Neon, the indie studio known for producing and distributing Oscar-winning films like Parasite, Anora, and Anatomy of a Fall, and box-office hits like Longlegs, has officially signed a deal to sell a significant stake of the company to Department M, a production and financing outfit. Reports of negotiations for this deal began in February, but have now officially been closed.
The sale includes several structural changes for the studio. Michael Shaefer, the co-founder of Department M, will serve as Neon’s new Chief Content Officer, while his other co-founder, Mike Larocca, will join Neon’s Board of Directors. Tom Quinn will still serve as the CEO of the studio.
Despite this sale, Neon’s parent company, 30West, won’t be separating and will remain a significant shareholder in the studio. In addition, Dan Friedkin and his company, The Friedkin Group, the parent company of 30West, will continue to serve on the board of directors.
Much of the reasoning for this deal comes down to expansion for both Department M and Neon. And as part of this expansion, Neon has officially launched Neon TV, a new television division for the studio, focused on producing television and streaming series. The overall goal of this sale is to expand Neon’s entertainment footprint across both the big and small screens.
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