Beverly Hills-based Relativity Media announced Thursday it will sell nearly all of its assets to UltraV Holdings LLC, an asset-management joint venture.

In order to complete the sale, Relativity Media will voluntarily file Chapter 11 petitions in U.S. Bankruptcy Court in New York. The sale will be subject to court approval and is expected to close in the next 45 to 60 days, according to a statement.

UltraV said it plans to provide sufficient capital to help Relativity resume operations and the development and distribution of original content, including Relativity’s deal with Netflix.

“We are very excited to acquire the assets of Relativity Media and we believe there are numerous opportunities to reinvigorate and expand the business,” said Lex Miron, one of the joint venture’s principals.

The founder of Relativity Media, Ryan Kavanaugh, said the company faced some significant challenges and this deal “will result in a fresh start for the company” under owners “who have a sincere appreciation for the business, the art and the long term needs of the industry.”

Relativity Media has two movies set to hit theaters later this year. It is also behind the popular MTV show “Catfish.”

Ultra V Holdings is a joint venture among funds managed by Sound Point Capital Management and RMRM Holdings.

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