Magnolia Pictures has acquired all world rights to LIMELIGHT, a documentary about notorious nightclub owner Peter Gatien, who managed the legendary New York nightspots Limelight, Tunnel, Palladium and Club USA. The film made its world premiere at the Tribeca Film Festival this past weekend. Directed by Billy Corben and produced by Alfred Spellman’s shingle rakontur, the film is Magnolia’s third deal with rakontur, including such recent films as COCAINE COWBOYS and SQUARE GROUPER. Magnolia Pictures also acquired a second Tribeca documentary, the Japanese film JIRO DREAMS OF SUSHI, late last week.