Magazine article Variety

Relativity Media: Life on the Brink

Magazine article Variety

Relativity Media: Life on the Brink

Article excerpt

With vendor bills piling up, movie dates being pushed back and morale plummeting, employees at Relativity Media are bracing for dramatic change at the struggling entertainment company. Some believe a bankruptcy filing is imminent, and that founder Ryan Kavanaugh will lose control of the enterprise he founded 11 years ago.

Two months ago, a dispute with lenders pushed his struggles into public view. Since then, company insiders have described organizational drift and high anxiety.

Kavanaugh needed the forbearance of lenders and a loan extension in late May to keep Relativity - backer of films like "The Fighter" and "The Lazarus Effect" - functioning. News of a $320 million bailout by a Toronto-based investment fund seemed to provide a lifeline, only for that infusion to atrophy to $130 million, and then be bought out by Anchorage Capital of New York. …

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