Oscar-winning actor Kevin Spacey will become chairman of the largest privately held, independent film studio under terms of a deal announced tonight.
Relativity Media LLC announced it has entered into an agreement to acquire Trigger Street Productions, the entertainment production company owned and operated by Spacey and his producing partner Dana Brunetti, who will become president of Relativity Studios, effective in mid-February.
Spacey and Brunetti will oversee all creative content and film production for Relativity Studios.
Financial terms of the transaction were not disclosed.
"They thought we were crazy when we chose to do ‘House of Cards’ with an online streaming service; they thought I was crazy when I went to run The Old Vic Theatre when no one thought it could be saved; and this move with Relativity will be proof for some that we really are crazy," Spacey said.
"This is an incredible opportunity to make great entertainment. I’m thrilled at this next evolution in my career, having run an independent production company to now be able to run a studio is a great challenge, and I’ve learned that in the end it’s the risk takers that are rewarded."
Relativity Studios has produced, distributed or structured financing for more than 200 motion pictures, generating more than $17 billion in worldwide box-office revenue and earning 60 Oscar nominations. Relativity Studios’ films include "Immortals," "Limitless," "The Fighter," "Act of Valor" and "Safe Haven."