Google is getting ready to take on Amazon’s Echo Show, with a little help from 4 consumer electronics heavyweights: Sony, Lenovo, LG and JBL all announced at CES in Las Vegas Monday that they are building so-called smart displays powered by Google’s Assistant. These smart displays essentially function like a smart, voice-controlled speaker combined with a […]
HTC has officially pulled the plug on the standalone virtual reality (VR) headset the company was set to build with Google. The company instead introduced a separate device for the Chinese market that will be powered by a newly-announced mobile VR platform called Wave. In May, HTC announced that it was building a new standalone […]
Add Lenovo to the list of companies making virtual reality (VR) headsets. The Chinese consumer electronics giant announced at CES in Las Vegas this week that it is going to launch its own VR device later this year. The still-unnamed device is based on Microsoft’s Windows Holographic platform and will have to be plugged into a… Read more »
Ryan Kavanaugh has closed a deal to sell his post-bankruptcy Relativity Media for $200 million to YuuZoo, a Singapore-based social commerce platform, TheWrap has exclusively learned.
According to an individual with knowledge of the deal, the deal includes Relativity’s library of 40 movies, a half-dozen movies currently in production and most of all a lucrative output deal with Netflix that Kavanaugh has defended in court.
The agreement is binding but needs market regulation approval. It would make Relativity a publicly-traded company on the Singapore exchange, according to the individual with knowledge.
A spokesperson for Relativity had no immediate comment.
YuZoo went up against two other companies in a bidding war: tech company Lenovo, owned by Chinese investment group Legend Holdings, and another publicly traded Chinese company.
Kavanaugh also attracted interest from American studios, the insider said, thanks to a lucrative but contentious output deal with streaming giant Netflix.
After successfully extracting his core movie business from the ashes of the Chapter 11 process with funding from the likes of billionaire Joseph Nicholas and a group senior lenders, Kavanaugh put his company up for sale again earlier this month.
Relativity formally emerged from the Chapter 11 process in mid-March after the studio filed for bankruptcy in July 2015. After resolving hundreds of millions of dollars in debt, the studio emerged with an impressive $400 million in new equity financing from Los Angeles-based Maple Leaf Films.
The studio recently released two movies — both of which performed poorly at the box office. The Zack Galifianakis heist comedy “Masterminds” earned just $6.6 million on 2,170 screens, while psychological thriller “The Disappointments Room” received poor reviews and has grossed an abysmal $2.4 million to date.
Relativity’s entire film slate has been repeatedly shuffled. “Masterminds” was released 13 months later than originally planned. On Dec. 2, Relativity will release the Halle Berrythriller “Kidnap,” and next year will start production on a new take on the classic Western “High Noon” and a highly anticipated remake of “The Crow” starring Jason Momoa.