Kevin Spacey is now running a movie studio

The actor has taken over as chairman of the struggling Relativity Media

Kevin Spacey as Francis Underwood in ‘House of Cards’ (AP (AP)

Kevin Spacey is one step closer to running Hollywood – he now owns movie studio Relativity Media.

The actor's production company Trigger Street Productions – which he runs alongside Dana Brunetti – is replacing Chapter 11 as the overseer of "all creative and film production" following Relativity's plunge towards bankruptcy.

This is quite a coup considering Spacey has previous of successfully running a respected establishment as exemplified in his past work as artistic director of The Old Vic Theatre Company.

Spacey will be chairman while his producing partner Brunetti will become president. CEO and founder of Relativity Media Ryan Kavanaugh said, "I could not be more excited to partner with such talented professionals."

Spacey and Brunetti's Trigger Street Productions has extensive credits to its name, including The Social Network and Captain Phillips, as well as Spacey's very own Netflix television series House of Cards.

"Dana and I coming in at this moment hopefully will bring a credibility, a righting of the ship. It's a very excited position to be in, where we can green-light a film," the actor told Deadline.

House of Cards is returning to Netflix for a fourth series on 4 March. In the series, Spacey plays President Frank Underwood – a role for which he won a Golden Globe in 2015.