5 items from 2015
Relativity TV CEO Thomas Forman and his newly-minted president, Andrew Marcus, have many tasks ahead as they brush off the ashes of Chapter 11 bankruptcy. But first, a victory lap. “We’re taking one very short moment to celebrate the best possible outcome imaginable,” Forman told TheWrap late Thursday. He’s referring to the sale of the tv division, the singular crown jewel in the assets Ryan Kavanaugh‘s Relativity Media included in July Chapter 11 filings, to a group of its senior lenders for $125 million. Also Read: Relativity Media Bankruptcy Consultants Made $2.4 Million for 30 Days Work “If you had asked me at. »
- Matt Donnelly
Since Relativity Media filed for bankruptcy on July 30, the company’s television division has produced more than $22 million in revenues, exceeding projections of $18 million for the two-month period through Sept. 30, according to a court filing on Sunday. However, the company’s chief restructuring officer Brian G. Kushner reported that “in at least two instances” Relativity TV heads Thomas Forman and Andrew Marcus “have had to establish escrow arrangements … to secure certain of these payments from large customers.” As of Sept. 30, $8.6 million of cash receipts for Relativity TV had been set aside in escrow accounts. The filing »
- Thom Geier
U.S. Bankruptcy Court Judge Michael Wiles approved a revised incentive program for key staffers with Ryan Kavanaugh‘s Relativity Media at a New York court hearing on Monday. The judge also granted Relativity attorney Craig Wolfe’s request to keep the specific dollar amounts of the Key Employee Incentive Plan for 10 major employees placed under seal so that competitors can’t back into compensation information. The salaries for these individuals, including the lucrative TV division’s Thomas Forman and Andrew Marcus, had not previously been disclosed, Wolfe noted. Also Read: Relativity Proposes Selling Nicholas Hoult Movie 'Collide' Back to Financiers Wiles agreed. »
- Thom Geier and Tony Maglio
There have been legal filings and lawsuits over unpaid bills, fights over the release of upcoming films, such as the Zach Galifianakis comedy “Masterminds” and the Halle Berry thriller “Kidnapped,” and questions about who will buy the financially distressed company in a planned October auction. The high-profile failure has inspired a wave of negative stories about the management of Relativity and founder Ryan Kavanaugh.
In an exclusive interview with Variety, Brian Kushner, the Fti Consulting managing director who was appointed the studio’s chief restructuring officer, and C.J. Brown, the Blackstone senior managing director who is serving as Relativity’s investment banker leading its auction, expressed confidence that the media attention will boost interest in the studio. The company already has »
- Brent Lang
Bradley Cooper is heading behind the camera for CBS’ drama pilot “Limitless,” based on the 2011 movie of the same name. The net also picked up two comedies — “Angel From Hell” and an untitled project from Dan O’Shannon and Peter Warren.
“Limitless,” from CBS TV Studios, in association with Relativity Media and exec producers Alex Kurtzman and Roberto Orci’s K/O Paper Products banner, follows a man who discovers the mysterious drug Nzt and is coerced into using his newfound, powerfully drug-enhanced abilities to solve weekly cases for the FBI.
Cooper will serve as an exec producer, along with Neil Berger (who directed the feature film), Craig Sweeny, Todd Phillips, Heather Kadin, Ryan Kavanaugh, Tucker Tooley, Tom Forman, plus Kurtzman and Orci, who wrote the “Transformers” screenplay and produce “Hawaii Five-o” and “Scorpion” together. Andrew Marcus and Ray Ricord will co-exec produce. Sweeny will pen the hourlong drama pilot, »
- Elizabeth Wagmeister
5 items from 2015
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