Relativity Media Selling to UltraV Holdings
Relativity Media, the beleaguered movie and television studio that’s been running on fumes, has entered into an agreement to sell the bulk of its remaining assets to UltraV Holdings LLC.
The studio’s new owner is described in a release as a joint venture among funds managed by Sound Point Capital Management and Rmrm Holdings.UltraV says it will inject capital into the company so it can begin producing and developing content.
It also made a point of stressing that it believes Relativity’s distribution agreement with Netflix is still in effect.
Netflix has previously tried to get out of that pact as Relativity’s financial woes have exacerbated.Weighed down by film flops such as “Out of the Furnace” and “Earth to Echo,” Relativity filed for bankruptcy protection in 2015.
At the time it had a book value of $560 million, and liabilities of nearly $1.2 billion.
After exiting Chapter 11 in
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