Relativity Media announced May 3 that is has found a buyer in UltraVHoldings, which is a combination of asset management firm Sound Point Capital Management and RMRM Holdings.
In order to consummate the sale, Relativity, a Beverly Hills motion picture content provider and distributor, will re-enter Chapter 11 bankruptcy. Relativity first entered into bankruptcy back in 2015, emerged out in 2016, and remained a content distribution player, including inking an agreement with Netflix Inc.
The purchase price was not disclosed. New York-based UltraVHoldings said in a press release that it manages $17 billion in assets.
“We are very excited to acquire the assets of Relativity Media, and we believe there are numerous opportunities to reinvigorate and expand the business," said Lex Miron, an advisor to UltraVHoldings, in the press release. "We have a strong development slate and are looking forward to bringing these films to audiences through our distribution partnerships, including through our agreement with Netflix.”
Media and entertainment reporter Matthew Blake can be reached at 323-556-8332 or email@example.com
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