Indie Distributor Neon Sells Stake to Production Company and Launches TV Division

Neon, the award-winning independent film studio behind hits like 'Parasite' and 'Anora,' has sold a significant stake to production company Department M and will use the investment to launch a new television division called Neon TV. According to Deadline, Department M, led by Mike Larocca and Michael Schaefer, acquired a majority stake in the studio, injecting capital into Neon's expanding operations.

DeadlineDepartment M Acquires Majority Stake in Neon; Michael Schaefer Named Chief Content Officer as Neon TV Launches

"transforming the company into a more significant mini-studio with an international sales arm and award-winning feature library."

The deal, which follows earlier reports from February 2025, has now closed, IndieWire reported. Financial terms were not disclosed, according to Variety. Under the arrangement, Neon founder Tom Quinn remains CEO, while Department M partner Michael Schaefer becomes chief content officer. Mike Larocca, another Department M partner, joins the board, Variety added.

IndieWireNeon Sells Stake to Department M, Launches Neon TV Division

The acquisition brings fresh investment into the acclaimed indie distributor, Variety noted. With Neon TV launching as part of the expansion, the studio is poised to extend its brand into television production and international sales, building on its reputation for championing bold, Oscar-winning cinema.