Miramax chiefs Harvey and Bob Weinstein will distribute satirist Michael Moore's film Fahrenheit 9/11, despite an earlier ban by backers Disney.
Harvey Weinstein is co-founder of Miramax films
The film, which criticises President George W Bush's handling of the terrorist attacks of September 2001, will be distributed by a third party.
Disney chief executive Michael Eisner previously said he did not want such a political film in an election year.
The movie will have its world premiere at this year's Cannes Film Festival.
Miramax co-founder Harvey Weinstein has already spent more than $6m (£3.52m) on the film, which alleges connections between the Bush family and Osama bin Laden.
It is believed the deal will force the Weinsteins to repay Disney the money spent on the film so far, but that Disney will not receive any of the movie's profits.
A similar deal was reached in 1999 when the studio released maverick director Kevin Smith's Dogma, a film which carried controversial views of Catholicism.
Michael Moore won an Oscar for his last film, Bowling for Columbine
"We're very happy that Disney has agreed to sell Fahrenheit 911 to Bob and Harvey," Miramax said in a statement.
"Bob and Harvey look forward to promptly completing this transaction."
Eisner is unhappy about the negative press Disney has received because they refused to distribute the film.
Last week, Disney accused Moore of engineering a dispute about the film's release to garner maximum publicity.
The film is one of 18 in contention for the grand prize at the Cannes festival.
It is widely expected to follow the success of his most recent documentary, Bowling for Columbine.
The anti-firearms film won Moore an Academy Award for best documentary in 2003.