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Tag: Ryan Kavanaugh

  • Relativity Media gets $100 million in new funding

    Relativity Media gets $100 million in new funding

    MUMBAI: It seems as if the financial woes of the Ryan Kavanaugh-led  Relativity Media LLC might just be over. The company has claimed to have successfully completed new financing commitments in excess of $100 million, in anticipation of its emergence from chapter 11 in February.

     

    The new financing includes more than $100 million in additional commitments from current investors including Macquarie Bank; Joseph Nicholas and Kavanaugh, Atorus Investment Management LLC chief investment officer Carey Metz and new investors such as TomorrowVentures and Carat Global as well as VII Peaks Capital.

     

    The new financing is separate from the approximately $180 million in Relativity senior debt acquired by Kavanaugh and Nicholas during the course of the company’s chapter 11 process, however it is anticipated that this debt will be converted pursuant to the plan of re-organisation.

     

    This financing is in addition to the post emergence ultimate facility, an asset backed facility being syndicated by GHL & Company and Aperture Media Partners.

     

    In addition, since Carat Global has agreed to extend credit to Relativity for its P&A capital, Relativity’s debt need is much less than expected.

     

    “With the total financing commitments now successfully in place, we remain focused on emerging from chapter 11 and moving forward with our robust slate of films and our continued evolution as a 360 degree content engine,” said Kavanaugh.

     

    Kavanaugh and Nicholas, will be co-managers of Relativity’s parent company, Relativity Holdings, with a robust management and finance team to oversee the 360 vertical from film and television to branding, sports, digital and Relativity Education.

     

    As was reported by Indiantelevision.com, earlier this month, Relativity acquired Kevin Spacey and Dana Brunetti’s entertainment production company Trigger Street Productions. At Relativity, Spacey will become chairman of RelativityStudios and Brunetti will become president of Relativity Studios where they will oversee all film and television operations.

  • Relativity Media gets $100 million in new funding

    Relativity Media gets $100 million in new funding

    MUMBAI: It seems as if the financial woes of the Ryan Kavanaugh-led  Relativity Media LLC might just be over. The company has claimed to have successfully completed new financing commitments in excess of $100 million, in anticipation of its emergence from chapter 11 in February.

     

    The new financing includes more than $100 million in additional commitments from current investors including Macquarie Bank; Joseph Nicholas and Kavanaugh, Atorus Investment Management LLC chief investment officer Carey Metz and new investors such as TomorrowVentures and Carat Global as well as VII Peaks Capital.

     

    The new financing is separate from the approximately $180 million in Relativity senior debt acquired by Kavanaugh and Nicholas during the course of the company’s chapter 11 process, however it is anticipated that this debt will be converted pursuant to the plan of re-organisation.

     

    This financing is in addition to the post emergence ultimate facility, an asset backed facility being syndicated by GHL & Company and Aperture Media Partners.

     

    In addition, since Carat Global has agreed to extend credit to Relativity for its P&A capital, Relativity’s debt need is much less than expected.

     

    “With the total financing commitments now successfully in place, we remain focused on emerging from chapter 11 and moving forward with our robust slate of films and our continued evolution as a 360 degree content engine,” said Kavanaugh.

     

    Kavanaugh and Nicholas, will be co-managers of Relativity’s parent company, Relativity Holdings, with a robust management and finance team to oversee the 360 vertical from film and television to branding, sports, digital and Relativity Education.

     

    As was reported by Indiantelevision.com, earlier this month, Relativity acquired Kevin Spacey and Dana Brunetti’s entertainment production company Trigger Street Productions. At Relativity, Spacey will become chairman of RelativityStudios and Brunetti will become president of Relativity Studios where they will oversee all film and television operations.

  • Eric Schmidt’s TomorrowVentures invests in Relativity Media

    Eric Schmidt’s TomorrowVentures invests in Relativity Media

    MUMBAI: Eric Schmidt’s TomorrowVentures, LLC is planning to invest in Relativity Media.

     

    Separately, TomorrowVentures managing partner Court Coursey has been appointed chief investment & strategy officer of Relativity Media, effective immediately, to develop and execute Relativity’s ongoing vision as a next-generation global media company. Coursey will continue his position at TomorrowVentures.

     

    Coursey, a veteran business executive, entrepreneur and venture capitalist, will report directly to Relativity Media chairman and CEO Ryan Kavanaugh and will work to pursue and drive new business opportunities and partnerships across Relativity’s content businesses, including film, television, sports, digital and music.

     

    Kavanaugh said, “Court is a proven business leader and entrepreneur with deep knowledge of the forces shaping media, technology and entertainment. I’m thrilled to welcome him to Relativity as we prepare for the next chapter in our evolution as a 360-degree content engine.”

     

    Coursey added, “Relativity and Ryan have pioneered a powerful new model at a time when the content business is being revolutionized by technology and changing consumer behavior. I look forward to helping Relativity continue to pursue its vision for a new kind of media and content company.”

     

    TomorrowVentures is a diversified venture capital firm and has a portfolio of over 100 direct investments and in excess of 1,500 indirect investments through its general partner and limited partner stakes.

     

    TomorrowVentures’ other media investments have included, among others, Legendary Pictures, Maker Studios, and Raine.

     

    Relativity Studios recently announced 2016 release dates for the following films: The Disappointments Room, Before I Wake, Kidnap, Masterminds and Strangers 2. In addition, the studio is scheduled to begin production on The Crow in March of this year.

     

    In another development, Relativity Media has also appointed Kenneth Halsband as chief operating officer. Halsband is currently Relativity Studios president of physical and post production at Relativity Studios and the post will be in addition to his current responsibilities.

  • Relativity Media acquires Trigger Street; Kevin Spacey & Dana Brunetti to run studio

    Relativity Media acquires Trigger Street; Kevin Spacey & Dana Brunetti to run studio

    MUMBAI: In what can be called a shocker of a development, Ryan Kavanaugh’s Relativity Media, which filed for Chapter 11 bankruptcy last year, has now acquired Kevin Spacey and Dana Brunetti’s entertainment production company Trigger Street Productions.

     

    Effective mid-February, Spacey will become chairman of Relativity Studios, whereas Brunetti will become the company’s president. Together, they will oversee all creative content and film production for the company. Financial terms of the transaction were not disclosed.

     

    “I am thrilled to welcome Kevin and Dana to Relativity. Kevin’s incredible creative success as a two-time Academy Award winner and star and producer of the critically acclaimed House of Cards speaks for itself. Dana has remarkable instincts and an impressive track record of producing films such asFifty Shades of Grey and Captain Phillips. Both men share my passion for film and Relativity’s unique 360 degree content engine, and I could not be more excited to partner with such talented professionals,” said Relativity chairman and CEO Ryan Kavanaugh.

     

    “They thought we were crazy when we chose to do House of Cards with an online streaming service; they thought I was crazy when I went to run The Old Vic Theatre when no one thought it could be saved; and this move with Relativity will be proof for some that we really are crazy,” said Spacey. “This is an incredible opportunity to make great entertainment. I’m thrilled at this next evolution in my career, having run an independent production company to now be able to run a studio is a great challenge, and I’ve learned that in the end it’s the risk takers that are rewarded.”

     

    “While other studios are focusing on tentpoles and franchises, there is a void with an eager audience for films that are character driven with great storytelling that can be made at a reasonable budget,” added Brunetti. “Being a disruptor at heart, I look forward to the opportunities that being inside a studio system will present.”

     

    Trigger Street Productions’ credits include Academy Award-nominated Captain Phillips, Academy Award-nominated and Golden Globe-winning The Social Network, and the Emmy nominated House of Cards, Bernard and Doris and Recount, as well as numerous other films including 21, Shrink,Fanboys and the stage production The Iceman Cometh.

  • Relativity Media upbeat on Make In India; could shoot ‘Immortals’ in India

    Relativity Media upbeat on Make In India; could shoot ‘Immortals’ in India

    MUMBAI: Prime Minister’s Narendra Modi’s ‘Make In India’ dream has made a headway in the entertainment space. Relativity Media in association with B4U is looking at the possibility to shoot the sequel of the blockbuster movie Immortals in India. The entire movie will be shot across the country and will be distributed globally. The association will back the initiative by offering significant roles to Indian actors to attract Indian audience in theatres.

     

    The Relativity – B4U joint venture, which was inked last year, is also set to remake global hits like The Best of Me, 3 Days To Kill,Masterminds, and horror thriller Oculus in India for the Indian market, which also complements the ‘Make In India’ campaign and Make For India concept of RBI governor Raghuram Rajan. The Best of Me is already in the production stage and overseen by Balaji Telefilms, where as Zahak the Bollywood version of Oculus has been already shot featuring Huma Qureshi and Hawa Hawai star Saquib Saleem and is in the post production stage. 

     

    While delivering a keynote on FICCI Frames 2015 Relativity CEO Ryan Kavanaugh said, “We associated with B4U in order to understand the Indian market, which is one of the biggest in the world. We have 120 partnerships with B4U where they educate us about India and we use our distributing muscles to promote Indian movies. Content plays the biggest role in success, but the content has to be created after detailed research, which includes segmentation, targetting and positioning.”

     

    B4U CEO Ishan Saksena added, “The association with Relativity is huge as it breaks many barriers and opens up new possibilities for us. B4U with the help of the distribution muscle of Relativity took Queen to areas where Indian movies have never reached before and that’s the beauty of this partnership. We will, in future, ensure that Indian content is distributed abroad and Hollywood movies reach Indian theatre with ease. As a result of this association, soon we will see Indian actors working in Hollywood movies and American superstars featuring in Bollywood films.”

     

    The association will also launch a new online content platform B4U online. “The number of hits Hotstar got in recent time shows us how digital is going to be the next big thing in India and that brings us to our new venture. Unlike other American companies, I don’t want to change the culture. I want to suit myself in it and hence I think Relativity has a future,” concludes Kavanaugh.

     

  • Relativity – B4U ties up with Balaji Motion Pictures

    Relativity – B4U ties up with Balaji Motion Pictures

    MUMBAI: Relativity – B4U, a joint venture established earlier this year, announced an association with Balaji Motion Pictures to produce three films, with the first being the Hindi remake of The Best of Me. The cast for the Hindi adaptation of the film is yet to be announced.

     

    Announcing the agreement, Relativity-B4U CEO Ishan Saksena said, “Balaji has been producing hugely successful films over the last few years. This coupled with their undisputed TV content leadership makes Balaji an automatic choice for us to tie in. This three film co-production, a natural step in our progression provides a platform to bring the best of Relativity’s intellectual property, production skills, and unique monetising strategies to India, and partner with Balaji whose strengths in this area are unsurpassed.”

     

    Commenting on the new deal, Balaji Telefilms Group CEO Sameer Nair said, “B4U has always been at the helm for delivering Bollywood content in India and internationally. This association with Relativity-B4U allows both our organizations’ synergies to be maximised and allows us to create engaging successful content for Indian audiences. We feel that this co-production deal plays to our mutual strengths and will give Indian audiences uniquely creative filmed content.”

     

    Adding to the same, Balaji Telefilms joint managing director and creative director Ekta Kapoor revealed, “The co-production tie-up also brings us unprecedented access to Relativity’s catalogue past and future and allows for the films to be re-imagined for India. Relativity boasts of an exciting array of films and a creative collaboration with Relativity is something that excites all of us at Balaji.”

     

    “The agreement brings great strength to Relativity’s existing catalogue of content, and we believe that this is a unique blueprint that further bridges two great filmmaking industries — Hollywood and Bollywood,” added Relativity CEO Ryan Kavanaugh.

     

    Relativity – B4U also recently premiered its first distribution venture The Best of Me, at the first South Asian premiere of a Hollywood film in the company of its lead actors Michelle Monaghan and James Marsden, and Director Michael Hoffman.

  • Relativity Media & B4U forge broad partnership

    Relativity Media & B4U forge broad partnership

    MUMBAI: Another large US independent global film and TV production studio-cum-distributor-cum financier is making its way into India. At least it has announced its intentions to do so. The Ryan Kavanaugh headed Relativity Media – which has 200 Hollywood films with a claimed box office revenue of $17 billion worldwide- has chosen to partner with steel baron Lakshmi Mittal-Kishore Lulla-Gokul Binani -backed B4U in a joint venture.  The announcement was made in Cannes by Kavanaugh and B4U CEO Ishan Saksena just as the week was ending and the Cannes Film Festival was going past the half way mark.

     

    The joint venture will – according to a press release – “leverage their combined expertise, relationships and resources to create and distribute highly-engaging long and short form entertainment and sports content in India that will span a variety of mediums including film, television and digital.”

     

    It clearly elucidates what the duo will do through the new initiative:

     

    ·Distribute future Relativity films and other select entertainment content in India and the surrounding regions

    ·Co-finance, co-produce and distribute Indian language films and television shows as well as acquire projects in the U.S. and Indian markets

    ·Distribute third-party content in India and select Bollywood films in the U.S.

    ·Create and launch a new pay television channel in India focused on Hollywood content in both English and Hindi

    ·Launch RelaTV– a digital streaming technology platform to deliver compelling short and long form content to Indian consumers

    ·Co-produce a slate of Hollywood films including The Best of Me

     

    Around $100 million will be available to the joint venture to roll out its ambitions.

     

    But Hollywood-Bollywood collaborations have not been something to write home about. UTV tried to forge partnerships with Will Smith’s Overbrook Entertainment and with M Night Shyamalan but did not get too far. Reliance Entertainment’s partnership with Dreamworks has done reasonably well. The YRF Entertainment co-produced  – withPierre-Ange Le Pogam and writer Arash Amel – Grace of Monaco premiered at the Cannes Film Festival  last week, but has got scathing reviews as being poorly directly and scripted.

     

    Both Kavanaugh and Saksena believe their coming together will be fruitful. Says Kavanaugh:  “This strategic partnership represents an exciting opportunity for Relativity to significantly expand our presence in this vibrant and growing marketplace while creating a bridge for developing and sharing content between Hollywood and Bollywood.”

     

    “By 2020, India is set to become the world’s youngest country, and its citizens are adopting new technology platforms  – from smartphones to smart TVs – at a dramatic rate. Thejoint venture positions us well to deliver enthralling content across rapidly emerging distribution channels.”

     

    Added Saksena: “B4U has always been at the helm for delivering Bollywood content in India and internationally.  This joint venture with Relativity is the natural step in our progression to build a creative film studio and unique technology platform.  Our joint venture provides a platform to bring the best of Relativity’s intellectual property, production skills, and unique monetizing strategies to India, while also providing Indian talent access to global audiences.”

     

    The $100 million fund will be under Saksena’s management who is reportedely close to Mittal’s son-in-law Amit Bhatia and is a managing director at  the latter’s  investment company Swordfish Investments. He worked very closely with Bhatia and helped him turn around the Queens Park Rangers football club in 2010.

     

    Thanks to Lulla’s involvement with B4U, the joint venture is likely to have access to the Eros International’s  large Hindi film catalogue – probably the largest for Indian films. Which should help it build up the pay television channel  and streaming media service – RelaTV – for India along with Relativity Media’s slate  of films and TV shows. Lulla has in recent times forged alliances with HBO for two local pay TV channels – HBO Hits and HBO defined – and with Endemol for production of films in India.

     

    Saksena – who has had experience managing Queens’ Parks Rangers – will in all probability be bringing all that to bear on the sports side as he tries to get the best expertise out of Relativity Sports.