Relativity Television Emerges From Chapter 11 Process as Profitable, Independent Entity with No Debt
Tom Forman to Remain Chief Executive Officer; Andrew Marcus to Become President and Chief Operating Officer
Investor Group Commits $75 Million in Additional Capital to Support Future Growth
NEW YORK–(BUSINESS WIRE)–An investor group composed of Anchorage Capital Group, L.L.C., Falcon Investment Advisors, LLC and Luxor Capital Group, LP (collectively, the “Investor Group”) announced today that it has completed its purchase of the assets of Relativity Television from the Chapter 11 estate of Relativity Media LLC. Relativity Television will now operate as a fully independent entity led by Tom Forman as Chief Executive Officer and Andrew Marcus as President and Chief Operating Officer.
“Relativity Television begins this new chapter as an independent, well-capitalized business that is extremely well-positioned to achieve both near-term growth and long-term success. Importantly, we’re fully independent of our former parent company in an era of increasing media consolidation – and much more nimble and flexible as a result. I am extremely grateful for the confidence that our new owners have demonstrated in me and the company,” said Mr. Forman.
The Investor Group has committed $75 million in capital to the business to invest in the future growth of the company. The company anticipates rebranding the business to reflect its status as a fully independent production company. Rebranding will be among the initial priorities, and is expected within the next 90 days.
Andrew Marcus commented, “We have a clear vision for the business, and we’re confident that as we begin this new chapter as an independent company we will successfully expand our non-scripted and scripted businesses, both organically and through additional strategic opportunities. We are extremely excited to rebrand and benefit from the strong financial support and operational expertise of our owners, who are backing their commitment to Relativity Television with significant capital to power our continued growth and increase our capabilities.”
Mr. Forman added, “Today’s announcement should provide assurance to Relativity Television’s employees and business partners, as well as the broader entertainment industry, that we will continue to do what we do best: create and produce outstanding scripted and unscripted television content, while simultaneously growing our business like never before. I’m looking forward to working with a world-class team of employees at the company on the many opportunities ahead, and to rewarding the faith and loyalty that many of our business partners have demonstrated.”
Tom Forman Biography
Tom Forman is Chief Executive Officer of Relativity Television. He received NATPE’s 2011 Innovator Award for the company’s series “Coming Home,” which airs on Lifetime.
Before joining Relativity, Forman ran Tom Forman Productions, an independent television production company within CBS Television Studios. TFP was responsible for series and pilots airing on CBS, including the award-winning and controversial social experiment “Kid Nation.”
Forman previously worked with international television producer Endemol, creating and producing original unscripted series. During this time, Forman created and produced the hit ABC show “Extreme Makeover: Home Edition,” which ran for 11 seasons. He won two Emmy Awards® and two People’s Choice awards for the show. At Endemol Forman also created and produced “Back on Campus,” an original series for ABC Family, and executive produced “Todd TV” for FX.
Earlier in his career, Forman oversaw network, cable and syndicated shows and projects for CBS News, including a 5-year stint on the long-running newsmagazine “48 Hours.” In 2001 Forman was tapped to lead CBS News’ production of “9/11,” a documentary that first aired on the six-month anniversary of the September 11 attacks. Forman shared in the documentary’s Emmy, Peabody, Edward R. Murrow and WGA awards.
Andrew Marcus Biography
Andrew Marcus is President and Chief Operating Officer of Relativity Television. Since January 2013, he has been responsible for leading the studio’s worldwide growth. Marcus oversees scripted development, packaging and production as well as non-scripted and scripted acquisitions, distribution, and financing efforts. Additionally, Marcus directs the studio’s corporate strategy, mergers and acquisitions, business development, business affairs and operations.
Prior to his current role, Marcus served as Chief Operating Officer and President of Corporate Development & Strategy for Relativity Media, overseeing the company’s growth from a four-person start-up in 2005 into a diversified independent media company. While COO of Relativity Media, Marcus was responsible for international distribution, single picture finance, corporate strategy, mergers and acquisitions, operations, business affairs and business development for the company. Marcus led the structuring, financing and execution of major transactions, including Relativity’s Pay-TV deal with Netflix, 6 film slate co-financing deals with Sony and Universal, the acquisition of the Rogue Pictures library, the acquisition of Overture Films, more than 15 international distribution output deals, domestic distribution output deals with Universal and Lionsgate, the formation of RelativityREAL television productions (now Relativity Television), and many single picture financings.
Marcus’ previous entertainment industry experience includes managing production at GreeneStreet Films, and Miramax Films, where he served as an assistant to co-founder Harvey Weinstein. Marcus began his career in film production with companies including Manifest Films and the Shooting Gallery. He received a B.A. from Duke University and an M.B.A. from Harvard Business School.
About Anchorage Capital Group
Anchorage Capital Group, L.L.C. is a New York-based registered investment adviser founded in 2003. The firm manages private investment funds across the credit, special situations and illiquid investment markets of North America and Europe using an active long and short basis, with particular focus on defaulted and leveraged issuers.
About Falcon Investment Advisors
With offices in Boston and New York, Falcon provides innovative capital solutions in amounts of $10 million to $75 million to middle market companies. Since its founding in 2000, Falcon has invested in over 65 companies in a broad range of industries to support acquisitions, recapitalizations, buyouts and organic growth.
About Luxor Capital
Luxor Capital Group, LP (“Luxor”) is a registered investment advisory firm located in New York and founded in 2002. Luxor acts as the investment manager to a number of private investment funds and as of August 1, 2015 had approximately $5.8 billion in assets under management.
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