UPDATE: I’m told the film has a new title: Promised Land.

EXCLUSIVE: I’m told that Focus Features and Participant Media won a bidding battle for the untitled film that Gus Van Sant will direct with Matt Damon and John Krasinski starring, from the script those actors co-wrote. Focus and Participant are tying down the details. You’ll recall that Damon planned to make his directing debut on the film, but when his schedule made that impossible, he and producer Chris Moore brought it to their Good Will Hunting director Van Sant, who signed on. The film, which got a first draft from Dave Eggers when its title was Gold Mist, is a Capraesque tale in which Damon and Krasinski play rival corporate executives. Damon plays a sales executive who arrives in a small town only to have his whole life called into question. Moore, Damon and Krasinski will produce and production begins in April. (more…)