BEVERLY HILLS, Calif., Oct. 20, 2015 /PRNewswire/ -- Today Relativity Media LLC ("Relativity") has achieved an important milestone toward its emergence from chapter 11 with a significantly fortified balance sheet. An investor group led by Chairman and CEO Ryan Kavanaugh has closed transactions to sell the television division for $125 million and to acquire the rest of the company. While the financial structure of the transaction has changed, we anticipate the Court to ratify this in the next 48 to 72 hours.
This simply means that Relativity anticipates that it will emerge with all of its pre-chapter 11 assets and operating businesses, having sold the unscripted television business only, with almost 90 percent of its debt off of its balance sheet.
In the near future, Relativity will file a plan of reorganization with the Court that will detail the company's capital structure and its strategy for long-term growth with film, digital, music, sports and branded entertainment, continuing to build its asset base to offer brands unique access to a fully integrated 360 degree content engine.
We thank our partners who have bent over backwards to help make this work, including Anchorage, Luxor, Falcon and Elliott.
SOURCE Relativity Media LLC