Relativity Media, the Beverly Hills film and entertainment company led by Ryan Kavanaugh, announced Thursday that Kavanaugh, Dune Capital Partners and Dune Capital founder Steven Mnuchin have agreed to buy out much of Elliott Management’s stake in the studio.

As a result of the deal, Mnuchin will become co-chairman of Relativity’s board, advising on strategic issues and its capital structure as it approaches a potential initial public offering in 2016.

Kavanaugh will still be the company’s largest individual shareholder with a right to appoint a majority of the board. Elliott will remain a minority investor.

Financial terms of the transaction were not disclosed.