Ryan Kavanaugh's Relativity Gets Big Break as IPO Looms

Sources say Ryan Kavanaugh's studio Relativity Media got an extra month to pay its debts, and received about $60 million to meet payments due May 31. Relativity needed the holdover funds as it continues to close a longer-term financial deal that prepares the studio for an IPO in 2016. It is said to have enlisted a pair of lenders that includes OneWest. The studio said in a statement it came to an agreement with its lenders to give Relativity more time to close the financial deal. The statement added that Kavanaugh and Relativity appreciate the lender's support.