Neon Partners with Department M: A New Era of Expansion and Innovation
Neon has recently finalized a deal with production company Department M to acquire a substantial stake in the distributor, marking a significant development for both companies. This partnership will not only bolster Neon's presence and activities but also pave the way for the launch of Neon TV, a new television division within the brand. The financial specifics of the agreement have not been disclosed.
As part of the transaction, Department M partner Michael Schaefer will assume the role of Neon's chief content officer, while partner Mike Larocca will retain his position at Department M and also join Neon's board of directors. Tom Quinn will continue to serve as the CEO and founder of Neon, ensuring continuity in leadership. Jeff Deutchman will maintain his role as president of acquisition, production, and development for film, while Carina Sposato will join Neon as the EVP of television, reporting directly to Schaefer. Department M will contribute development assets and production-ready projects to the new structure.
Carina Sposato, who previously led Department M's TV division, brings a wealth of experience to Neon, having won an Emmy for producing Netflix's "Adolescence" and worked on various successful shows. Michael Schaefer, formerly the president of New Regency, has an impressive track record of producing acclaimed films, including "Bohemian Rhapsody" and "The Northman." Mike Larocca, the former president of AGBO, has backed notable projects like "Extraction" and "The Gray Man."
Department M has already released "The Christophers" and "The Hand That Rocks the Cradle," with upcoming projects such as "Blood on Snow," "The Count of Monte Cristo" adaptation, and a Labubu movie in the pipeline. Additionally, they are working on an untitled film by director Matt Johnson, starring Finn Wolfhard, which Neon acquired in May. The Friedkin Group, long-time supporters of Neon, will continue to be significant shareholders and board members.
In conclusion, Neon's collaboration with Department M signifies a strategic move to enhance its operations and venture into television content creation. With seasoned industry professionals at the helm, the partnership is poised to bring forth exciting new projects and further solidify Neon's position in the entertainment landscape.