A Delaware bankruptcy judge yesterday approved the $87.5 million sale of Open Road Films to Raven Capital Management, Variety Magazine reported. The sale is expected to close on Friday. Judge Laurie Silverstein approved the deal after hearing that various objections had been resolved. Raven Capital submitted the only bid for the company. Open Road declared bankruptcy in September after parent company Tang Media Partners failed to raise fresh capital from its Chinese backers. TMP had acquired the U.S. distributor only a year earlier, and sought to combine it with foreign sales firm IM Global to create a worldwide studio.
