UPDATED: Weinstein Deal for "Blue Valentine"

At the Sundance Film Festival this week, following the "Blue Valentine" premiere on Sunday (left to right): Alex Orlovsky, Lynette Howell, Ryan Gosling, Michelle Williams, Derek Cianfrance, and Jamie Patricof. Photo by Brian Brooks/indieWIRE

An acclaimed entry from the dramatic competition at the Sundance Film Festival, Derek Cianfrance's "Blue Valentine," has been acquired by The Weinstein Company, a film rep confirmed this morning. The company acquired North American and other rights as the festival neared its conclusion.

Starring Ryan Gosling and Michelle Williams, the film took Cianfrance more than a decade to make. He had the idea for the movie, and started writing the script, while at Sundance in 1998 with his first feature, "Brother Tied." Told through flashbacks,"Valentine" looks at the rise and fall of a marriage over a number of years.

Highly regarded by critics and bloggers, "Blue Valentine" has a strong B+ average in indieWIRE criticWIRE survey of 2010 Sundance Film Festival entries. Here at Sundance, WME sold the film, which was said to have also generated interest from IFC and Sony Pictures Classics.

The Weinstein Company has been pursuing a number of films here at the Sundance Film Festival, according to insiders, but the pact marks their first acquisition in Park City. TWC is also pursuing Amir Bar-Lev's "The Tillman Story," but an insider said a deal is still to be sealed and the film could still end up in another company's hands. A number of other companies are still in the mix on the documentary.

The "Valentine" pact marks the latest in a recent rush of deals as Sundance winds down. Yesterday, Focus Features confirmed the fest's largest pact, a reported $5 million deal for Lisa Cholodenko's "The Kids Are All Right". Meanwhile, today Oprah Winfrey's new OWN cable network nabbed Chico Colvard's "Family Affair", Wolfe acquired Javier Fuentes-Leo's “Contracorriente” (Undertow), and earlier in the week, Newmarket acquired Spencer Susser’s "Hesher", Hanover House acquired Joel Schumachers "Twelve", and Lions Gate acquired Rodrigo Cortes's "Buried".