Magnolia Pictures is an American film distributor, and is a holding of 2929 Entertainment, owned by Todd Wagner and Mark Cuban. Magnolia was formed in 2001 by Bill Banowsky and Eamonn Bowles, and specializes in both foreign and independent films. Magnolia distributes some of its films, especially foreign ones, under a label named Magnet Releasing. In April 2011, Cuban placed Magnolia up for sale, but stated that he would not sell the company unless the offer was "very, very compelling."