Monday, October 31, 2016
Relativity Media Sells Stake To Singaporean Social Networking Company YuuZoo
Beverly Hills-based movie studio Relativity Media--which is behind such titles as Limitless, Masterminds, and Immortals--scored a big investment from Singaporean Internet company YuuZoo, the two companies said this morning. The two said that YuuZoo will initially buy 33.3 percent of Relativity Media, and now has an option to take a majority stake of the company over the next 24 months. YuuZoo is an online operator of social media, e-commerce, and gaming properties, and says it has the ability to reach more than 4 billion consumers. YuuZoo said the deal will give it access to a "huge and growing library" of content, in film, TV, sports, fashion, and music. The two did not discuss financial details of the deal, however, TheWrap says the deal is worth up to $250M. YuuZoo apparently was bidding against Lenovo and Legend Holdings for Relativity Media.