Relativity Media CEO Ryan Kavanaugh is poised to reclaim control of his bankrupt studio with the exception of Relativity’s TV division run by Thomas Forman, individuals familiar with the proceedings have told TheWrap.
The new deal would represent a stunning turn of events for Kavanaugh, who two months ago was forced to file for Chapter 11 bankruptcy on his nine-year-old company.
Relativity Media declined to comment on the matter.
A stalking-horse group led by the company’s senior lenders is expected to emerge as the winner of a Thursday auction in New York for Relativity’ assets with a long-standing bid of $250 million.