Magazine article Screen International

Ryan Kavanaugh-Led Investor Group to Acquire Relativity

Magazine article Screen International

Ryan Kavanaugh-Led Investor Group to Acquire Relativity

Article excerpt

The company said in a statement that the deal "will create a path for Relativity to emerge from bankruptcy with a significantly fortified balance sheet." Kavanaugh will remain chairman and CEO. The consortium reportedly includes supermarket magnate Ron Burkle.

If the deal is approved at a bankruptcy court hearing on Monday (Oct 5), Relativity will emerge from Chapter 11, said the statement, "with only $30 million in debt, a significant library and its business units fully intact."

Those units include Relativity Studios, Relativity Digital Studios, Madvine, Relativity Music and the company's stakes in Relativity Sports, Relativity Education and Relativity EuropaCorp Distribution, a US distribution and marketing joint venture formed with Luc Besson's EuropaCorp in February 2014.

Relativity Television, producer of reality show Catfish and new CBS drama series Limitless and considered to be the studio's prime asset, is set to be sold to a group of Relativity's senior lenders for $125m. The lenders, including Anchorage Capital Group, Luxor Capital and Falcon Investment Advisors, had made a $250m 'stalking horse' bid for the whole of Relativity but no competing bids emerged during a bidding period that reached its climax late last week. …

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