Relativity Media is facing quite an uncertain future at the moment and perhaps could go bankrupt, after several deals that they closed on in recent months have fallen through.
Sony sent a letter to Relativity earlier this past week stating its intention to terminate the deal made for US Rights to The Big Bang Theory‘s Melissa Rauch’s film, ‘The Bronze‘, the raunchy comedy which debuted at Sundance Film Festival in January. Relativity had entered the $3 Mil pact with Sony Pictures Worldwide Acquisitions last January during the festival.
It seems that Relativity has been unable to satisfy, or ‘cure’ a number of provisions made in the contract. Asd a result, a cure letter was sent and followed up with a notice of termination.
The Bronze, co-written by Rauch and her husband was produced by the Duplass brothers. The film created quite a buzz at Sundance Film Festival for its creative sex scenes. No comment has come from Sony or Relativity for the film which was due to release theatrically in the US in October 16, 2015.
Acccording to Hollywood Reporter, numerous sources state that Relativity titles are being shopped around by worried producers and Relativity’s Ryan Kavanaugh has placed cutbacks on use of company resources as well. The company has failed ot meet a number of debt payment deadlines and potentially could face bankruptcy unless it finds a new equity source as early as this coming Wednesday. There is no financial resources left to market and promote the upcoming release of The Bronze and other films.
Should relativity go bankrupt, lenders could get their money back by selling the company, Kavanaugh could buy back the company if he finds a new equity partner, or the lenders could end up owning Relativity and appointing new leadership, restructuring the company. If the latter is done, many films still could be released by Relativity.
Stay tuned as we will be following the outcome and what it means for future of The Bronze.