Department M Takes Majority Stake in Neon, Launches Neon TV

Deadline reports that Neon has sold a majority stake to Department M, providing capital for expansion and the launch of Neon TV. Neon founder Tom Quinn remains CEO as Department M partner Michael Schaefer becomes Chief Content Officer; Larocca stays on at Department M and joins Neon’s board. The Friedkin Group maintains significant ownership, and the deal preserves existing Qatar partnerships while signaling potential UK distribution expansion, with no financial terms disclosed.