Please wait...
Please wait...

Relativity ‘offers cash to keep TV chief’

Troubled entertainment company Relativity Media has moved to keep hold of the CEO of its TV production arm and other key execs ahead of its second bankruptcy hearing today.

Tom Forman

Tom Forman

The company has offered a group of execs, including Relativity TV CEO Tom Forman, president Tucker Tooley and MD Carol Genis, cash incentives totalling around US$314,000 to stay with the outfit, according to The Wrap.

Ryan Kavanaugh, who founded the film and TV company in 2004, is not among those named in the group.

Burdened by debt and a number of feature film flops, the company filed for bankruptcy protection towards the end of July. The television unit, led by Forman, is set to be auctioned off with a group of Relativity’s lenders acting as lead bidders.

The unit, which is behind forthcoming CBS series Limitless and MTV’s Catfish, is expected to be one of the most hotly anticipated assets in the sale as it is one of the company’s few profitable ventures.

In an email to staff in July, Forman said that “other divisions are undergoing some reorganisation and, as a result, some jobs in those divisions have been eliminated. That part is heartbreaking.
“At Relativity Television, that’s not happening. For us, it’s business as usual. The mission here is to just keep doing what we’ve been doing – with the team that’s been doing it. Quite simply, things in TV don’t change as a result of this process.”

The entire company now counts 84 full-time employees, having once employed up to 350 people, according to the report.

RELATED ARTICLES

Please wait...