Relativity Media, founded by CEO Ryan Kavanaugh, is cutting 75 of its 350 employees, B&C has confirmed.
“As Relativity continues to move forward with steps to strengthen its balance sheet and reduce costs, we've made the difficult decision to eliminate 75 full-time positions across several of our divisions,” the company said in a statement. “This is a necessary step to position the company for a strong future.”
The cuts come as Relativity has been unable to pay $320 million of debt to lenders and is expected to file for bankruptcy this week, according to multiple reports.
“We appreciate the dedication and hard work of all of our colleagues, and we are making every effort to assist and transition those who are leaving the Company,” the company added.
Relativity did not specify which divisions would be affected by the layoffs, though it is reported that cuts will hit the fashion, education and digital units hardest.
Relativity produces a handful of TV shows, including Catfish, The Great Food Truck Race and The American Bible Challenge.
