Neon Secures Credit Facility to Expand Original Productions
Neon — the once-upstart indie distributor that has found success peddling art house titles to the high-minded masses with titles like Parasite and Spencer — has secured a credit facility with plans on expanding its footprint in original production.
Neon has closed on a revolving credit facility with Comerica Bank, an expansion from the studio’s previous credit facility. In addition to expanding its production efforts, the credit will also go towards its core film acquisition business.
Comerica is ecstatic to establish a relationship with Tom [Quinn] and the Neon team as they enter this new phase of exciting growth,” said Derek Riedel, svp of Comerica Bank’s entertainment group. “The Company has been a market leader since their formation and continues to acquire, produce and release dynamic films in the marketplace. We couldn’t be more thrilled to be their partner moving forward.”
Neon is coming off of several major acquisitions during the summer and fall festivals, including the Cannes Palme d’Or winner. Triangle of Sadness and Laura Poitras’ All the Beauty and the Bloodshed, which won the Golden Lion at the Venice Film Festival. Recent releases include David Cronenberg’s Crimes of the Future and Sundance-winning Nat Geo doc Fire of Love.
As for its development and production slate, Neon is in the works The Painter and the Thief Narrative remake, Brandon Cronenberg’s Infinity Pool starring Alexander Skarsgard, and Kitty Green’s The Royal Hotel starring Julia Garner.
Ryan Friscia and Jessica Nickelsberg negotiated the deal on behalf of NEON along with Comerica Bank’s Derek Riedel and David Shaver. NEON is repped by Sidley Austin and Comerica Bank by Babok & Robinson.
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