Neon Explores Sale As It Taps Merchant Bank Raine

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Neon, TBEN film distributor founded by Tom Quinn and Tim League that broke through at the 2020 Oscars with Parasite, the first title in a foreign language to win Best Picture, wants to be sold, TBEN has confirmed from sources.

The company hopes to focus more on television and streaming, and expand its production pipeline. The fact that A24 secured a $225 million equity investment in March gives hope that some or all of Neon’s business could be sold. According to reports, A24 was valued at $2.5 billion at the time. It’s unclear at this point what Neon would be worth.

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The distributor recently distributed a series of films that won the Palme d’Or at the Cannes Film Festival, starting with 2019’s Parasite by Bong Joon Ho. It continued with Julia Ducournau’s Titane and this year’s comedic crowdpleaser Triangle of sadness by Ruben Ostlund.

Neon turned Parasite in one of the top grossing foreign films in the US/Canada, grossing $53.3 million; the photo earned a total of $263.1 million worldwide. The film won four Oscars, including Best Picture, Best Director, Original Screenplay and International Film. The picture was nominated for six Oscars.

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Neon also had the David Bowie documentary in Cannes this year Moonage Daydream and that of David Cronenberg Crimes of the future starring Kristen Stewart, Lea Seydoux and Viggo Mortensen. The distributor’s other highest-grossing films include the Oscar-winning me, Tonya, which made $30 million, and the breakthrough documentary hit Three identical strangers who made $12 million at the domestic BO

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The New York Times was the first to break the news about Neon.

Neon declined to comment on the story.

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