Eric Schmidt’s Venture Capital Fund Invests in Relativity Media

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Courtesy of Relativity

Relativity Media said that a venture capital fund run by Alphabet Inc. Executive Chairman Eric Schmidt will invest in the studio.

A spokesman for Relativity confirmed the investment on Friday, but declined to provide further details.

Court Coursey, managing partner of TomorrowVentures, was named Relativity’s chief investment and strategy officer. He will still retain his position at TomorrowVentures.

Coursey will report to Ryan Kavanaugh, chairman and CEO of Relativity, who called him “a proven business leader and entrepreneur with deep knowledge of the forces shaping media, entertainment and technology. I’m thrilled to welcome him to Relativity as we prepare for the next chapter in our evolution as a 360-degree content engine.”

Course said that “Relativity and Ryan have pioneered a powerful new model at a time when the content business is being revolutionized by technology and changing consumer behavior.”

Relativity Media is in the process of emerging from Chapter 11 bankruptcy protection, with a reorganization plan pending before a New York bankruptcy judge. Kavanaugh bought back control of the studio and the company is preparing to release a number of movies, including “Masterminds,” that were delayed after it filed for Chapter 11. The company said that it would begin production on “The Crow” in March.

The investment is through Schmidt’s TomorrowVentures, which also has made investments in Legendary Pictures, Maker Studios and Raine, along with Forbes Travel Guide, Prosper Marketplace, Lowercase Capital, Sharecare, Life Kitchen and 500 Startups. The list of their portfolio is on their website here.

Alphabet is Google’s renamed parent company of Google and its other ventures.

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