Ryan Kavanaugh’s Relativity Media has made a major play to expand. In the wake of the recent departures of Chris McGurk and Danny Rosett at Overture Films, the company said Friday that Relativity Media is taking over the company, including the distribution and marketing operations and some assets of the Starz Overture Films subsidiary.
As part of the arrangement, two-thirds of Overtures staff, or 45 people will the move to Relativity Media, including Peter Adee, formerly Overture Films’ President of Worldwide Marketing, Distribution and New Media, and Kyle Davies, Executive Vice President Theatrical Distribution.
Overture Films will release its remaining titles, “Jack Goes Boating”, “Stone” and “Let Me In,” hrough a new distribution services agreement with Relativity.
The Overture arrangement does not affect any of Starz Media’s other operating assets, including Anchor Bay Entertainment, which specializes in home entertainment releases.
“We are in a great position to bring the marketing and distribution savvy of Peter and Kyle, and their teams to our home at Relativity,” commented Ryan Kavanaugh, CEO of Relativity Media, LLC in a statement. “As we’ve been expanding this area of our business finding a team with the experience and breadth and depth that Peter and Kyle’s have couldn’t have been a more perfect fit. They have released an incredibly broad slate of films over the past 15 years including some of the highest grossing films in their respective years. I really commend Starz for its smart leadership in helping us make this move.”
“With our increased focus on original content, it no longer makes strategic sense for Starz to make theatrical motion pictures,” said Chris Albrecht, President and CEO of Starz LLC, Overture Films’ parent company via a release. “However we’re pleased to have found a great opportunity for the majority of the company’s employees, including the talented distribution and marketing teams.”
Relativity Media, LLC is a media and entertainment company that focuses on “creating, financing and distributing ‘studio-quality’ entertainment content and intellectual property across multiple platforms, as well as making strategic partnerships with, and opportunistic investments in, media and entertainment-related companies and assets. According to Relativity, has committed to, produced and/or financed more than 200 motion pictures through 2014. Released films have accumulated more than $13.0 billion in worldwide box office revenue. Relativity’s recent films include “Dear John,” “Brothers,” “The Wolfman,” “It’s Complicated,” “Zombieland,” “Couples Retreat,” “The Bounty Hunter” and, most recently, “Get Him to the Greek,” “Robin Hood” and “Grown Ups.” Upcoming films include “The Fighter,” “Despicable Me,” “Charlie St. Cloud,” “Salt,” “Nanny McPhee 2,” “The Social Network” as well as James Cameron’s “Sanctum” in 3D and Wes Craven’s “My Soul To Take” in 3D.