Neon Closes Sale of Significant Stake to Indie Production Studio Department M

Neon has finalized the sale of a significant stake to indie production studio Department M. Founder Tom Quinn remains CEO, while Michael Schaefer becomes chief content officer and Mike Larocca joins the board. The Friedkin Group continues as significant shareholders and board members. Alongside this deal, Neon is launching Neon TV. Department M is known for producing 'The Christophers' and the studio is behind best picture winners 'Anora' and 'Parasite' in its portfolio.