Relativity Media Buys Overture
Relativity Media has purchased Overture Films' distribution and marketing assets from Starz, according to THE HOLLYWOOD REPORTER. Peter Adee, Overture Films' president of worldwide marketing, distribution and new media, and Kyle Davies, president, theatrical distribution, along with around 45 employees, will switch over to Relativity.
The Overture name will disappear while the former Overture staff will work on Relativity-produced films via its Rogue Pictures.
Relativity CEO Ryan Kavanaugh said the company plans to release 12 films in 2011 and over 20 in 2012.
As part of the deal the final three Overture productions — JACK GOES BOATING, STONE and LET ME IN — will be distributed through Relativity. Relativity, however, did not acquire the Overture library of 16 films.
None financial terms of the agreement were released.
Relativity recently signed a first-of-its-kind deal with Netflix to provide the rental service streaming rights to its films during the pay TV window.