Home / Arts and Entertainment / Neon in Talks for Major Stake Sale to Newcomer Department M
Neon in Talks for Major Stake Sale to Newcomer Department M
19 Feb
Summary
- Neon is negotiating a significant stake sale to Department M.
- Department M, founded in 2024, is backed by private investors.
- Neon secured a Best Picture Oscar for 'Parasite' and 'Anora'.
Neon is currently in negotiations for a significant stake sale to Department M, a production company founded two years ago. The size of the potential stake is not yet specified, but Department M is backed by a consortium of private investors.
Department M was established in 2024 and is led by Mike Larocca, formerly of AGBO, and Michael Schaefer, ex-president of New Regency. The company has already been involved with films such as Steven Soderbergh's 'The Christophers,' distributed by Neon, and the Hulu horror film 'The Hand That Rocks the Cradle.'
Further projects from Department M include 'Blood on Snow' with Benedict Cumberbatch and Aaron Taylor-Johnson, and a new adaptation of 'Count of Monte Cristo' starring Regé Jean-Page. They also acquired rights for a film based on the Labubu toy dolls.
This follows Neon's exploration of a sale to Indian Paintbrush in 2022, which did not materialize. Neon's recent achievements include Oscar wins for 'Parasite' and 'Anora' and a notable streak of six Palme d'Or winners at Cannes. The company also experienced a talent departure with three executives leaving to form a new label at Warner Bros.
