A consortium of creditors gained ownership of Relativity Television Tuesday in exchange for forgiving $125 million in debt. this group includes Anchorage Capital, Falcon Investments and Luxor Capital. CEO Tom Forman will remain under the new leadership, COO Andrew Marcus been promoted to president of the new company.
Relativity TV’s new owners have committed $75 million in capital, and expects to announce a new name and a rebranding campaign within the next 90 days.
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The purchase of Relativity Television has been ratified by U.S. Bankruptcy Court, its new owners announced late Tuesday.
“We’re fully independent of our former parent company in an era of increasing media consolidation — and much more nimble and flexible as a result. I am extremely grateful for the confidence that our new owners have demonstrated in me and the company, ” Forman said in a statement.
Projects the company currently has on the air include MTV’s “Catfish” and CBS’ “Limitless.” The company has an adaptation of Channing Tatum‘s “Haywire” in the works, as well.
The TV division breaks away from other bankrupt assets of Ryan Kavanaugh‘s Relativity Media, including Relativity Studios, the movie library and minority stakes in a sports-management company and a for-profit education unit.
On Tuesday, Ryan Kavanaugh and a group of new investors, including billionaire Ron Burkle, announced that they had modified a refinancing plan for the company.
The company proposed raising $30 million in cash with a $60 million debt acquisition to address an outstanding $125 million loan — half as much cash as had been suggested in earlier court filings.