EXCLUSIVE: Orion Pictures and Gunpowder & Sky have acquired world rights to the Tribeca Film Festival film Dreamland in the first deal since Gunpowder & Sky’s purchase of FilmBuff earlier this month. Orion Pictures and Gunpowder & Sky will release the pic in U.S. theaters and on demand on November 11.

The film marks the directorial debut of Robert Schwartzman, front man for the rock band Rooney, who also produced and wrote the score and original song “Sad But True” — the plan is to mount an Oscar campaign in support of the song. As part of that effort, the soundtrack featuring songs by Schwartzman and Rooney, as well as tracks from bands like Classixx, will be released through Milan Records digitally on November 11, and physically November 18.

Co-written by Schwartzman and Benjamin Font, Dreamland stars Johnny Simmons (The Perks Of Being A Wallflower) and Amy Landecker (Transparent). Alan Ruck, Beverly D’Angelo, Frankie Shaw, Noël Wells and Schwartzman’s real-life mother Talia Shire and brother Jason Schwartzman co-star.

A nostalgia-eyed take on modern Los Angeles, Dreamland follows Monty Fagan (Simmons), a broke, emotionally and sexually frustrated piano teacher with difficulty managing his life and relationship with his high school sweetheart, Liz (Shaw), and her Mother (D’Angelo). Things change when he fills in as pianist in a hotel bar, where he meets and begins an affair an older, wealthy femme fatale (Landecker). At first filled with newfound self-confidence, Monty begins to question whether being a kept man will destroy his ability to make it on his own terms.

The pic is co-production of Beachwood Park Films and Tilt/Shift Films.

“As a first-time director, I feel very fortunate and grateful to have Orion and Gunpowder & Sky champion our film,” said Schwartzman. “It’s been over four years since we started this project and now, with the release date in sight, I’m so excited to begin the next phase of this process with such a great team!”

Orion and Gunpowder & Sky negotiated the deal with ICM Partners.