LOS ANGELES--(BUSINESS WIRE)--Please replace the release with the following corrected version due to multiple revisions.
The corrected release reads:
RELATIVITY TO COPRODUCE HUNTER KILLER STARRING GERARD BUTLER WITH MILLENNIUM PICTURES
Relativity today announced it will be co-producing Hunter Killer with Millennium Pictures. Dana Brunetti and Ryan Kavanaugh are also executive producing the film alongside producers Neal Moritz and Tobey Jaffe. Donavan Marsh is Directing.
Peter Craig and Jamie Moss wrote the script based on the George Wallace and Don Keith novel, Firing Point, about an American submarine commander sent deep in Russian waters to save an elected Russian president in the midst of a military coup.
"As a project we've had in development for over 6 years we are very excited to be moving forward on this picture and to be collating with Millennium Pictures. This will be our 6th picture with Gerard and it is a perfect role for him" said Relativity Studios representative.
The film is being shot in Bulgaria and the United Kingdom.
Millennium and Relativity have mutual creative approvals with Millennium having the tie breaker on all creative matters. Otherwise Millennium and Relativity are tied in all respects.
Additionally, Under the terms of the deal Relativity had a right, not an obligation, to acquire domestic distribution rights, which it has not exercised.
Relativity has three major film releases this year:
Before I Wake on September 9. The feature is going to debut at the Fantasia festival in Montreal on July 31st.
Masterminds on September 30. Produced by Lorne Michaels and starring Owen Wilson, Kristin Wiig, Zach Galifinakis, Jason Sudeikis and Kate Mackinnon
Kidnap a High Octane Thriller, being released on December 2, Produced by and starring Halle Berry
In April of this year a court approved the purchase of Relativity by private investors including its Founder Ryan Kavanaugh, from Chapter 11. The Investors brought in excess of $200 Million in financing to complete the exit. Specifically: a $60m revolving line for Print And Add of Films, a 40m library financing by MidCap, $70 million by the Investor Group in two tranche’s: a purchase of the $35 million in DIP financing from Elliott at close and $35 million invested by the Investment Group a few months earlier at the initial auction as well as $60m of financing from BidCo as a Term Loan, for a total of $230 million of financing. Furthermore, since inception, the current owners have invested more than $200 million into Relativity.
Relativity (relativitymedia.com<http://relativitymedia.com/>) is a next-generation global media company engaged in multiple aspects of content production and distribution. It is a full fledged studio with the distribution capacity of a major studio, including a best in class Pay TV Deal. Relativity’s business model is to utilize its foreign output system to cover most of the risk of its productions and focus on generating profits outside of the box office. It looks to reduce the Print and Add Spends such that it realizes a moderate box (20-80m in domestic box) increasing the profitability and bottom line from all other mediums exponentially. Approximately 85% of the films it has made have made a profit, under this model. Furthermore, Relativity was the first studio to have a distribution license in china and looks to maximize its returns from the growing Chinese box office.
Relativity Studios, the Company’s largest division, has produced, distributed or structured financing for more than 200 motion pictures, generating more than $17 billion in worldwide box-office revenue and earning 60 Oscar nominations. Relativity’s films include Oculus, Safe Haven, Act of Valor, Immortals, Limitless, and The Fighter.