By David Salazar ( | First Posted: May 23, 2012 12:05 PM EDT

(Photo : Photo by Fred Prouse/ Reuters)

This morning at the Cannes Film Festival, Sony Pictures Classics acquired the North American rights to Pablo Larraín's, "No" from financier Participant Media in association with Funny Balloons and Fabula. The film entitled "No" stars Mexican actor Gael García Bernal ("Babel," "Casa de Mi Padre"), Alfredo CastroAntonia ZegersMarcial Tagle, Nestor Cantillana, Jaime Vadell and Pascal Montero. The purchase of the film comes after the movie opened to rave reviews and was one of the best received films in Cannes. It screened at the Director's Fortnight.

The movie is based on the true story  during the rule of Chilean military dictator Augusto Pinochet. Pinochet called for a referendum on his presidency in 1988 opposition leaders persuaded a rash young advertising executive, Rene Saavedra (Gael García Bernal), to spearhead their campaign. With scant resources and constant scrutiny by the despot's watchmen, Saavedra and his team devise an audacious plan to win the election and free their country from oppression.

In a press release issued by Sony, the film is "a masterfully engaging and energetic drama about politics and power, a tonic for the brain that is also a major entertainment. 'No' establishes Pablo Larraín as a major international director and Gael García Bernal gives his finest performance. We are also delighted to be back in business with our friends at Participant."

Participants Media's CEO Jim Berk was thrilled with the acquisition and stated that "PabloGael and the team made a brave, inspiring film, and we are grateful to the audiences at Cannes for embracing it so warmly." He added that  "Sony PicturesClassics is the perfect partner to introduce this film to American audiences."

Jeffrey D. Ivers and Jonathan King of Participant Media were in charge of negotiating the deal with SPC.

"No" is expected in theaters in late 2012. Sony Pictures Classic recently released "A Separation" and "In Darkness" in 2011, both of which were nominated for Oscars.  With SPC's track record, it is expected that "No" receive a major Oscar Campaign in the foreign film category.

"No" is directed by Pablo Larraín known for his movies "Post Mortem" and " Tony Manero." The film is written by Pedro Peirano ("The Maid") and produced by Juan de Dios Larraín and Daniel Dreifuss. Jeff Skoll and Jonathan King are the Executive Producers.

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