TIFF 2014: Behind glitz and glamour, deals unfold

The red carpet, glitz and glamour are synonymous with TIFF but theres also a huge-behind-the-scenes operation unfolding as Hollywood descends upon Toronto.

More than 5,000 industry professionals from 80 different countries from writers to producers to composers are in Toronto right now looking to network, haggling through the night and hoping to strike what could be a career-changing deal.

"Toronto has become a must stop on the international film circuit,"says Justin Cutler, the brains behind TIFFs industry office.

The festival is hosting a record 1,800 buyers, all looking for the next big thing.

Chris Rock's newest film Top Five sparked an overnight bidding war.

• RAWVIDEO:ChrisRockunveils Top Five at TIFF 2014

Cutler says Paramount Pictures made an irresistible offer.

Looks like it's going to be going for $12.5 million, he said. That's the biggest we've ever had at the film festival.

The festival also fosters up-and-coming talent like Johnny Ma.

He had just six minutes to pitch his first feature film to a roomful of backers.

Ma took the top prize and hopes to premiere his movie at TIFF next year.

"This really just opens up conversation,"he said.

"Now people want to read the script, people want to know what we're doing, when we're doing it."

TIFF runs until Sept. 14.