Neon, the independent film distributor that has released acclaimed, Oscar-winning feature films like Parasite and Me Tonya, is weighing options for his financial future. The New York-based company has begun working with investment bank Raine to consider selling all or part of its business, after it began receiving inquiries about mergers and acquisitions, The New York Times reports.
The company’s decision to eventually sell its assets comes as it plans to expand its distribution business internationally and move into television and streaming opportunities. Neon also plans to use the potential investments to strengthen its production activities. However, it is currently unknown what Neon would be worth.
Executives at the production and distribution company, including majority owners Tom Quinn and Dan Friedkin, hope to strike a deal that will keep the business intact, although it is open to selling a minority stake. The executives also plan to make Neon a label on a top streaming service.
Neon’s mission to determine its value comes shortly after fellow independent distributor A24 landed a $225 million equity investment and a $2.5 billion valuation in March. The company, which has released acclaimed films like Moonlight, Uncut Gems and Everything everywhere all at oncesaid it plans to invest the money in expanding its production and distribution operations.
Outraged Parasite and Me TonyaNeon has released hit films such as Portrait of a lady on fire, The worst person in the world, spencer, Three identical strangers and To run away. The company also acquired three feature films that went on to win the Palme d’Or at the Cannes Film Festival, including Parasite in 2019, Titanium last year and triangle of sadness This year.
The company, which was founded in 2017 by CEO Quinn and Alamo Drafthouse co-founder Tim League, has several anticipated films on its next slate. These films include writer-director David Cronenberg’s sci-fi body horror drama, Future Crimesand the David Bowie documentary, Lunar Reveriewhich is set to hit theaters on September 16.
Discover more articles from Karen Benardello.