INSIDE WORD | Magnolia Planning "What Just Happened" Release

Barry Levinson's "What Just Happened," which will close the 2008 Cannes Film Festival this weekend, is being positioned for an October theatrical release via Magnolia Pictures. Pending other possible offers for the 2929 Productions film, the company is planning a release through corporate sibling Magnolia and is tapping former New Line Cinema executive Russell Schwartz to work on the autumn release, according to sources. Execs involved would not comment on the plan. "What Just Happened," which debuted earlier this year at the Sundance Film Festival, is a movie industry tale starring Robert De Niro, Bruce Willis, John Turturro, Sean Penn, Robin Wright Penn, and Stanley Tucci. [Eugene Hernandez]