Burkle’s investment company Yucaipa Companies has purchased Elliott Management’s ownership share of Relativity in what a press release described as “a significant equity stake.”
Relativity recently closed debt financings led by Burkle-backed strategic lender Colbeck Capital run by Jason Colodne and Jason Beckman.
“We’ve spent a lot of time analysing the media industry, and have looked at virtually every asset out there,” Burkle said. “Relativity makes sense. They run their business like a business, focusing on profitability, internal rates of return and the factors that many Hollywood based businesses don’t focus on.
“Their platform and foundation is unparalleled, and I believe together we will be able to grow the business in a manner which continues to evolve the industry and sets new benchmarks.
“To have a partner like Ron, who has such a tremendous depth and breadth of business experience, both inside and outside of the industry, is exactly what Relativity needed to grow to the next level,” Relativity founder and CEO Ryan Kavanaugh said.
Relativity released the Steven Soderbergh action thriller Haywire over the weekend in sixth place on $8.4m.