*UPDATE* Magnolia Splits to Magnet

Magnolia announces Magnet!UPDATE: An exclusive over at Bloody Disgusting informs us that another film picked up by Magnolia may be filed under their new company, Magnet. The movie in question is Paddy Breathnach’s Irish psychedelic ghost flick, Shrooms. A group of U.S. students travel to the green isle to do what American kids do best: eat mysterious fungus in search of a high! However, the trip goes wrong as the gang come under attack by ghostly entities which may or may not be real. Look for this one to materialize sometime in 2008.

Magnolia has finally taken their many genre-friendly acquisitions and put them in their own category, allowing the company to keep their artier fare and their cool action/horror titles separate.

Magnolia has announced the creation of Magnet, which they will use to release “the wild, unquantifiable and uncompromised”, according to Screen Daily. The first batch of titles will include the Toronto International Film Fest acquisition Big Man Japan and the metal Viking epic Severed Ways, as well as Murder Party (review), though oddly no mention was made of The Signal (review), which might mean their holding off on that one for theatrical.

Check out a cool video clip Magnolia’s put together to show off their new label below and be sure to keep an eye on the official Magnet site for their first batch of titles soon!

Johnny Butane

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