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Relativity Selling ‘Out Of This World’ to STX Entertainment (EXCLUSIVE)

STX Entertainment is in negotiations to buy “Out of This World” from the embattled Relativity Studios.

A deal has not yet closed, but an agreement to allow rights to the project to migrate from one studio to another is expected to be reached soon. “Out of This World” is described as a “Romeo & Juliet” story that centers on the first human born on Mars, who is secretly raised on the planet after his astronaut mother dies during childbirth. As a teen, he strikes up an online romance with a girl from Colorado, prompting him to travel across the solar system to meet her, all the while pursued by NASA.

The pact comes as Relativity is scrambling to reach an agreement with its creditors on tens of millions of dollars in debt payments. If a deal is not reached and its lenders do not allow the company to have an extension, Relativity could be forced to file for bankruptcy.

The picture had not received a greenlight from Relativity, but “Rock of Ages and “Wall Street: Money Never Sleeps” writer Allan Loeb had produced a script, which will now go to STX. Peter Chelsom (“Serendipity”) is attached to direct the film.

STX will produce and distribute the film. Southpaw Entertainment’s Richard Lewis will serve as a producer on the film. Doug Urbanski and Steven Pearl will act as executive producers. Relativity has not decided which of its executives will get producer credits.

STX is aiming to keep the project on track to go into production this fall. The studio will oversee any future deals associated with the project.

At one point, STX was also looking at buying rights to “The Crow” and “Hunter Killer,” two action films that Relativity had in pre-production.

STX was launched last year by film producer Robert Simonds and TPG managing partner Bill McGlashan. It is hoping to produce as many 15 films annually by 2017 and has already has lined up a slate of films that includes “Free State of Jones” with Matthew McConaughey, “Secret in Their Eyes” with Chiwetel Ejiofor and Julia Roberts, an R-rated puppet project from the Jim Henson Company, and a bigscreen version of the Uglydoll toyline.

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