Seven months after Ryan Kavanaugh’s Relativity Media exited bankruptcy, the Hollywood mogul and his partners are reportedly selling the studio for up to $250 million.
Rumors about a sale surfaced earlier this month with The Wrap reporting Friday that Singapore-based YuuZoo Corporation Ltd. won a bidding war for the Beverly Hills-based company.
Relativity did not immediately respond to request for comment.
The deal is reportedly worth at least $150 million with incentives that could boost it to $250 million if certain benchmarks are hit. YuuZoo beat out a field of competitors vying for Relativity, including tech giant Lenovo and Chinese media company Legend Holdings, according to The Wrap story.
While Relativity’s return from bankruptcy has been inauspicious - it’s put out a series of box office flops since a judge approved a restructuring plan in March - the studio still has a valuable rights deal with Netflix Inc. Kavanaugh struck an early pact with the streaming service that forces the company to pay Relativity a premium for content.
Other Relativity investors include Chicago hedge fund guru Joseph Nicholas, and MidCap Financial Trust. Kevin Spacey collaborator Dana Brunetti signed on to take creative control of the studio in the spring as part of the deal to exit bankruptcy.