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EXCLUSIVE: In a big shot in the arm for the independent distribution game as Virtual Cannes gets underway, Open Road Films is back up and running. Funding is in place from New York-based private equity firm Raven Capital Management. Open Road Films will be led by Raven principal James Masciello with key support from Ma…

Raven Capital Management said it has completed its $87.5 million purchase of Open Road Films assets, including rights to 45 titles such as the Oscar-winning Spotlight, Chef and End of Watch. The finalizing of the agreement first disclosed in November adds another notable film library to Raven’s collection of assets…

Raven Capital Management, which had offered a stalking-horse bid of $87.5 million for Open Road last month, will take control of the company after no other bidders emerged in the company’s bankruptcy proceeding. The auction in Delaware bankruptcy court originally scheduled for November 7 has been canceled (read the…