Relativity Media Scores Investment from Google Boss Eric Schmidt's VC Fund
Court Coursey has been tapped to be Relativity's new chief investment & strategy officer.
Relativity Media on Friday said that Eric Schmidt's TomorrowVentures will invest an undisclosed amount in the film studio.
The announcement comes as Ryan Kavanaugh's plan for reorganization is set to go before creditors and a New York bankruptcy judge in the coming weeks. Relativity has been hunting for new funds to effectuate its intention to release several films including Masterminds, an action-comedy starring Zach Galifiankis and Kristen Wiig, and Kidnap, an action-thriller starring Halle Berry.
TomorrowVentures serves as the investment vehicle for Alphabet (formerly Google) executive chairman Schmidt. The fund's other investments have included Legendary Pictures and Maker Studios.
Along with news of a new benefactor, Relativity also has appointed TomorrowVentures' managing partner Court Coursey to be its new chief investment & strategy officer. In his career, Coursey has founded and worked with businesses in the IT and aviation industries.
“Court is a proven business leader and entrepreneur with deep knowledge of the forces shaping media, technology and entertainment," Kavanaugh said in a statement. "I’m thrilled to welcome him to Relativity as we prepare for the next chapter in our evolution as a 360-degree content engine.”
In the past few weeks, Relativity has been quite busy on the hiring front. On Jan. 6, Kavanaugh announced that Trigger Street producing partners Kevin Spacey and Dana Brunetti would run film and TV operations at the embattled studio.
Also on Friday, Relativity promoted Kenneth Halsband to chief operating officer. He previously was president of physical and post production and a co-producer on such films as The Fighter, Limitless and Safe Haven.