Jan. 23 (Bloomberg) -- Billionaire Ron Burkle acquired an equity stake in Relativity Media LLC, the independent film and television studio led by Ryan Kavanaugh.
The purchase follows a debt investment Burkle made in the company last year, according to an e-mailed statement today from Relativity and Yucaipa.
Burkle agreed to buy Elliott Management Corp.’s minority stake in Relativity, two people with knowledge of the situation said on Jan. 6. Elliott, a New York-based hedge fund, will continue to hold a small stake, said one of the people.
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