New York: Billionaire Ron Burkle acquired an equity stake in Relativity Media LLC, the independent film and tele-vision studio led by Ryan Kavanaugh, his second investment in the entertainment industry this month.
Business | Media and Marketing
Burkle takes equity stake in Relativity Media
Billionaire Ron Burkle acquired an equity stake in Relativity Media LLC, the independent film and tele-vision studio led by Ryan Kavanaugh, his second investment in the entertainment industry this month
- Bloomberg
- Published: 00:00 January 26, 2012
The latest purchase follows an investment in the company's debt that Burkle made last year, according to an e-mailed statement from Relativity and Yucaipa Cos.
The price of the equity stake and the name of the seller weren't disclosed.
Burkle agreed to buy Elliott Management Corp.'s minority stake in the studio, two people with knowledge of the situation said on January 6.
Elliott, a New York-based hedge fund, will continue to retain a small investment in Relativity, one of the people said at that time.
On January 5, Y Entertainment Corp., a unit of Yucaipa, bought Artist Group International, the New York-based company that books concerts for Billy Joel, Rod Stewart and Metallica.
Relativity has produced or co-produced films, including The Fighter, winner of last year's Academy Awards for best supporting actor and actress.
The studio's Mirror, Mirror, a retelling of the Snow White legend, will be released in March, according to the Internet Movie Database.
Business Editor's choice
-
Islamic finance forum offers mixed messages
Diverse gathering generates heat and light but exposes muddle of motivations
-
Yahoo nearing $1.1b acquisition of Tumblr
Deal could be announced Monday as internet company’s board of directors prepares to meet
-
Mobile advertising must catch up in region
Middle East made up 6 per cent of global smartphone shipments last year