The web information service THE WRAP has broken the story that just weeks before the release of his first big-budget epic, the sand-and-sandal epic IMMORTALS, Relativity Media CEO Ryan Kavanaugh took a $200 million loan from billionaire Ron Burkle, The loan was obtained from Colbeck Capital Management, a fund in which Burkle has invested. The money was needed to help Relativity cover the staggeringly high multi-million marketing costs for the film, and also provided the company with seed capital to continue making big budget movies, including the upcoming Snow White epic MIRROR, MIRROR. Apparently, the terms of the short term loan were quite onerous, with an 15 percent interest rate and a guarantee that Colbeck would receive “first dollar gross,” meaning cash direct from box office receipts .At a cost of around $85 million, IMMORTALS has so far taken in $69 million domestically since its Nov. 11 release, and is on track to be a modest moneymaker for the studio as the film moves into international territories. Rumors have been rampant in Hollywood for months that Burkle is circling a JP Morgan deal to buy out Elliott Management’s minority interest in Relativity. The investment bank has been quietly negotiating with Relativity for months to lead a $700 million investment in the company but the deal has not yet closed.
Hello…! We are David & Amanda, also known as the Father/Daughter Film Report bringing you interviews & updates on film festivals around the world. Here on our FIRST THURSDAYS FILM FESTIVAL blog we would like to share with you some … Continue reading
MAGNOLIA INDEPENDENT FILM FESTIVAL: Movies come to Mississippi in a BIG WAY!……..One Millennial. One Baby Boomer. Two totally different perspectives. Perspectives that cross not only generations – but styles, tastes, passions, interests, and impressions. The duo offers you impressions of … Continue reading
Hello…! We are David & Amanda, also known as the Father/Daughter Film Report & would like to share with you some of the best films seen and screenplays read from all the film festivals we have covered, the submissions we … Continue reading
Hello…! We are David & Amanda, also known as the Father/Daughter Film Report & would like to share with you some of the best films seen and screenplays read from all the film festivals we have covered, the submissions … Continue reading