New York based private investment firm Elliott Associates has increased its minority stake in Relativity Media in the second major financing story of the day following Media Rights Capital's deal for a $350m revolving credit facility.
Elliott decided to increase its investment on the heels of a profitable summer for the Beverly 2 films, named after the co-financing partnership between Relativity and Elliott's joint venture Relativity Capital and Universal Pictures.
Beverly 2's recent hits include Mamma Mia!, Wanted and Burn After Reading. Relativity's involvement in profitable titles like Hancock, Baby Mama and Vantage Point will have only served to enhance its appeal in the eyes of Elliott portfolio manager Jesse A Cohn and his associates.
'We are extremely pleased with our investment in Relativity,' Cohn said. 'Thus far, both Beverly 2 and Relativity's operations have performed beyond our expectations and we believe there exists significant opportunity for Relativity Capital to continue to acquire complementary media assets at highly attractive valuations.'
'Given the current market disruption, we are seeing an increase in the number of attractive media businesses in need of additional capital,' Relativity CEO Ryan Kavanaugh said. 'Elliott has been an incredible partner allowing us to take advantage of the opportunities that present themselves.'
Further announcements about Relativity's expansion plans are expected in the coming days.
Elliott decided to increase its investment on the heels of a profitable summer for the Beverly 2 films, named after the co-financing partnership between Relativity and Elliott's joint venture Relativity Capital and Universal Pictures.
Beverly 2's recent hits include Mamma Mia!, Wanted and Burn After Reading. Relativity's involvement in profitable titles like Hancock, Baby Mama and Vantage Point will have only served to enhance its appeal in the eyes of Elliott portfolio manager Jesse A Cohn and his associates.
'We are extremely pleased with our investment in Relativity,' Cohn said. 'Thus far, both Beverly 2 and Relativity's operations have performed beyond our expectations and we believe there exists significant opportunity for Relativity Capital to continue to acquire complementary media assets at highly attractive valuations.'
'Given the current market disruption, we are seeing an increase in the number of attractive media businesses in need of additional capital,' Relativity CEO Ryan Kavanaugh said. 'Elliott has been an incredible partner allowing us to take advantage of the opportunities that present themselves.'
Further announcements about Relativity's expansion plans are expected in the coming days.
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