Relativity Media CEO Ryan Kavanaugh has reached an agreement with Kevin Spacey and his producing partner Dana Brunetti to take over the running of Relativity’s beleaguered studio.
Relativity has acquired the pair’s Trigger Street Productions and has been fighting to raise $100 million in new capital to help complete a reorganization that would revive the film unit in the wake of the company’s declaring Chapter 11 bankruptcy five months ago.
Spacey will become chairman of Relativity Studios and Brunetti president as of mid-February, according to the announcement. The duo will oversee all creative content and film production for the company which is the third largest mini-major film studio in the world. Financial terms of the deal were not disclosed.
In a statement, Spacey acknowledges the craziness of the news and why he’s taking this path:
“They thought we were crazy when we chose to do ‘House of Cards’ with an online streaming service; they thought I was crazy when I went to run The Old Vic Theatre when no one thought it could be saved; and this move with Relativity will be proof for some that we really are crazy. [This is] an incredible opportunity to make great entertainment… [the] next evolution in my career. Having run an independent production company to now be able to run a studio is a great challenge and I’ve learned that in the end it’s the risk takers that are rewarded.”
A move to Relativity gives Spacey and his producing partner a larger platform for launching new projects, and helps reestablish a measure of credibility for Kavanaugh’s film operation.