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Source: Relativity Sports Unaffected By Relativity Media Layoffs

Relativity Sports' business operations are unaffected by layoffs at film and television studio Relativity Media, which owns a minority equity stake in the sports agency, a Relativity Sports source said today. Variety earlier today reported that Relativity Media issued layoff notices to 75 of its 350 employees. Relativity Sports was launched in July '12 and was styled as a division of Relativity Media, but it is actually a separate company, said this source. "Relativity Sports is an independent company," the source said. "Relativity Media is a minority shareholder in Relativity Sports. The layoffs and other happenings at Relativity Media do not directly affect any of our business operations."

Relativity Sports is one of the largest sports agencies in the U.S. with major MLB, NBA and NFL player representation practices. "We have our own board of directors, our own independent financing arrangements," the source said. "Clients, agents and staff are completely unaffected."

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