Elliott Management Corp., the hedge fund that backed filmmaker Relativity Media LLC, said the executive overseeing the entertainment investment is leaving as the company reduces its focus on movies.
Michael Joe, former president of Relativity, will leave in early 2012 for a new opportunity, New York-based Elliott Management said today in an e-mailed statement. He joined in May to oversee the company’s investments in Relativity and a Universal Pictures film slate.
Movies are a “shrinking focus” for Elliott, Jesse Cohn, a portfolio manager with the company, said in the statement. Relativity Chief Executive Officer Ryan Kavanaugh is seeking an investor to buy Elliott’s minority stake in the studio, the website The Wrap reported in June.
“My passion is to be an active participant within the media and entertainment industry,” Joe, a former Universal Pictures executive, said in the statement.
Susie Arons, a spokeswoman for Elliott, said the company had no further comment.
Relativity agreed in June to spin off the Universal Pictures slate to Elliott. The studio is scheduled to distribute seven movies this year, according to film researcher Box Office Mojo.