Neon — Once an emerging independent publisher, successfully passed Parasite and Spencer — has secured a line of credit and plans to expand its footprint in original production.
Neon has closed its revolving line of credit with Comerica Bank, an extension of the studio’s previous line of credit. In addition to expanding its production efforts, the loan will be used for its core film acquisition business.
“Comerica is ecstatic to establish a relationship with Tom [Quinn] and the Neon team as they enter this exciting new phase of growth,” Comerica Bank Entertainment Group Senior Derek Riedel, Vice President. “The company has been a market leader since its inception and continues to acquire, produce and distribute dynamic films in the market. We couldn’t be more excited to be their partner going forward.”
Neon made several major acquisitions during the summer and fall festivals, including Cannes Palme d’Or winner Triangle of Sorrows and Laura Poe Laura Poitras’ All Beauty and Bleeding won the Golden Lion at the Venice Film Festival. Recent releases include David Cronenberg’s Crimes of the Future and Sundance’s award-winning National Geographic Ph.D. The Fire of Love .
As for its development and production schedule, Neon is in the Painter and Thief narrative remake, Brandon Cronenberg Infinity Pool starring Alexander Skarsgard and Kitty Green The Royal Hotel starring Julia Garner.
Ryan Friscia and Jessica Nickelsberg represented NEON in negotiating the transaction with Comerica Bank’s Derek Riedel and David Shaver. NEON is represented by Sidley Austin and Comerica Bank is represented by Babok & Robinson.
