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UPDATES Starz Pushes McGurk And Rosett Out Of Overture
LOS ANGELES – JULY 23, 2010 – Relativity Media will take over the distribution and marketing operations and some assets of the Starz Overture Films subsidiary. Approximately 45 staff members, or two-thirds of Overture’s employees, will make the move to Relativity Media, including Peter Adee, formerly Overture Films’ President of Worldwide Marketing, Distribution and New Media, and Kyle Davies, Executive Vice President Theatrical Distribution.
Overture Films will release its remaining titles – Jack Goes Boating, Stone and Let Me In – through a new distribution services agreement with Relativity.
“We are in a great position to bring the marketing and distribution savvy of Peter and Kyle, and their teams to our home at Relativity,” said Ryan Kavanaugh, CEO of Relativity Media, LLC. “As we’ve been expanding this area of our business finding a team with the experience and breadth and depth that Peter and Kyle’s have couldn’t have been a more perfect fit. They have released an incredibly broad slate of films over the past 15 years including some of the highest grossing films in their respective years. I really commend Starz for its smart leadership in helping us make this move.”
“With our increased focus on original content, it no longer makes strategic sense for Starz to make theatrical motion pictures,” said Chris Albrecht, President and CEO of Starz LLC, Overture Films’ parent company. “However we’re pleased to have found a great opportunity for the majority of the company’s employees, including the talented distribution and marketing teams.”
“We couldn’t be more excited to be moving forward with Relativity’s expansion through this acquisition” said Michael Joe, President of Relativity “This move, together with our recent Netflix deal, gives Relativity a business competitive with any major studio.”
“We are very excited to be joining Ryan Kavanaugh and Relativity, as what they’ve accomplished in the past few years has been nothing short of extraordinary,” said Peter Adee. “We’re also pleased to reach this agreement, which benefits everyone, and most especially will support these great films as they are set to reach audiences.”
The Overture arrangement does not affect any of Starz Media’s other operating assets, including Anchor Bay Entertainment, which specializes in home entertainment releases.
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Kavanaughh is a ticking time bomb and to say Overture is a good investment would be a stretch of any truth. Good luck Eliot mgmt
The Guy is a forward thinker. That doesn’t mean he’s always toing to win, but you can rest assured he’s damn sure going to try.
Hollywood is full of haters waiting for the Golden Boy to fall. Ryan seems to have a plan before he partners with someone and makes things work. If he believes in it, I think we should also.
Much like his other “investments” this one is a pure money pit. Wonder if his investors know how much of their money he keeps wasting?
what a joke
so he took over some staff. the news is really that overture is shut down for good.
Where does Geoff Amer fit into this mix? Don’t they have two marketing heads now?
Congrats to Relativity. They are getting an excellent team.
got to believe your tongue is planted solidly in your cheek.
The article only says they have taken over distribution and some assets of Overture, could that mean Starz is actually holding onto the film library, making Relativity’s role pretty minor and only related to theatrical distribution?
If nothing else at least Anchor Bay is still in place at Starz, it would be a shame if they went down with Relativity whenever they finally bite the dust. You can’t keep producing such big flops without it finally catching up to you.
“With our increased focus on original content, it no longer makes strategic sense for Starz to make theatrical motion pictures,” said Chris Albrecht.
CAN YOU GET ANY MORE CONTRADICTORY THAN THIS STATEMENT?
Seems to me that Relativitys recent films have done OK… Robin Hood, Grown Ups, Despicable Me, Get Him to the Greek. Too bad Other Guys is gonna be terrible but Salt has breakout potential and Social Network looks promising. I’m not saying they’ve been hitting homeruns but besides Inception and Toy Story does anything count as a homerun this summer (potentially Despicable Me and Ironman?)
Kavanaugh is a risk taker for sure. I see the usual envious comments from anonymous cowards who have plenty to say from behind their monitor but would sell their soul to do business with Relativity. I’m not about to second guess anyone who has the confidence of investors like Ryan Kavanaugh. He knows much more about that level of the industry than anyone here.
Chris and Danny ran the company into the ground, happy to see folks still have a job with this deal. Best outcome, a mgmt buyout was a pipe dream given the lack of performance and therefore lack of financing. Worst mgmt of a well capitalized venture, a simple business case that should be taught to all incoming film students on how you can fail with so much coin.
I just got pink-slipped at Overture yesterday. I can assure you that it was Starz that killed the Company, not Chris and Danny and the employees who built it in just the last couple of years. We had some good success with low cost movies in the last year starting with Law Abiding Citizen and through The Crazies and even the Anchor Bay titles like City Island. Starz shut us off a year ago to spend their money on Spartacus and series, so we were left with nothing in the pipeline and we had no development. Film was just a business Starz should never have invested in, which was what Malone always said and I guess he must’ve just had a mind freeze when he agreed to do it.
You want a business case for incoming film students, how about asking Stark Investments to explain how well they did investing with Relativity and Ryan Kavanaugh?
Hate to be the one to tell you this, but relativity’s investors have MADE money. You forget that domestic box office is only one leg of a four legged income stream
Elie Kavanaugh
I’m just wondering that there’s no money exchanged hands between Relativity and Starz? Besides Starz LLC paying Relativity a distribution fee? What Starz and Liberty actually can take from this deal? about 20 films library only? or is this all for the 45 staffs? what do you guys think?
The hammer has fallen on Evil Overture, and soon the hammer will fall on the lawless Anchor Bay, who has succeeded in ripping off virtually every struggling independent filmmaker over the last 10 years.
Watch the virus now infect Relativity.
The industry is a-changing….do de do do dooooo!
First off, there are so many good people out of work who are good marketing people for the Domestic Overture. Start hiring for Lionsgate Domestic and especially Overture. Both Peter
Kyle Davies, O Peter Adee are both amateurs, everyone knows in this business, that if neither Peter or Kyle like the movie they are marketing, they will do a very bad job. Suggest keeping them for 6 months, then move on. you will see.
What does this mean for Anchor Bay, will they be releasing movies?