Relativity TV Completes Sale, Promotes Andrew Marcus to President

Tom Forman will remain CEO as company spins off from bankrupt parent company, to announce new name within 90 days

Last Updated: October 20, 2015 @ 4:19 PM

The purchase of Relativity Television has been ratified by U.S. Bankruptcy Court, its new owners announced late Tuesday.

Anchorage Capital, Falcon Investments and Luxor Capital — a consortium of Relativity Media’s senior lenders — have successfully spun off the profitable division, which will remain under the leadership of CEO Tom Forman.

Former Relativity Media COO Andrew Marcus been promoted to president of the new endeavor, which will announce a new name within 90 days.

“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,” Forman said in a statement.

Relativity TV’s new owners have committed $75 million in capital, and expects to launch a rebranding campaign within the next 90 days.

Projects the company currently has on the air include MTV’s “Catfish” and CBS’ “Limitless.” The company has an adaptation of Channing Tatum‘s “Haywire” in the works, as well.

The TV division breaks away from other bankrupt assets of Ryan Kavanaugh’s Relativity Media, including Relativity Studios, the movie library and minority stakes in a sports-management company and a for-profit education unit.

On Tuesday, Kavanaugh and a consortium of new investors announced that they had modified a refinancing plan for the company. The company proposed raising $30 million in cash with a $60 million debt acquisition to address an outstanding $125 million loan — half as much cash as had been suggested in earlier court filings.