Sunday, 21 December 2014
Last updated 1 day ago
Jun 6 2011 | 1:15pm ET
Rumors of the divorce between Relativity Media and Elliott Associates appear to be greatly exaggerated.
The former will invest more in the latter, rather than having its investment bought out. In exchange, Relativity has agreed to spin off its film fund—backed by Elliott for the past three years—to the hedge fund.
"As our core business of developing, producing and distributing our own product has grown to be competitive in size and scope with the majors, this move allows us to focus our energy on that business," Relativity CEO Ryan Kavanaugh said.
The film fund will be managed by Michael Joe, the former Relativity president hired by Elliott last month to lead Elliott Media Investments.
Last week, it was reported that Kavanaugh was seeking a buyer for Elliott's stake in the studio—the hedge fund has invested more than $1 billion in Relativity—but Elliott said it was not planning to sell its piece.
Relativity reportedly has an option to buy Elliott out.
Dec 1 2014 | 10:21am ET
As 2014 winds down, Northern Trust Hedge Fund Services executives took some time to share their outlook on trends facing the industry in 2015. Read more…
Jeff Sprecher was simply looking for a platform to trade energies when launching ICE 14 years ago but it has grown to reach the pinnacle of both the listed futures and equities world.