January 24, 2012 7:12 PM
Hollywood’s Legal Dealmakers Stay Busy as Billionaire Burkle Snags Relativity Stake
Posted by Brian Baxter
An investment vehicle controlled by billionaire Ronald Burkle announced Monday that it has purchased a “significant equity stake” in Relativity Media, the film production company behind such blockbusters as Bridesmaids, The Fighter, and The Social Network.
A press release announcing the transaction did not disclose financial terms of the deal, but Bloomberg reported earlier this month that a sale price was expected to be in the hundreds of millions of dollars. Burkle’s Yucaipa Companies is purchasing a minority stake in Relativity from New York–based hedge fund Elliott Management, according to media reports.
The deal comes as Elliott, founded by Harvard Law School graduate Paul Singer, is stepping back from its investments in feature films. Burkle helped Relativity finance the marketing campaign for the studio’s Immortals movie last year, according to The Associated Press.
Trade publication The Wrap reported last year that JPMorgan Chase was mulling a $700 million deal to acquire Elliott’s minority stake in Relativity. The Wrap subsequently reported that Relativity took
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