Neon, the Oscar-winning studio behind films like Parasite and Anora, is in discussions to sell a significant stake to production company Department M. The deal, backed by private investors including those from Qatar, has been a topic at recent industry events. If completed, it could reshape Neon's structure while retaining key leadership.
Neon, founded in 2017 by Tom Quinn, has built a reputation for distributing acclaimed independent films, including the Best Picture Oscar winners Parasite in 2020 and Anora. The company has also achieved a record of releasing six consecutive Cannes Palme d'Or winners from 2019 to 2025, with recent successes such as Joachim Trier's Sentimental Value, Jafar Panahi's It Was Just an Accident, Kleber Mendonça Filho's The Secret Agent, and Ugo Bienvenu's Arco. In 2025, Neon's horror film Longlegs grossed nearly $130 million at the box office.
Department M, launched in 2024 by Mike Larocca, formerly of AGBO, and Michael Schaefer, ex-president of New Regency, is backed by multiple private investors, including backers from Qatar. The company has produced a remake of the 1992 thriller The Hand That Rocks the Cradle, directed by Michelle Garza Cervera and starring Maika Monroe and Mary Elizabeth Winstead, which streamed on Hulu. Its upcoming projects include the Jo Nesbø adaptation Blood on Snow, directed by Cary Joji Fukunaga and featuring Benedict Cumberbatch, Aaron Taylor-Johnson, Eva Green, and Ben Mendelsohn.
Talks between Neon and Department M emerged as a key discussion at the European Film Market in Berlin and follow partnerships both companies announced with the Qatar Film Committee late last year. Neon CEO Tom Quinn stated last fall, "we’re all for sale," noting frequent inquiries, though he expressed his enjoyment in running the company. Previous sale explorations, such as a 2022 attempt with investor Steven Rales behind Indian Paintbrush, did not materialize. Rumors of talks with Warner Bros broke down, resulting in three Neon executives—Christian Parkes, Jason Wald, and Spencer Collantes—joining Warner Bros to launch an indie label.
The potential deal would not involve Department M acquiring all of Neon; existing stakeholders, including principal backer Dan Friedkin of 30West, are expected to retain some involvement, though changes at 30West are possible. Sources indicate Quinn would remain at the helm in any new structure, creating a mini-studio with production, distribution, and international sales capabilities. Representatives for Neon, Department M, and 30West declined to comment.