On May 14 the Cannes Film Festival will open with the long awaited premiere of "Grace of Monaco." However, a number of deals have already come out of Cannes.

The biggest news was actually related to "Grace of Monaco." After a number of disputes between the Weinstein Company and the movie's filmmakers, the Hollywood Reporter reported that both parties are finally coming to an agreement. According to the news source, the Weinstein Company is in final negotiations after it threatened to drop the movie. The company is trying to renegotiate the original $5 million deal and reduce it to $3 million. According to the company the producers and director of the film breached the original contract for sending a completed film to Cannes. When the festival announced that the movie would be opening Cannes, the Weinstein Company was not aware and it also came a day after the company took it off its release schedule. The disputes began when director Oliver Dahan showcased a darker film than the company expected. While the foreign distributors were content with the cut, the Weinsteins were looking for a lighter tone. The movie stars Nicole Kidman, Tim Roth and Frank Langella. For a number of months the movie has been acquiring awards buzz, with many pundits believing that Nicole Kidman could get an Oscar nomination. However, with the world premiere fast approaching, it will be interesting to see how the critics respond to it and when the movie will finally be released.

Open Road also made headlines this past week with the acquisition of "The Gunman." According to Deadline, the movie, which is directed by Pierre Morel and stars Sean Penn, Idris Elba, Javier Bardem, and Ray Winstone, was expected to be one of the hot titles at the market considering its star-studded cast. The company has had a very good year as it scored its highest grossing movie with "The Nut Job." Given the fact that the distributor has no films lined up for the fall slate, "The Gunman" will most likely be positioned for this time period and is likely to get an awards season push.

Some of the most exciting news came from Haim Saban, the billionaire behind Power Rangers. The impresario announced the creation of Saban Films which will aim to distribute eight to 10 films a year in North America. According to Deadline, Saban's strategy will include theatrical and multiplatform digital distribution plans, including day-and-date releases. Ex-RLJ Entertainment executive Bill Bromiley will join Saban Films as President and will assume his new post this month at the Cannes Market, attempting to find new films to acquire.

Ron Perlman also announced that he was launching an Indie Film Fund and a production company. The company will be called Wing and Prayer Pictures and will be looking to produce three films each year with budgets in the $3-$10 million budget range. Perlman hopes to create films that are smart, evocative, and feature visionary directors. The production company will be an attendance at the market where it will meet with distributors and creators.

A number of films were also announced. One of the film's that is creating a lot of buzz is "The Dressmaker." The film, which will be directed by Jocelyn Moorhoue, is set to star Liam Hemsworth, Isla Fisher, Kate Winslet and Elizabeth Debicki. "The Dressmaker" will be adapted from Rosalie Ham's novel and principal production is set to begin in Australia on Oct. 13.

Meanwhile Peter Saarsgard and Vera Farmiga have joined the cast of "Prima" about a ballerina. The movie will be directed by Evan Greensberg and Embankment Films will represent it at the market next week where it should easily get financing.

It was also announced that documentary filmmaker Joe Berlinger will make his narrative feature film. The director will helm "Facing the Wind" with Farmiga, Evan Rachel Wood and Alessandro Nivola attached to star. The film will be an adaptation of the non-fiction book by Julia Salamon and will tell the story of Bob Rowe, a model husband who commits a shocking act of violence against a loved one and then tries to redeem himself. The film will be sold at Cannes next week.

The Cannes Film Festival is one of the most important Festivals in the industry. Over 4,000 films are screened at the market where a number of projects are conceived. In addition to the Market the festival also screens over 100 films and hands out annual awards at the end of the weeklong event.