Magnolia Pictures has acquired U.S. rights to “Late Fame,” the acclaimed new film from “Diane” director Kent Jones. It world premiered at this year’s Venice Film Festival and later played at the New York Film Festival.

“Late Fame” stars Oscar nominee Willem Dafoe, as well as “Past Lives” breakout Greta Lee. Edmund Donovan (“Civil War”) co-stars. Magnolia plans to release the film in 2026. Jones, who was the former director of the New York Film Festival, also made the documentary “Hitchcock/Truffaut.”

The film was written by Oscar-nominated screenwriter Samy Burch (“May December”) and is based on Arthur Schnitzler’s novella of the same name. It follows Ed Saxberger (Dafoe), a forgotten New York poet who works in a post office. After an eager and flattering fan (Donovan) appears on his doorstep, Saxberger is beckoned into a coterie of younger admirers who anoint him as a rediscovered genius. Intoxicated by the attention, and by the alluring presence of Gloria (Lee), the group’s “tragic heroine,” Saxberger gradually reckons with the authenticity of his newfound poetic circle.

“With ‘Late Fame,’ Kent Jones cements his status as an exquisite cinematic artist,” said Magnolia Pictures co-CEOs Eamonn Bowles and Dori Begley. “Willem Dafoe’s memorable performance, ably abetted by the rest of the terrific cast, anchors a beautifully complex tale.”

Magnolia has previously released Paul Schrader’s Venice crime thriller “Master Gardener,” Alexander Nanau’s Oscar-nominated documentary “Collective”; Cannes Palme d’Or winners and Oscar-nominated “Shoplifters” and “The Square”; and Raoul Peck’s Oscar-nominated “I Am Not Your Negro.”

“I’ve always loved Magnolia,” said Jones. “I love their taste, I love their commitment, and I love their devotion to movies and those of us who make them. There is no better home for ‘Late Fame’ than Magnolia Pictures.”

The picture was produced by Pamela Koffler, Mason Plotts, Christine Vachon, Danny Roberts, H.S. Naji, Jackie Langelier, Taylor Shung and Ethan Lazar. The film is executive produced by Kyle Owens, Austen Rydell, Billie Lourd, Naia Cucukov, Peter Richards, Peter Friedland, Sasha Klupchak, Evan Moore, Nidal Kahl, Josh Plasse, Brev Moss, Robina Riccitello, Josh Peters, Lorenza Veronica, Alessandro Del Vigna, Lisa Wolofsky, Sara Schuster, Samy Burch, Martin Scorsese, Nahanael Karmitz, Elisha Karmitz, Fionnuala Jamison, and Vanessa Saal. “Late Fame” is A Killer Films Production, in association with Fresh Fish Films, Working Barn Productions, Morning Moon Productions and MK2 Films.

The deal was negotiated by Magnolia SVP of Acquisitions John Von Thaden, with UTA Independent Film Group, Cinetic Media, and WME Independent representing the filmmakers.