Neon has closed a revolving credit facility with Comerica Bank and said it will use the capital to “aggressively” expand its production.
The company, led by founder and CEO Tom Quinn, did not disclose the amount, but said it was an expansion over the studio’s previous credit line. (In May 2020, Neon signed a revolving credit line with MUFG Union Bank.)
“Comerica is thrilled to establish a relationship with Tom and the NEON team as they enter this new phase of exciting growth,” said Derek Riedel, senior vice president of Comerica Bank’s entertainment group. “The company has been a market leader since its foundation and continues to acquire, produce and market dynamic films. We are very happy to be their partner in the future.”
The deal came after Neon received its third consecutive Palme d’Or (after Parasite and Titane) for Ruben Estlund’s film “Triangle of Sadness,” which opened last weekend. The company acquired Laura Poitras’ critically acclaimed documentary “All Beauty and Bloodshed”, which won the Golden Lion at the Venice Film Festival, and the thriller “How to Blow up a Pipeline” at the Toronto International Film Festival, one of the few major acquisitions of the festival.
Neon’s list also includes Koreda’s “Broker” with the winner of the Cannes Best Actor Contest, Song Kang Ho (“Parasites”).
Projects in development or production include the documentary “2073” by Asif Kapadia; a remake of the narrative “The Artist and the Thief”; “The Endless Pool” by Brandon Cronenberg starring Alexander Skarsgard; “The End” by Joshua Oppenheimer, a musical of the Golden Age with Tilda Swinton; the documentary “In Search of Mavis Lighthouse” directed by Jazmin Jones; “Cassandra at the Wedding” based on the novel by Dorothy Baker; “The Royal Hotel” by Kitty Green starring Julia Garner; and “The Cuckoo” by Tilman Singer, Hunter Schafer’s feature film debut.
Recent releases include David Bowie’s Moonage Daydream by Brett Morgan; David Cronenberg’s Crimes of the Future and National Geographic’s Fire of Love.
Back in August, Neon hired investment bank Raine to explore the possibility of selling some or all of the assets amid a buoyant content market and after investing $225 million in A24 equity in exchange for less than 10% of the company. The initiator of this was Ken Fox’s venture fund Stripes Group. Neuberger Berman headed a group of investors on behalf of client funds.