When “Magazine Dreams” premiered at the 2023 Sundance Film Festival, it seemed positioned to become one of the year’s breakout hits. Jonathan Majors was gearing up for a career-best year, with roles in “Creed 3” and “Ant-Man and the Wasp: Quantumania” to come, while Elijah Bynum’s bodybuilding drama gave the actor the kind of showcase that many believed could lead to Oscar glory. A Sundance bidding war broke out, with Searchlight acquiring the theatrical rights and planning a late 2023 release.

But those plans collapsed when Majors was arrested on charges of assault and harassment in March 2023 and found guilty in December 2023. Searchlight pulled the film from its release calendar and Majors was dropped from many of his future projects, including his role as Kang in the Marvel Cinematic Universe that was expected to continue through the next two “Avengers” movies.

“Magazine Dreams” was once again shopped to interested buyers and acquired by Briarcliff Entertainment,...