Neon, the independent film distributor that released such acclaimed, Oscar-winning features as Parasite and I, Tonya, is assessing options for its financial future. The New York-based company has begun working with investment bank Raine to consider selling some or all of its business, after it began receiving inquiries about mergers and acquisitions, The New York Times is reporting.
The company’s decision to possibly sell its assets comes as it considers expanding its distribution business internationally and embarking in opportunities in television and streaming. Neon also plans to use potential investments to strengthen its production businesses. However, it’s currently unknown what Neon would be worth.
The production and distribution company’s executives, including majority owners, Tom Quinn and Dan Friedkin, hope to find a deal that will keep the business in tact, although it is open to selling a minority stake. The executives are also considering having Neon become a label on a prominent streaming service.
Neon’s mission to determine its value comes shortly after its fellow indie distributor, A24 landed an equity investment of $225 million and a $2.5 billion valuation in March. The company, which has released such acclaimed movies as Moonlight, Uncut Gems and Everything Everywhere All at Once, said it planned to invest the money by expanding its production and distribution operations.
Besides Parasite and I, Tonya, Neon has released such successful movies as Portrait of a Lady on Fire, The Worst Person in the World, Spencer, Three Identical Strangers and Flee. The company also acquired three features that went on to win the Palme d’Or at the Cannes Film Festival, including Parasite in 2019, Titane last year and Triangle of Sadness this year.
The company, which was created in 2017 by Quinn, who serves as the CEO, and Alamo Drafthouse co-founder Tim League, has several anticipated movies on its upcoming slate. Those films include writer-director David Cronenberg’s sci-fi body horror drama, Crimes of the Future, and the David Bowie documentary, Moonage Daydream, which is set to be released in theaters on September 16.