Netflix loses to Relativity Media in bankruptcy court

Netflix doesn’t lose all that often, but apparently it can happen. The company’s efforts to void its contract with Relativity Media – just as Relativity is attempting to emerge from Chapter 11 bankruptcy – have fallen short. U.S. Bankruptcy Court Judge Michael Wiles disagreed with Netflix attorney Scott McNutt, who argued that Relativity would be unable to meet its content obligations to Netflix under its new reorganization plan. Wiles said that Relativity had made a “good faith” effort to deliver films to Netflix, and that Netflix wasn’t incurring any real risk by maintaining the contract, as any films not delivered can simply go unpaid for. But it’s not all sunshine for Relativity: Wiles declined to let them emerge from bankruptcy just yet. First, he said, the company must secure $80 million in additional funding, and lock down the involvement of actor Kevin Spacey and his business partner Dana Brunetti, who are slated to take over as Relativity Studios’ Chairman and President, respectively.

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