Neon, the unbiased movie distributor behind the Oscar-winning “Parasite,” is assessing it choices for the corporate’s monetary future.
The New York-based firm has tapped the funding financial institution Raine to discover a sale of some or all of its enterprise. The transfer comes as Neon appears to develop its distribution enterprise internationally and think about alternatives in tv and streaming. The corporate additionally plans to make use of any financing that outcomes from the fund-raising course of to bolster its manufacturing companies.
Neon declined to remark.
The information that Neon is seeking to decide their valuation comes after fellow indie distributor A24 landed an fairness funding of $225 million in March, based mostly on a $2.5 billion valuation, which that firm introduced it will use to put money into and develop its manufacturing and distribution operations. Selection first reported that A24, the indie studio behind “Moonlight,” “Uncut Gems” and its first $100 million launch “All the things All over the place All at As soon as,” explored a sale with an asking worth close to $3 billion earlier than touchdown the multi-million greenback funding.
Neon now appears to find out whether or not its enterprise is held in comparable standing.
Created in 2017 by CEO Tom Quinn and Alamo Drafthouse co-founder Tim League, Neon has tallied a string a string of success on the awards circuit — with prize-winning movies together with “I, Tonya,” “Portrait of a Woman on Hearth,” “The Worst Individual within the World,” “Spencer” and “Flee” — plus field workplace wins — “Parasite” earned $53 million within the U.S. on the way in which to a $263 million haul worldwide.
Notably, films acquired by Neon have a nabbed the final three Palme d’Or trophies at Cannes with “Parasite” and “Titane” incomes the highest prize in 2019 and 2021 respectively. The corporate’s upcoming slate consists of the 2022 Palme d’Or winner, “Triangle of Unhappiness,” from the Swedish director Ruben Ostlund (“Drive Majeure,” “The Sq.”), and the David Bowie documentary “Moonage Daydream,” which opens in theaters on Sept. 16.
The New York Occasions was first to report on Neon’s potential sale.
Further reporting by Brent Lang and Matt Donnelly.