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"The Host," acquired.

Neck deep in critical acclaim. Straight from the inbox:

    MAGNOLIA PICTURES ACQUIRES BONG JOON-HO’S THE HOST

New York, New York, May 25, 2006 – Magnolia Pictures announced today the acquisition of all English language territories for Director’s Fortnight entry Bong Joon-ho’s (Memories of Murder, Barking Dogs Never Bite). Called “the best film I’ve seen to date at this year’s festival” by Manohla Dargis of the New York Times, Magnolia has slated the film for a late 2006 release.

A hybrid of genre elements drawn from science fiction, horror, family drama and more, The Host finds present-day Seoul terrorized by an unidentified monster living in the river Han.  When a young girl is taken by the creature, her family (including Bae Doo-na of Sympathy for Mr. Vengeance and Byun Hee-bong of Memories of Murder) undertakes a dangerous rescue mission.

"I think The Host has the potential to become a classic of the genre. The creature is one of the most impressive and imaginative movie monsters I've seen in a very long time." said Magnolia Pictures President Eamonn Bowles.

Update: Some at KFCC turned up this link to some footage from the film (streaming, and from China — we couldn't make it run smoothly on our connection) if you'd like a sneak peek.

+ The Host (IMDb)
+ Footage from "The Host" (Sina.com)

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Is this going to be released theatrically first or just on DVD?

If it's Magnolia, it should be getting at least a limited theatrical release.

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