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Department M

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business4 days ago•15 min saved

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.

via Variety|

#business #department-m #indie-studio

business4 days ago•15 min saved

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.

via Deadline|

#business #department-m #michael-schaefer

entertainment4 months ago•15 min saved

Indie Powerhouse Neon in Talks to Sell Stake to Department M

Neon, the Oscar-winning indie studio behind Parasite and Anora, is in talks to sell a substantial stake to Department M, a new production outfit formed by Mike Larocca and Michael Schaefer and backed by a consortium of private investors. Neon, founded in 2017 by Tom Quinn, has a credits list including international titles and the horror hit Longlegs, which grossed nearly $130 million. Department M’s slate reportedly includes Blood on Snow and a remake of The Hand That Rocks the Cradle. Both Neon and Department M declined to comment on the negotiations.

via Variety|

#acquisition #anora #department-m