After much debate in the run-up to and at the Cannes Film Festival about its impact on the film business, Netflix finally got out its checkbook and acquired a film: Kevin James comedy The True Memoirs Of An International Hit Man. It will be produced and financed by Merced Media and Palmstar Media. Kick-Ass 2 helmer Jeff Wadlow will direct the Black List script by Jeff Morris.

'Netflix' : Launch Party At Le Faust In ParisJames, coming off the Paul Blart Mall Cop sequel, puts away the Segway and plays a mild-mannered accountant and would-be author who gets mistaken for a killer-for-hire when his fictional novel about an international assassin is published as a true story. He heads to Belize to escape his sudden celebrity, but gets entangled in an assassination plot. Thrown into a world of real danger, he must find a way to channel his lead character Colt Rodgers and save the day. WME Global was repping the domestic rights with Good Universe selling international.

Although no figures were disclosed, Netflix previously paid up to 130% of a budget upfront with no further revenues forthcoming on the back end. The SVOD giant struck similar deals for Cary Fukunaga’s Beasts of No Nation and Jamie Dornan-starrer Jadotville.

Todd Garner, who produced the Paul Blart films, will produce with PalmStar’s Kevin Frakes along with Raja Collins and Justin Begnaud (A Girl Walks Home Alone At Night), and Merced Media’s Raj Brinder Singh (American Ultra). Hey Eddie’s Jeff Sussman and PalmStar’s Mark Fasano and Buddy Patrick will be exec producers.