Hot on the heels of Relativity Media’s bailout from private equity company Catalyst Capital Group, the troubled film and TV studio has pushed the release date for its forthcoming comedy Masterminds.
In a brief statement from the studio, a spokesperson cited the ongoing financial woes they are dealing with has led to the rescheduling.
“Relativity Studios has rescheduled the release of its next film Masterminds to October 9, 2015, to allow the company to focus on its recapitalization and give this film the proper attention and support it deserves.”
Masterminds centres on a group of hapless wannabe criminals attempting to pull off a huge bank robbery. Starring bankable comedy talents Zach Galifianakis, Kristin Wiig, Owen Wilson and Jason Sudeikis, the movie was well placed in August for a solid opening weekend.
Even with the proposed cash injection the vast financial issues Relativity are faced with does bring into question its long-term stability. Last month, Relativity founder/CEO Ryan Kavanaugh was scrambling for another financial partner to save his company. A string of underperforming movies has contributed heavily to a disappointing year for them.
According to multiple sources, the Catalyst Capital Group will provide $170 million of equity as well as taking on its debts of $150 million. There is a healthy amount of scepticism that Catalyst will stump up the equity, but what is clear is that Relativity do not have the capital to market Masterminds.
The move to October could turn out to be a wise decision, it faces less outright competition with no other comedies scheduled for release. However, when a studio is in a much trouble as Relativity is, delaying a sorely needed hit could be seen as counter-productive.