Tom Forman (pictured) and Andrew Marcus will lead a new-look TV production company after the sale of Relativity Television’s assets to a group of investors was completed.
Despite its strong programming pipeline and profitability, Relativity TV was caught up in the financial woes of its previous parent, Relativity Media.
A deal with Anchorage Capital Group, Falcon Investment Advisors and Luxor Capital Group has now completed that sees the TV arm completely separated from Relativity Media.
The new TV company will reveal rebranding within 90 days, with Forman, who is best known for ABC renovation format Extreme Makeover: Home Edition, remaining as CEO. Marcus, who was COO of Relativity TV, has been promoted to president of the newco.
The investment group bought the assets from the Chapter 11 estate of Relativity Media, whose debt problems emerged publicly earlier this year, leading a tough and complicated restructuring that has not yet finished.
The investment group has committed US$75 million in capital to put towards new growth at the newly indie TV firm, with some of that going on the rebrand. Relativity TV’s current slate includes CBS’s reworking of Bradley Cooper movie Limitless, and shows for the likes of Food Channel, Lifetime and History Channel.
“Relativity Television begins this new chapter as an independent, well-capitalised business that is extremely well-positioned to achieve both near-term growth and long-term success,” said Forman. “Importantly, we’re fully independent of our former parent company in an era of increasing media consolidation – and much more nimble and flexible as a result. I am extremely grateful for the confidence that our new owners have demonstrated in me and the company.”
Marcus said the firm would continue to focus on both scripted and unscripted programming “both organically and through additional strategic opportunities”.
“Today’s announcement should provide assurance to Relativity Television’s employees and business partners, as well as the broader entertainment industry, that we will continue to do what we do best: create and produce outstanding scripted and unscripted television content, while simultaneously growing our business like never before,” added Forman.
“I’m looking forward to working with a world-class team of employees at the company on the many opportunities ahead, and to rewarding the faith and loyalty that many of our business partners have demonstrated.”
Before joining Relativity to helm its TV arm, Forman ran Tom Forman Productions, an indie that was behind broadcast network shows such as social experiment format Kid Nation. He has also worked at Endemol (now Endemol Shine Group), where he was behind Extreme Makeover.
Marcus was one of four executives that originally launched Relativity Media in 2005. Among other development, acquisitions, business development and operations activities, he launched RelativityREAL, which became Relativity TV. He has also worked at GreeneStreet Films and Miramax.