IFC Films has acquired U.S. rights to Justin Kelly’s King Cobra, the porn industry pic starring James Franco, Christian Slater, Garrett Clayton, Keegan Allen, Alicia Silverstone and Molly Ringwald. It premiered in the Midnight section at this year’s Tribeca Film Festival.

Kelly wrote and directed the pic, which reteamed him with Franco after the pair did I Am Michael, which served as Kelly’s feature directorial debut.

King Cobra, based on a true story, centers on Sean Lockhart (Clayton), a 17-year-old who dreams of fame and success even though he’s broke and without direction. When he meets the seemingly conservative Stephen (Slater), founder of Cobra Video, he starts to perform in gay porn under the moniker Brent Corrigan, creating a slew of wildly successful videos. When rival porn producers Joe (Franco) and Harlow (Allen) set their sights on stealing Sean from Stephen, a turf war ensues, resulting in a shocking, gruesome murder.

The pic was produced by Yale Productions’ Jordan Yale; Scott Levenson; Vince Jolivette and Franco of Rabbit Bandini Productions; and Shaun S. Sanghani of SSS Entertainment. The deal was negotiated with Miles Hardy, Jack Warner and CAA on behalf of the filmmakers.