false to the life of Grace Kelly. The film also made headlines because the Weinstein Company decided to repurchase it for domestic distribution. After disputes with producers the company settled on buying the movie for $3 million, which is $2 million below the original sum. The company had made headlines when it stated that it would drop the movie due to artistic differences. Harvey Weinstein had expected a lighter and breezier film from the one Dahan finished. According to Variety, the new deal now states that the company will release Dahan's cut and "if any changes are made, they will be mutually approved by Weinstein and Dahan working together." The Weinstein Company is known for changing its release schedule and many pundits had hoped the film would be an Oscar contender.

Last year, the company programmed the film for November but later delayed to March. When the arguments broke out, the movie was put on hold. With reviews finally out, it will be interesting to see how the company will release the film and if any edits will be made. In 2009 when "Inglorious Basterds" premiered at Cannes, Weinstein and Quentin Tarantino made a number of edits when the film received mixed reviews. However, the company did not take that time with "W.E," which was released in 2011. That movie premiered at the Venice Film Festival to terrible reviews and the Weinstein Company decided to cut back on the release. The company originally planned an intricate Oscar campaign and a wide release for "W.E." but instead gave it a one-week qualifying run and short limited release in January. The company also did the same thing with last year's "The Immigrant." While most pundits expected the film to garner awards, especially for actress Marion Cotillard, the company decided to release it in May, a year after its premiere, and gave it a small marketing campaign.

"Grace of Monaco" still does not have a release date and, based on reviews, the Weinstein Company will employ a limited release in the summer or in early 2015.

At the market, the first big deal was made by Sony Pictures Classics, which acquired the competition film "Saint Laurent." The film by Bertrand Bonello stars Gaspard Ulliel, Jérémie Renier and Léa Seydoux is slated to screen on Saturday.

Meanwhile, IFC Films acquired the SXSW Film Festival film winner "Kelly Cal." The indie comedy stars Juliette Lewis and received rave reviews. According to distributor IFC, the company is planning on releasing the film later this year. However, based on its current slate, the movie will likely come out in the fall.

Millennium Entertainment purchased the North American rights for Michael Radford's "Elsa & Fred." The movie is a remake of a Spanish/Argentinian film and stars Shirley MacLaine and Christopher Plummer. The distributor, however, did not cite a release date.

Open Road acquired its second film at the festival. The company acquired the Jon Stewart's "Rosewater" and is now planning a fall release. The movie stars Gael Garcia Bernal and was produced by Scott Rudin. Open Water also took the US rights to Pierre Morel's "The Gunman."

A number of films were also announced with A-List actors joining the projects. Paramount paid $20 million for the rights to distribute "Story of Your Life," which will star Amy Adams and is directed by Denis Villenueve. The auction was a record deal which was previously topped by the Weinstein Company when it purchased "The Imitation Game" for $7 million in Berlin.

Meanwhile, IM Global announced that it would shop the remake to the Oscar winning film "The Secret in their Eyes." The film currently has Chiwetel Ejiofor and Gwyneth Paltrow attached to star with Mark Gordon producing. The company will also shop around "Forsaken," directed by Jonas Cuaron and starring Gael Garcia Bernal and Jeffrey Dean Morgan.

With many deals already in place the Cannes Film Festival is just getting started as over 4,000 films will screen at the market and a number of acquisition deals will likely happen. The festival sidebars will also start in the coming days.

The Cannes Film festival runs through May 25 and the award ceremony will be held on the 24.