Neon, the indie distribution company founded by Tom Quinn, has enjoyed commercial success with arthouse films such as “Parasite” and, most recently, Sean Baker’s “Anora,” but the company is currently in the midst of a financing consortium led by Comerica Bank. secured a $200 million line of credit.
Revolver will help grow Neon’s business, which includes film acquisition, development, production and distribution, while pushing the indie studio into new international markets. In 2022, Neon secured a revolving credit facility with Comerica Bank to extend the studio’s previous credit facility.
This funding will also contribute to the expansion of Neon’s production activities. The studio’s upcoming film development and production slate includes the Boots Riley feature I Love Boosters, starring KiKi Palmer, Naomi Ackie and LaKeith Stanfield. They Follow is writer/director David Robert Mitchell’s sequel to the horror classic It Follows, starring Maika Monroe. and Michael Covino’s “Splitsville,” starring Dakota Johnson and Adria Arjona.
The financing deal will support the release of “The Baker’s Anora,” which won the Cannes Film Festival Palme d’Or starring Mikey Madison, and Osgood Perkins’ horror film “Long Legs,” which grossed approximately $75 million at the domestic box office. The deal was subsequently negotiated by Neon’s Chief Financial Officer Ryan Friscia. .
Derek Riedel, senior vice president of Comerica Bank’s entertainment group, said in a statement: “Comerica believes in Neon’s vision and we couldn’t be more pleased to support its continued growth. Their ability to identify and curate films and find innovative ways to connect audiences with films , is unparalleled.”
Upcoming Neon releases include Iranian director Mohammad Rasoulof’s The Seed of the Sacred Fig; The End, directed by Josh Oppenheimer and starring Tilda Swinton. and 2073, a documentary directed by Oscar-winner Asif Kapadia, who bowed in Venice.
