Relativity Completes Sale of TV Division for $125 Million

BEVERLY HILLS: Relativity Media has sold off its TV division for $125 million, a move the company is hailing as "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 closed transactions to sell the television division and to acquire the rest of the company. "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," the company said in a statement.

"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."