Neon, distributor of multi-Oscar winning and Best Picture Parasite, has inked a revolving credit facility with MUFG Union Bank.
Neonwill use the capital to continue building upon its core film business, and to expands its production slate.
Tom Quinn, Jessica Nickelsberg, Jeff Deutchman, and Jim Wehrfritz negotiated the deal on behalf of Neon along with MUFG Director Matt Rosenberg and Managing Director Tony Beaudoin. Neon is repped by Sidley Austin and MUFG Union Bank by Akin Gump Strauss Hauer & Feld LLP.
Parasite, which was the first South Korean movie to take home the Cannes Film Festival Palme D’Or a year ago, went on to win four Oscars including Best Picture, Best Director for Bong Joon Ho, Best Original Screenplay and Best International Feature. Within a three year span, Neon has built a 50 film library, which has yielded $150M at the box office, plus 12 Oscar noms and five wins.
Last Friday, Neon debuted Matt Wolf’s Sundance documentary, Spaceship Earth, in both theatrical and non-traditional venues to address current social-distancing limitations triggered by COVID-19.
NEON’s recent acquisitions include Pig starring Nicolas Cage; such Sundance 2020 titles as Brandon Cronenberg’s Possessor and Max Barbakow’s Palm Springs starring Andy Samberg (acquired with Hulu) as well as Josephine Decker’s Shirley starring Elisabeth Moss; The Painter and the Thief, directed by Benjamin Ree; Amy Seimetz’s SXSW critical sensation, She Dies Tomorrow; and the documentary Gunda, directed by Viktor Kossakovsky and executive produced by Joaquin Phoenix.
After their successful collaboration on I, Tonya, which won a best supporting actress Oscar for Allison Janney, 30West (Dan Friedkin’s and Micah Green’s strategic venture) partnered with NEON’s Tom Quinn (founder & CEO) and Tim League (co-founder) to become majority investors in the company in January 2018.
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