John Travolta Responds to Rumors of 'Gotti' Release Being Scrapped

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John Travolta's "Gotti" biopic wasn't thrown to the wolves by Lionsgate Premiere, but instead bought out by a group that plans on distributing it to the masses, TMZ has learned.

Lionsgate has reportedly sold Gotti back to its production company Emmett/Furla/Oasis and they are expected to be seeking new distribution. "Unfortunately, the reports were speculation bordering on fake news", Travolta said. "That is the simple explanation for this", John explained in a statement to Deadline on Wednesday (December 6). Lionsgate meant to give it a "minimal release". About three weeks ago, Travolta claims to have personally sought out a new financier: Edward Walson, a producer of Broadway plays who's also backed such films as Woody Allen's Café Society and Wonder Wheel. "We didn't anticipate this speculation that is so grossly wrong", Travolta told Deadline.

One remaining unanswered question here - as mentioned above - is why Emmett/Furla/Oasis made a decision to buy back Gotti so close to its release date.

The Tracking Board reports that Lionsgate has pulled their upcoming John Travolta John Gotti biopic Gotti (it's a real movie, you're not high) from their schedule.

Travolta and Walson are close to working out a deal with an unnamed distributor and are now planning to debut the movie at the Cannes Film Festival next year (18).

Industry experts say these types of situations don't happen very often.

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John Gotti rises to the top of the NY underworld to become the boss of the Gambino crime family. The jury continued to debated charges that Gotti ordered the assault on John F. Connor, former vice president of Carpenters Union Local 608. Lionsgate said, 'We want this movie.

"It's a bold move", she continued.

The trailer for the film can be viewed below.

"It's a supreme piece of work I thought deserves proper recognition". "I thought, 'Here is an opportunity to take a magnificent movie, and get it seen'".

Gotti was likely meant as an Oscar vehicle for Travolta, who impressed in his Emmy-nominated turn as Robert Shapiro in the anthology TV series The People v. OJ: American Crime Story.