American studio the Weinstein Company has agreed a $3m deal for the US rights to Sing Street, the new film from Once writer-director John Carney which will feature an original soundtrack by U2's Bono and the Edge.

Set in 1980s Dublin, Carney's Sing Street is semi-autobiographical and tells the story of a teenager who forms a band.

Variety reports that the film will begin shooting this year.

Carney's latest film, Begin Again, starring Mark Ruffalo and Keira Knightley, opens on Friday July 11.

The Weinstein Company is also distributing Begin Again in the US.