Neon Studios has partnered up with Topic Studios to win U.S. rights to the upcoming drama Spencer. The film has been in a high bidding battle as one of the most hotly contested project at the virtual Cannes market this week. The news was first released by Deadline.

Neon, which is the production company behind Oscar winning Parasite, will release the film, with Topic paying $4 million for the rights. CAA Media Finance, which arranged financing for the film, represented the U.S. distribution rights. FilmNation Entertainment represents the international rights and had introduced the project to the virtual Cannes market.

Neon previously teamed with Topic Studios to acquire the Sundance 2019 feature Luce, the thriller directed by Julius Onah.

Jackie director Pablo Larrain is on board to produce and helm from a script by Steven Knight. Kristen Stewart is attached to play Princess Diana. Production is expected to begin in early 2021.

Spencer centers around Princess Diana during the critical weekend in the early ’90s in one of her final Christmas holidays with the House of Windsor at the Sandringham estate in Norfolk, England. Originally known as Princess Diana Frances Spencer, the iconic figure decided her marriage to Prince Charles was not working and that she needed to leave the path that would one day make her queen. The royal couple married back in 1981 but their relationship was strained due to their incompatibility and extramarital affairs. They separated in 1992 and the marriage ended in divorce in 1996. Considered one of the most tragic deaths in history, the princess died in a traffic accident in Paris in 1997.

Stewart is best known for playing Bella Swan in the popular vampire series Twilight. She is the first American actress to win the Cesar Award for Clouds of Sils Maria. Her most recent credits include Seberg and Charlie’s Angels.