Relativity Media Aims to Be the Next Big Hollywood Reboot
Struggling upstart film studio Relativity Media is getting one different reboot.
The Los Angeles agency, which emerged from chapter two years previously after being affected by a string of box-office flops, has agreed to be acquired by a 3 method partnership that intends to revitalize the enterprise, which has a distribution deal with Netflix Inc.
The enterprise, UltraV Holdings LLC, will buy Relativity by way of a bit 363 sale as part of a chapter 11 chapter persevering with, the film studio said early Thursday in a data launch. Relativity and related positive occasions plan to file chapter 11 petitions with the U.S. Chapter Courtroom for the Southern District of New York, the company said.
UltraV Holdings comprises funds backed by Sound Degree Capital Administration, a New York asset administration company with $17 billion of property beneath administration, and RMRM Holdings. The three method partnership intends to produce ample funds to the company so it’d most likely resume operations, along with the occasion and distribution of content material materials by way of Netflix and totally different platforms, Relativity said.
In 2016, Relativity, whose films embrace the Bradley Cooper drama “Limitless” and “Black or White,” starring Kevin Costner and Octavia Spencer, emerged from chapter security after having filed for chapter 11 the sooner summer season season with about $1.2 billion in debt.
All through the chapter proceedings, Kevin Spacey agreed to alter into the head of Relativity’s film manufacturing nevertheless a month later decided in opposition to taking the job. The company unloaded its television arm, whose productions embrace MTV’s “Catfish.” After exiting from chapter, the company struggled to implement its court-approved restructuring plan.
said Thursday the company had confronted a serious downside from a complicated capital development and an evolving enterprise.
The sale “will result in a recent start for the company, and it turns Relativity over to householders who’ve a sincere appreciation for the enterprise, the paintings and the long term desires of the enterprise,” Mr. Kavanaugh said inside the data launch.
“Our straightforward message to the enterprise is that Relativity Media is open for enterprise and we stay up for demonstrating that we intend to perform a substantial and successfully financed leisure agency with sturdy and regular administration,” said David Robbins, a former Bally Utilized sciences chairman and one in every of many principals at RMRM Holdings, along with media enterprise adviser Lex Miron and enterprise authorities Larry Robbins.
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