EXCLUSIVE: Netflix is closing a whopper of a deal this morning to acquire Bubbles, a package built around the Isaac Adamson spec screenplay that topped the 2015 Black List that tells the offbeat story of iconic singer Michael Jackson from the perspective of his beloved chimp Bubbles. Oscar nominated director Taika Waititi (Two Cars, One Night and Thor: Ragnarok) is set to co-direct the stop-motion animated film with Mark Gustafson (Fantastic Mr. Fox).

This one landed high on Deadline’s Buzz Titles list and becomes the first big auction in the Cannes marketplace: the package deal will land someone near $20 million in heavy bidding, I’ve heard. The film will be produced by Andrew Kortschak and Walter Kortshak of End Cue and Dan Harmon’s Starburns Industries, alongside exec producers Adamson and Lee Stobby. CAA is brokering this deal, and Rocket Science is handling international on the first major hot package of Cannes. Stay tuned.

Netflix is making a splash at Cannes with its first two festival competition entries Okja and The Meyerowitz Stories, and now the streaming service is about to land the first big auction pre-buy.