Elliott Management’s stake in Relativity Media’s film and television studio will be bought out by CEO and chairman Ryan Kavanaugh, investor Steven Mnuchin and Dune Capital Partners IV, the company announced Thursday.
Still, Elliot will remain a minority investor in the studio. Financial terms of the transactions to acquire significant ownership stake of Relativity debt and equity securities were not disclosed.
Additionally, Relativity announced Mnuchin — founder of OneWest Bank Group and private investment firm Dune Capital Management — has been named co-chairman of the board to prepare the company for potentially going public in 2016, while Kavanaugh continues focus on the company’s growth around the world.
“Steven has been a trusted advisor for years, and I personally recruited him to join our board,” Kavanaugh, who is still the company’s largest individual shareholder, said in statement to TheWrap. “He brings an unrivaled perspective on the ever-increasing value of content in Hollywood and Wall Street, and his experience will prove invaluable as we continue moving toward an IPO.”