In what’s being called a “bombshell development,” Relativity Media has installed Kevin Spacey and Dana Brunetti, the owners of Trigger Street Productions, as the new heads of the studio.

In a scoop, Mike Fleming Jr. reports on Deadline.com that the move comes as part of an acquisition of Trigger Street by Relativity as Ryan Kavanaugh maneuvers the company out of Chapter 11.

“Two-time Oscar-winning actor Kevin Spacey will become chairman of Relativity Studios and producer Dana Brunetti will become president,” Fleming writes. “Together, they will steer Relativity’s resurgence in feature films and scripted television, and they expect to take the reins in February when Relativity is back on its feet.”