Liberty dissolves Overture Films to focus on Starz original shows; Relativity picks up staff
By APFriday, July 23, 2010
Liberty dissolves Overture; Relativity hires staff
LOS ANGELES — After months of unsuccessfully trying to find a buyer, Liberty Media Corp. is dissolving its Overture Films unit, sending its distribution and marketing staff to film financier Relativity Media LLC.
The deal does not include more than a dozen films made by Overture since 2007 that will stay with Liberty.
As part of the deal, Relativity will take on about 45 people and also receive a distribution fee on three movies that haven’t been released yet.
Liberty made the move to focus its resources on making original series for its Starz pay TV channel. Relativity is bulking up its operations so that it can compete with major movie studios.
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