Struggling Relativity Media Lays Off More Staffers
Relativity Media has laid off roughly a half dozen employees, Variety has learned. They are primarily administrative and lower-level staffers, some of whom are involved in financial operations, according to two individuals with knowledge of the situation.
Staff was notified that the cuts were happening this week. The studio has roughly 30 staffers on its payroll.
A spokesman for Relativity declined to comment.
Relativity counts “The Immortals,” “Limitless,” and “Act of Valor” among its film releases. The studio filed for bankruptcy protection in 2015 following a series of costly film flops. At the time, the studio cited $1.2 billion in liabilities and assets with a book value of just $560 million. After auctioning off its television business to a group of hedge funds that include Anchorage Capital, Luxor Capital, and Falcon Investment Advisors, the studio was able to emerge from Chapter 11.
It has yet to find its footing, however. The first two films that Relativity released after leaving bankruptcy — “Masterminds” and “The Disappointments Room” — failed at the box office.
Last October,Relativity announced it had a deal to sell a 33% stake in itself to YuuZoo, a Singapore internet company, for $50 million.