| Do Not Sell My Personal Information Limited Objection of the United States Trustee to the Debtors’ Motion for Entry of an Order Au thorizing the Debtors an d Certain Non-Debtor Affiliates to Enter Into Settlement Agreement With the Official Committee of Unsecured Creditors and UltraV Holdings LLC [Docket No. FACEBOOK ", Added Robbins: "UltraV will now be focused on completing the sale process as expeditiously as possible and ensuring that once the transaction is finalized Relativity Media can hit the ground running with appropriate financial backing and a strong leadership team.". UltraV Holdings LLC and Netflix, Inc. [Bankruptcy Docket No. © Copyright 2021 Variety Media, LLC, a subsidiary of Penske Business Media, LLC. UltraV is a joint venture between funds managed by Sound Point Capital Management and RMRM Holdings. Relativity Media, led by founder Ryan Kavanaugh (pictured below), filed for bankruptcy in May and was immediately sold to asset management firm UltraV Holdings LLC. Ultra Holdings Corp. is a real estate investment and development firm that has owned and operated commercial properties in New York City for over three decades. Privacy Policy | The Weinstein Company wasn’t the only film industry-related business to go bankrupt in 2018. We are committed to putting the necessary resources into the business so that we can attract and retain new talent, create outstanding original film, television and digital content, and distribute that content across multiple platforms.”, “Our simple message to the industry is that Relativity Media is open for business and we look forward to demonstrating that we intend to operate a substantial and well-financed entertainment company with strong and stable leadership,” said Robbins. Relativity Media LLC will have to fight to advance a sale of the company to its senior lenders after the U.S. However a press release included a quote from the one-time mogul. LOS ANGELES, May 3, 2018-- Relativity Media announced today that it has entered into an agreement to sell substantially all of its assets to UltraV Holdings LLC ("UltraV"), a joint venture among funds managed by Sound Point Capital Management, a New York-based asset management firm with approximately $17 billion of assets under management, and RMRM Holdings ("RMRM"). About UltraV Holdings LLC. Deadline first reported the sale agreement. UltraV Holdings LLC is a joint venture among funds managed by Sound Point Capital Management, a New York-based asset management firm with approximately $17 … A judge on Thursday approved the sale of Relativity Media to UltraV Holdings, an investor group that is seeking a fresh start for the twice-bankrupt studio. UltraV says it will inject capital into the company so it can begin producing and developing content. UltraV Holdings LLC is a joint venture among funds managed by Sound Point Capital Management, a New York-based asset management firm with approximately $17 billion of assets under management, and RMRM Holdings, which is led by David Robbins, Lex Miron and Larry Robbins. | EU Privacy Preferences. ‘Tiger King’ One Year Later: What’s the Latest on Joe Exotic and Carole Baskin? Georg Szalai Unfortunately, the company faced the significant challenge of a complicated capital structure and an evolving industry. At the time it had a book value of $560 million, and liabilities of nearly $1.2 billion. PRESS RELEASE. by Per Deadline Hollywood , RMRM is led by David Robbins, former chairman of Bally Technologies; Lex Miron, a veteran media industry advisor; and Larry Robbins, a seasoned media industry executive. All rights reserved. B. “I still very much believe in the Relativity Media business model. 3:26 AM PDT 5/3/2018 “We recognize that Relativity Media has had its fair share of challenges during the past several years, and that we need to rebuild trust and confidence in the business. Weighed down by film flops such as “Out of the Furnace” and “Earth to Echo,” Relativity filed for bankruptcy protection in 2015. The Company, through its subsidiaries, provides investment services. The studio’s new owner is described in a release as a joint venture among funds managed by Sound Point Capital Management and RMRM Holdings. UltraV intends to provide sufficient capital to resume Relativity Media’s operations and the development and distribution of original content through existing and future platforms, including the current distribution agreement Relativity Media has with Netflix. 406] Relativity Media said Thursday that it has struck an agreement to sell substantially all of its assets to UltraV Holdings LLC, a joint venture of funds of asset management firm Sound Point Capital Management and RMRM Holdings. 405]. Relativity Media announced today that it has entered into an agreement to sell substantially all of its assets to UltraV Holdings LLC (“UltraV”), a joint venture among funds managed by Sound Point Capital Management, a New York-based asset management firm with approximately $17 billion of assets under management, and RMRM Holdings (“RMRM”). UltraV Holdings is the managing member of Relativity Media LLC, a film finance and distribution company; Alexiam Management manages a multi-strategy alternative investment platform. "Accordingly, Relativity Media and certain of its subsidiaries are expected to file voluntary Chapter 11 petitions in the U.S. Bankruptcy Court for the Southern District of New York. The sale to UltraV needs court approval, but the prospective new owners expect it to close in the next 45 to 60 days. The … Relativity Media is an American media company headquartered in Beverly Hills, California, founded in 2004 by Lynwood Spinks and Ryan Kavanaugh.The studio was the third largest mini-major globally until bankruptcy on July 30, 2015. Relativity Media is an independent entertainment studio focused on acquiring and distributing star-driven, commercial films across all platforms including theatrical, digital/transactional, streaming and television. Pro. We are confident that we have the collective industry expertise, relationships and, perhaps most importantly, the financial resources to fulfill that commitment and build a successful and sustainable business.”, Ryan Kavanaugh, founder of Relativity Media, said: “I still very much believe in the Relativity Media business model. The Answer Is a Test of Whether Hollywood Still Works (Column). Netflix has previously tried to get out of that pact as Relativity’s financial woes have exacerbated. Creditors and UltraV Holdings LLC [Docket No. EMAIL ME. The transaction will result in a fresh start for the company, and it turns Relativity over to owners who have a sincere appreciation for the business, the art and the long-term needs of the industry. | California Privacy Rights Relativity declared bankruptcy in May as… LOS ANGELES, May 3, 2018 /PRNewswire/ — Relativity Media announced today that it has entered into … After exiting Chapter 11 in 2016, the studio struggled to gain its footing (at one point it was nearly run by Kevin Spacey), and was never able to raise enough money to keep operations going. AdChoices The company's filing status is listed as Active and its File Number is 201829710015. “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. It is our full intention and commitment to put those past chapters behind us and resume the business of creating and distributing outstanding content. UltraV Holdings LLC is a joint venture among funds managed by Sound Point Capital Management, a New York-based asset management firm with approximately $17 billion of assets under management, and RMRM Holdings, which is led by David Robbins, Lex Miron and Larry Robbins. “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 Miron. “I still very much believe in the Relativity Media business model,” Kavanaugh said in a statement. 39] Response Deadline: August 14, 2018 at 11:00 AM ET Related Documents: A. Debtors’ Motion for an Order Shortening Time with Respect to Approval of Stipulation and Order Among Debtors, UltraV Holdings This website uses cookies to ensure you get the best experience. © 2021 The Hollywood Reporter, LLC. UltraV Holdings LLC is a joint venture among funds managed by Sound Point Capital Management, a New York-based asset management firm with approximately $17 billion of assets under management, and RMRM Holdings, which is led by David Robbins, Lex Miron and Larry Robbins. Doubtfire’ Director Confirms Existence of R-Rated Cut, Will Zack Snyder Be Invited to Make a ‘Justice League’ Sequel? Docket No. Ultrav Holdings LLC is a California Foreign Limited-Liability Company filed on October 19, 2018. The transaction will result in a fresh start for the company, and it turns Relativity over to owners who have a sincere appreciation for the business, the art and the long term needs of the industry.”. THE HOLLYWOOD REPORTER is a registered trademark of The Hollywood Reporter, LLC. Per Deadline Hollywood , RMRM is led by David Robbins, former chairman of Bally Technologies; Lex Miron, a veteran media industry advisor; and Larry Robbins, a seasoned media industry executive. I could not be more pleased about this agreement with UltraV. Intended buyer UltraV Holdings LLC is a joint venture made up of funds managed by Sound Point Capital Management, a New York-based asset management firm with a … The sale to UltraV will be subject to Court approval and other closing conditions and is expected to close in the next 45 to 60 days.". UltraV Holdings LLC is a joint venture among funds managed by Sound Point Capital Management, a New York-based asset management firm with approximately $17 billion of assets under management, and RMRM Holdings, which is … Relativity Media LLC and its affiliates are back in bankruptcy court with a proposed expedited 363 sale to UltraV Holdings LLC, an entity backed by Sound Point Capital Management and RMRM Holdings. I could not be more pleased about this agreement with UltraV. Its full-scale film studio acquires, develops, produces and distributes films. Terms of Use | UltraV Holdings LLC, a joint venture managed by Sound Point Capital Management and RMRM Holdings, has agreed to acquire Relativity Media, a film studio that emerged from bankruptcy two years ago and just filed for bankruptcy again.No financial terms were disclosed. Relativity in 2015 filed for Chapter 11 bankruptcy, emerged from it in March 2016, but now says it will again file for bankruptcy. RMRM is led by David Robbins, former chairman of Bally Technologies, Lex Miron, veteran media industry advisor, and media industry executive Larry Robbins. That victory then led to a wide-ranging settlement with Netflix that was approved by the court on August 14, resolving the long-running conflict, removing a cloud of uncertainty from Relativity’s business, and facilitating its planned sale to UltraV Holdings LLC and the conclusion of its chapter 11 bankruptcy case. Relativity Media, the beleaguered movie and television studio that’s been running on fumes, has entered into an agreement to sell the bulk of its remaining assets to UltraV Holdings LLC. UltraV Holdings LLC, a joint venture of funds of asset management firm Sound Point Capital Management and RMRM Holdings, will buy the firm for an undisclosed price tag. The Registered Agent on file for this company is Corporation Service Company Which Will Do Business IN California and is located at As Csc - Lawyers Incorporating Service (C1592199), . Relativity Media, the beleaguered movie and television studio that’s been running on fumes, has entered into an agreement to sell the bulk of its remaining assets to UltraV Holdings LLC. 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Relativity Media LLC and its affiliates are back in bankruptcy court with a proposed expedited 363 sale to UltraV Holdings LLC, an entity backed by Sound Point Capital Management and RMRM Holdings. Struggling upstart film studio Relativity Media LLC is getting another reboot. Share this article:Beverly Hills-based Relativity Media announced Thursday it will sell nearly all of its assets to UltraV Holdings LLC, an asset-management joint venture. UltraV Holdings LLC in its acquisition of substantially all of the assets and certain assumed liabilities of Relativity Holdings LLC and certain of its subsidiaries out of bankruptcy pursuant to a credit bid. In May, Relativity said it was selling itself to UltraV Holdings LLC, a partnership between Sound Point Capital Management and RMRM Holdings, according to the Hollywood Reporter. In September of 2016, it released two films, “The Disappointments Room” and “Masterminds,” but both flopped. TWITTER Ultrav Holdings Llc plans to acquire Relativity Media LLC, a Beverly Hills-based producer of motion pictures and videos. It also made a point of stressing that it believes Relativity’s distribution agreement with Netflix is still in effect. Ryan Kavanaugh, the founder of Relativity Media, was not mentioned as being part of the transaction. Variety and the Flying V logos are trademarks of Variety Media, LLC. They will buy the firm for an undisclosed price tag. Advised Spin Master Corp. in its purchase of the GUND plush toy line from Enesco LLC. That victory then led to a wide-ranging settlement with Netflix that was approved by the court on August 14, resolving the long-running conflict, removing a cloud of uncertainty from Relativity’s business, and facilitating its planned sale to UltraV Holdings LLC and the conclusion of its chapter 11 bankruptcy case. Our focus is on providing quality multifamily housing and retail space to our valued tenants. Read Next: ‘Alone Together’ Review: Charli XCX Medicates Her Quarantine Anxiety by Making an Insta-Album, With Fans Invited, ‘The Heist,’ Documentary About Bizarre Theft of De Kooning Painting, In the Works from XTR (EXCLUSIVE), Sugar23, Professional Fighters League Partner on New Studio (EXCLUSIVE), Why Escapist Movies and Rom-Coms Will Be All the Rage After COVID-19, ‘Mrs. 472; Adv. "In order to facilitate the sale and address certain legacy liabilities of Relativity Media, the parties intend to implement the transaction though a section 363 sale under Chapter 11," it said. UltraV Holdings LLC operates as a holding company. UltraV Holdings services customers in the United States. “Unfortunately, the company faced the significant challenge of a complicated capital structure and an evolving industry.
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