September 24, 2008
Relativity Media and Universal Pictures Expand Landmark Equity Partnership
UNIVERSAL CITY, Calif., Sept. 24 /PRNewswire/ -- In an unprecedented transaction, Relativity Media, LLC and Universal Pictures recently extended and expanded their co-finance partnership through 2015, which will cover the majority of Universal's slate up until that time. Building on the success of their already established equity partnership, which has funded recent films such as "Mamma Mia!", "The Mummy: Tomb Of The Dragon Emperor", and "Hellboy II: The Golden Army", the expanded partnership is expected to fund 10-15 films per year and will provide billions of dollars of financing during the term.
"We've had tremendous success with Universal," said Ryan Kavanaugh, CEO of Relativity Media. "Our deal has been very profitable to date and the Universal creative, marketing and distribution team is unparalleled. They are true partners."
The agreement represents a significant long-term commitment by Relativity Media to Universal Pictures, as its financing entity Relativity Capital Holdings will co-finance approximately 75 percent of Universal's upcoming releases.
Said Michael Joe, Executive Vice President of Universal Pictures, "Universal is pleased to further expand its existing relationship with Relativity. We have had a genuine collaborative partnership to date, and we look forward to expanding on our ambitions together in the future. Their commitment to us means that we can continue to do what we do best: Develop quality movies that appeal to filmgoers across the globe."
Relativity Capital Holdings is a partnership between Elliott Associates, L.P., a New York- based private investment firm, and Relativity Media LLC and acts as the financing entity for Relativity. It currently has a multi-billion dollar balance sheet and is in the business of financing and acquiring media assets.
About Universal Pictures
Universal Pictures is a division of Universal Studios (http://www.universalstudios.com/). Universal Studios is part of NBC Universal, one of the world's leading media and entertainment companies in the development, production and marketing of entertainment, news and information to a global audience. Formed in May 2004 through the combining of NBC and Vivendi Universal Entertainment, NBC Universal owns and operates a valuable portfolio of news and entertainment networks, a premier motion picture company, significant television production operations, a leading television stations group and world-renowned theme parks. NBC Universal is 80% owned by General Electric, with 20% controlled by Vivendi.
About Relativity Media, LLC
Led by Chief Executive Officer Ryan Kavanaugh, Relativity Media, LLC ("RML") is a media and entertainment company which focuses on creating, financing and distributing first class, studio quality entertainment content and intellectual property across multiple platforms, as well as making strategic partnerships with and opportunistic investments in media and entertainment related companies and assets.
In addition to the billions of dollars in film financing Relativity controls in connection with its arrangements with studios including Sony and Universal, Relativity's "single picture business" produces eight to ten films per year. Past films produced under this arrangement include "3:10 to Yuma", "The Bank Job" and "The Forbidden Kingdom". Upcoming films include: Jim Sheridan's "Brothers", starring Jake Gyllenhaal, Tobey Maguire and Natalie Portman; Lasse Hallstrom's "Dear John", starring Channing Tatum and Amanda Seyfried; the heist thriller "Brilliant", starring Scarlett Johansson; the family action film "The Spy Next Door", starring Jackie Chan; "A Perfect Getaway", with Timothy Olyphant and Milla Jovovich; Tarsem Singh's action film "War of Gods"; and Rob Marshall's "Nine", starring Daniel Day Lewis, Nicole Kidman, Penelope Cruz, Marion Cotillard and Sophia Loren. To date Relativity has financed and/or produced over 100 films.
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CONTACT: Kori Bernards of Universal Pictures, +1-818-777-7216,[email protected]; or Mara Buxbaum, +1-323-822-4800,[email protected], or Lauren Burton, +1-212-334-0333, [email protected], bothof ID PR, for Universal Pictures
Web site: http://www.universalstudios.com/