Relativity Media has finalized the sale of its TV assets to debt-holders.
An investor group’s acquisition of the TV business of Relativity Media – which filed for bankruptcy protection in July – was finalized in a New York bankruptcy court on Tuesday (October 20). Relativity Television will now operate as a fully independent prodco with Tom Forman at the helm as CEO and Andrew Marcus upped from his former role of MD to president and COO.
Under the terms of the deal, an investor group composed of Anchorage Capital, Luxor Capital and Falcon Investment Advisors is dedicating US$75 million in capital to the new business venture in order to support future growth. The group is excusing a US$125 million loan made to Relativity Media in exchange for its TV division.
The company is to prioritize rebranding the business to reflect its status as an indie prodco, and will do so within the next 90 days.
Relativity’s unscripted production credits include Kitchen Inferno, Guy’s Grocery Games, The Great Food Truck Race all for Food Network; Catfish: The TV Show for MTV; and Kim of Queens for Lifetime.
“Relativity Television begins this new chapter as an independent, well-capitalized business that is extremely well-positioned to achieve both near-term growth and long-term success,” Forman said in a statement. “Importantly, we’re fully independent of our former parent company in an era of increasing media consolidation – and much more nimble and flexible as a result. I am extremely grateful for the confidence that our new owners have demonstrated in me and the company.”
Marcus added: “We have a clear vision for the business, and we’re confident that as we begin this new chapter as an independent company we will successfully expand our non-scripted and scripted businesses, both organically and through additional strategic opportunities.”