LOS ANGELES, Jan. 30, 2007 (PRIME NEWSWIRE) -- In a significant milestone for the entertainment finance industry, Relativity Media, LLC announced that it has created a wholly owned subsidiary, Relativity Media Holdings I LLC, which has concluded an agreement with Citigroup Corporate and Investment Banking on a co-financing package for approximately 45 studio films over the next five years.
Exact details of the Relativity Media Holdings I deal were not disclosed. Relativity will own 100% of the equity and will control the film selection and monitoring for Relativity Media Holdings I.
The success of Relativity's previous studio funding facilities led to the creation of this new operation, which incorporates several innovative features, allowing Relativity to review broad studio slates and select films that fit its proven selection methodology. "Relativity Media Holdings I is a major achievement not only in its potential scope, but also in that it represents what we consider the first transaction of its type," says Relativity principal Ryan Kavanaugh. The structure, he explains, is designed to properly align the interests of all constituents.
Kavanaugh also praised "the foresight and professionalism of the team at Citigroup" in working with Relativity in this undertaking.
About Relativity Media
Relativity Media, LLC is a financing, consulting and production company that utilizes both traditional and non-traditional channels in order to raise production and distribution funds, both for major studios and independent production entities. To date, Relativity has structured and consummated more than $4.22 billion in production slate financings. Relativity most recently provided financing for such films as Smokin' Aces, Catch and Release, Talladega Nights: The Ballad of Ricky Bobby starring Will Ferrell, RV starring Robin Williams, The Fast and the Furious: Tokyo Drift, the animated film Monster House, and Inside Man starring Denzel Washington. Films financed by Relativity that are currently in production include James Mangold's 3:10 to Yuma, starring Russell Crowe and Christian Bale, The Untitled J&J Project, starring Jackie Chan and Jet Li, Untouchables, Mr. Brooks and Baker Street.