The Cannes Film Festival has begun and, while not many films have actually premiered, the festival market is heating up with some very important deals and acquisitions.

The opening film "Standing Tall" opened to mixed reviews but was definitely an improvement over last year's "Grace of Monaco," which was reviled by critics and has been the subject of mockery. "Standing Tall" was criticized for its positivity and for its message-based themes. Most critics noted that while it is a solid movie, the film is unlikely to cause much of a stir at the festival and will likely have a hard time obtaining US distribution.   

The biggest news of the day is without a doubt the acquisition of Gus Van Sant's "The Sea of Trees." The film, starring Matthew McConaughey, Naomi Watts and Ken Watanabe, was acquired by Roadside Attractions and Lionsgate. It is premiering in competition and is among the most anticipated at the festival. Many of this year's competition films are entering without distribution and this bodes well for "The Sea of Trees," which marks a return for Van Sant to the Indie film.   

The company continued its acquisition deals as it took rights to Michael Grandage's upcoming film "Genius." The film, starring Colin Firth, Nicole Kidman, Jude Law, Laura Linney and Guy Pearce, was bought for $4 million and is already obtaining Oscar buzz. Lionsgate plans on releasing the film in the fall in time for awards season and it marks the third time Firth and Kidman are seen in a film together.

A24, who has been on a role this year, acquired Zoe Kazan's latest film "There Are Horrors." The film was directed by Bryan Bertino, who is known for "The Strangers." Atlas Independent will produce the film, which is set to shoot this summer in Ottawa, Ontario.

Nicholas Hoult's film "Kill Your Friends" also found a home as it will be distributed by Well Go USA, the distribution branch known for genre pictures. 

There were also a number of casting announcements. Noomi Rapace was announced to star in the biopic about Maria Callas, which is set to be directed by Niki Caro. The film is set to tell the story of the passionate relationship the opera singer had with Greek tycoon Aristotle Onassis lasting almost two decades. Callas is one of the most revered opera singers in the world and is known as "La Divina."

Meanwhile, Gael Garcia Bernal has joined Pablo Larrain's latest film about Pablo Neruda. The Mexican actor is reuniting with the Chilean director after their work on "No," which won the Director's Fortnight at Cannes and was nominated for the Oscar.

One of the biggest projects that was also announced was Anne Hathaway's "Colossal." The film has been described as "Transformers" versus "Adaptation" and "Godzilla" meets "Being John Malkovich." It is among the projects that is likely to attract distributors and buyers at the festival. Nacho Vigalondo will direct and write the project.

The Cannes Film festival, which is also one of the biggest markets in the world, runs from May 13 - 24.