Neon Ties Up with Department M in Major Stake Sale to Expand Indie Studio’s Pipeline

Neon has sold a significant stake to Department M, with Neon founder Tom Quinn remaining CEO; Department M will appoint Michael Schaefer as Neon’s chief content officer and Mike Larocca to Neon’s board, while terms were not disclosed. Department M says it will contribute development assets and production-ready projects to Neon. Neon—behind Parasite, Anora and the hit Longlegs—continues to be backed by the Friedkin Group as a major shareholder.