Today we're covering all things Oscars 2013! But for a moment, let's remember back to Oscars 2012, when one of the more insane moments (Angelina Jolie fierceness aside) was The Descendants win for Best Adapted Screenplay. The dramedy was critically heralded for deftly blending comedy into some of life's most heartbreaking moments, so its win was far from insane. But many of us at home did a major double-take as screenwriter Jim Rash took to the stage, gawping, "Is that Dean Pelton from Community…winning an Oscar!?"

Rash took his moment to strike Jolie's leg out pose, as he and co-writers Nat Faxon and Alexander Payne gave their speeches. Then he returned to the show that's always on the brink of cancelation. Faxon geared up for his shot at sitcom fame Ben and Kate, and Payne wandered off into the sunset to consider his next venture. But having gotten a taste of film fame, Faxon and Rash weren't done with movies. So, they created the comedy The Way, Way Back, which marks their directorial debut.

The film, boasting an incredible cast that includes Steve Carell, AnnaSophia Robb, Sam Rockwell, Toni Collette, Amanda Peet, and Maya Rudolph (among many other notable names), premiered at Sundance earlier this year. There it was snatched up by Fox Searchlight, which payed a hefty $10 million for distribution rights.

At the time, Katey questioned if Fox Searchlight overpaid for the ensemble comedy that centers on an awkward 14-year-old boy (Noah Curtis) who matures over one summer thanks to his friendship with a manager at the local waterpark. But Searchlight clearly has great faith in Faxon and Rash as days later they doubled down on a new pitch from the pair, and have now set The Way, Way Back for a summer release.

The Way, Way Back will hit theaters on July 5th, 2013. There it will face off against the sprawling and massively budgeted adventure epic The Lone Ranger as well as another Steve Carell effort, Despicable Me 2. There's some buzz that this indie could be the sleeper hit of the summer, but at the very least it will be an intriguing alternative for moviegoers seeking something different over the Fourth of July holiday.

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