In a blockbuster move intended to resurrect his bankrupt company, Relativity Media CEO Ryan Kavanaugh has reached an agreement to have Kevin Spacey and the actor’s producing partner, Dana Brunetti, run Relativity’s beleaguered studio, the company confirmed late Wednesday.
The deal brings Relativity not only the Oscar- and Emmy-winning actor and his long-time business partner, but also their Trigger Street Productions, producer of “House of Cards.” The acquisition of the production company and its star founder marks a major coup for Kavanaugh, who could not prevent his company from sliding into Chapter 11 bankruptcy five months ago.
Relativity has been fighting to raise $100 million in new capital to help complete a reorganization that would revive the moribund movie unit. An alliance of senior creditors has already taken over the company’s television operation. A U.S. bankruptcy court judge is scheduled to consider Kavanaugh’s reorganization plan on February.. Read More »
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