In the third major financing deal to be announced this week against a backdrop of tumultuous financial upheaval in the US markets, Relativity Media and Universal Pictures have extended and expanded their co-financing partnership.
Under the terms of the arrangement Relativity Capital Holdings, the financing entity Relativity set up with New York-based investors Elliott Associates, will co-finance approximately three-quarters of Universal's slate until 2015.
The announcement follows a successful summer for the partners on the heels of Mamma Mia!, The Mummy: Tomb Of The Dragon Emperor, Wanted and Hellboy II: The Golden Army.
The deal is expected to fund ten to 15 films a year and will run to billions of dollars of financing during the term, according to the parties.
Earlier this week Relativity CEO Ryan Kavanaugh announced that Elliott Associates had increased its minority stake in Relativity.
'We've had tremendous success with Universal,' Kavanaugh said. 'Our deal has been very profitable to date and the Universal creative, marketing and distribution team is unparalleled. They are true partners.'
'Universal is pleased to further expand its existing relationship with Relativity,' Universal's executive vice president Michael Joe said. ' We have had a genuine collaborative partnership to date, and we look forward to expanding on our ambitions together in the future. Their commitment to us means that we can continue to do what we do best: Develop quality movies that appeal to film-goers across the globe.'
Under the terms of the arrangement Relativity Capital Holdings, the financing entity Relativity set up with New York-based investors Elliott Associates, will co-finance approximately three-quarters of Universal's slate until 2015.
The announcement follows a successful summer for the partners on the heels of Mamma Mia!, The Mummy: Tomb Of The Dragon Emperor, Wanted and Hellboy II: The Golden Army.
The deal is expected to fund ten to 15 films a year and will run to billions of dollars of financing during the term, according to the parties.
Earlier this week Relativity CEO Ryan Kavanaugh announced that Elliott Associates had increased its minority stake in Relativity.
'We've had tremendous success with Universal,' Kavanaugh said. 'Our deal has been very profitable to date and the Universal creative, marketing and distribution team is unparalleled. They are true partners.'
'Universal is pleased to further expand its existing relationship with Relativity,' Universal's executive vice president Michael Joe said. ' We have had a genuine collaborative partnership to date, and we look forward to expanding on our ambitions together in the future. Their commitment to us means that we can continue to do what we do best: Develop quality movies that appeal to film-goers across the globe.'
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