Happy Walters is expected to be named co-chief operating officer of Relativity Media.
The studio declined to comment, but an individual with knowledge of the situation said that an announcement on staffing is expected later this week.
Walters has been with Relativity since 2009, joining the studio as president of Relativity Music and as president of Relativity’s sports management platform, Rogue Sports.
He is a veteran music executive, who has previously been the owner and CEO of Buzztone Music and ran the independent record label, Immortal Records for a time.
His promotion would come on the heels of billionaire Ron Burkle's decision to buy a stake in the studio. Burkle's investment appears to have brought some stability to the studio, which has struggled to find a new financial backer to replace the hedge fund Elliott Management.
For months, the studio had been subject to myriad rumors of financial distress and a revolving door of top executives.
Walters and another executive would share the task of replacing former Chief Operating Officer Brian Edwards, who left the company in October after less than six months at the job to return to his old post at Mark Burnett Productions.
It is still unclear if President Steve Bertram will remain with the studio. He has also been weighing leaving the company now that his contract is up. A decision on whether he will stay is expected by the end of the month, according to an individual with knowledge of the situation.
Other executives who have exited the studio include Bertram's predecessor as studio president, Michael Joe, who stepped down from his post in May to take a new position at hedge fund Elliott Management. Last week, he announced that he was leaving his post at Elliott.
Among the others who have left Relativity since it began its transition from a film financier to a full-fledged studio are: Senior Vice President of Acquisitions Joe Matukewicz, who recently left for a post at Sony; President of Theatrical Marketing and Distribution Peter Adee, who announced last April that he was leaving the studio after 10 months on the job; Worldwide Marketing President Geoffrey Ammer, who stepped down in August, 2010.
Variety first reported Walters' expected promotion.
