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The deal was struck after Hulu won a bidding war for the movie on the heels of the world premiere of the MRC-financed film at the 2023 SXSW Film Festival in March, which was a festival favorite, screening to a standing-room-only audience.
Source: https://comicbook.com/movies/news/hulu-acquires-directorial-debut-from-spider-verses-jake-johnson/