Neon, the distributor of Academy Award-winning films such as “Parasite” and “I, Tonya,” said it is considering selling part or all of its business using merchant bank Raine. Three people familiar with the matter said.
Two of the people said there was no guarantee the process would result in a deal. I didn’t know what the Neon rating would be. The company declined to comment.
Neon comes five months after A24, the edgy studio behind “Lady Bird,” “Uncut Gems,” and “Everything Everywhere All at Once,” sold its minority stake for $225 million. Decided to test the market. .
Hollywood has become a hotbed of deals in recent years, as independent production companies and entertainment entrepreneurs profit from the streaming boom. Reese Witherspoon, LeBron James, and Will Smith have all been courted by investors betting that rising demand for movies and TV shows will ultimately pay off.
Founded by Tom Quinn and Tim League, who launched the Alamo Drafthouse cinema chain in 2017, Neon has created compelling scripts and visuals at a time when blockbuster franchises starring comic book superheroes were the norm. quickly established indie credibility in Hollywood by identifying discerning filmmakers from
Films acquired by Neon have won the Palme d’Or, the highest award at the Cannes Film Festival, for the last three years. The company is focused on theatrical distribution, bucking the trend of sending indie films to streaming services for fear that they will be inaccessible to a wider audience. Released in 2019, Parasite made him $53 million at the US and Canadian box office and $263 million worldwide.
The company is profitable, according to people familiar with the matter.
Neon is expanding its distribution business internationally and exploring TV and streaming opportunities. The company also plans to use the funds from the financing process to bolster its already strong production operations.
The company’s upcoming slate includes ‘Triangle of Sadness’ by this year’s Palme d’Or winner, Swedish director Ruben Ostrand (“Force Majeure”) and the David Bowie documentary ‘Moonage Daydream’, which hits theaters next month. “It is included.
