Magnolia Pictures has acquired U.S. rights to the horror film S-VHS for more than $1 million, The Hollywood Reporter said.

The found footage horror movie is a follow-up to the 2012 Sundance selection V/H/S. S-VHS centers on private investigators who are searching for a missing person and stumble upon a collection of troubling VHS tapes in an abandoned house.

The movie, which is directed by several indie horror veterans, is playing in Sundance's Midnight section and premiered at the Library Center Theatre on Jan. 19.

The project was directed by Simon Barrett, Adam Wingard, Edúardo Sanchez, Gregg Hale, Timo Tjahjanto, Gareth Huw Evans and Jason Eisener. The screenwriters were Barrett, Tjahjanto, Evans, Eisener, John Davies and Jamie Nash.

Zak Zeman, Tom Owen, Barrett and Wingard executive produced. Brad Miska, Roxanne Benjamin, Gary Binkow and Nash produced S-VHS.