Former Relativity execs Forman and Andrew Marcus were behind a deal to separate Relativity’s TV division from that of the parent group, after Relativity Media entered bankruptcy proceedings.
Anchorage Capital Group, Falcon Investment Advisors and Luxor Capital Group are behind the new prodco, which holds the Relativity TV assets, including MTV series Catfish, and Limitless for CBS, and will work up new projects across scripted and unscripted.
In the wake of Relativity’s financial woes, Critical was at pains to underline that it is well-capitalised and debt-free: it will have US$75 million at launch to develop a slate and expand its activities.
Forman will be CEO and Marcus president and COO of the new firm, which will be based in LA and repped by WME.
Critical said it will use a ‘pod’ model to back producers and already has such agreements with Brian Lando Productions (All Star Academy), Ellen Rakieten Entertainment (Car Matchmaker), The Jay and Tony Show (Restaurant Stakeout), Bill Thompson Entertainment (Breaking Boston) and Alibi Entertainment.
It also announced a new pod deal, with George Verschoor, whom Forman worked with on Extreme Makeover: Home Edition.
There is also a new development deal, with Create-IT Studio, the Israeli prodco behind Sony Pictures Television-distributed physical gameshow Raid The Cage.
“There’s never been a more exciting, more fulfilling, and more dynamic time to do what we do: create great content,” Forman said. “With only a few remaining truly independent production companies, we are well positioned to capitalise on a historic time in the entertainment industry. Critical really is the best of all worlds — fully independent, totally nimble, and very well financed.”