Entertainment One has announced that it has acquired the US rights to Diana from Embankment Films and Ecosse Films. eOne will also distribute with major releases in the UK, Canada and Spain.

From the director of the Academy Award-nominated Downfall, Oliver Hirschbiegel and writer Stephen Jeffreys (The Libertine), the film stars two time Academy Award-nominee Naomi Watts (The Impossible, J. Edgar, 21 Grams, Mulholland Dr.) and Naveen Andrews (Lost, The English Patient). Currently in post-production, the romantic story explores the last two years of beloved Princess Diana's life and her relationship with heart surgeon Dr. Hasnat Khan. The film is produced by Ecosse Films' Robert Bernstein and Douglas Rae.

Here's what Dylan Wiley, Entertainment One Films VP Theatrical Marketing and Distribution, had to say in a statement.

"We are thrilled to be bringing Diana home from Cannes. Diana will give audiences worldwide a chance to not only fall in love with the Princess all over again, but also discover a part of her life up until now kept out of the public eye. And only Naomi Watts could bring such a modern icon to life, through a truly beautiful and nuanced performance."

Producers Robert Bernstein and Douglas Rae also released a joint statement regarding the acquisition.

"Dylan and his team are totally collaborative; they recognize the opportunity for US audiences to discover Princess Diana's unique voice told through a highly emotional and touching love story. With eOne US the film continues to build on aggressive releases already committed by our other distribution partners throughout the rest of the world."

The deal was negotiated by Tim Haslam for Embankment Films and Ecosse Films and Jo Sweby for eOne.

Diana is expected to hit theaters in late 2013.