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Ryan Kavanaugh‘s embattled Relativity Media won’t release Masterminds on Oct. 9 after all.
The company, which is in Chapter 11 bankruptcy and up for sale, confirmed the move but declined to comment on the reason. It said it still intends to open the heist comedy, starring Zach Galifianakis, Kristen Wiig and Owen Wilson, sometime in 2015.
An insider close to the company says Relativity can’t afford to pay to market the movie, which had already been pushed from August to October. Relativity has liabilities of more than $1 billion, and is in debt to numerous vendors, including media-buying companies.
Relativity filed for Chapter 11 bankruptcy protection July 30. With an auction now pending, lenders have a vested interest in seeing the company remain in the film business. And to do that, a restructured Relativity will need to keep some product in the pipeline. The decision to take Masterminds off the calendar comes several days before an Aug. 14 hearing in bankruptcy court.
Red, EuropaCorp’s joint distribution venture with Relativity, is not part of the bankruptcy. And so EuropaCorp’s upcoming release schedule — which includes The Transporter Refueled (Sep. 4), Shut In (Feb. 19) and The Lake (July 15, 2016) — remains unaffected.
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