Neon said today it’s closed a $200 million-plus credit facility led by Comerica Bank.
The funding, which follows the leading indie distributor and producer’s previous facility with Comerica from October of 2022, will be used to bolster core operations, including film acquisition, development, production, and distribution, while also expanding into new markets. The investment will further support strategic initiatives and strengthen its international footprint, driving additional growth.
Earlier this year it debuted a new international sales strand, with Cannes its first official stop, launching international for Keeper, the next genre film by Longlegs helmer Osgood Perkins.
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The deal, which was negotiated and managed by Neon’s CFO Ryan Friscia, comes after the company recently released Anora, the highly-anticipated new film from Sean Baker starring Mikey Madison, which won the Palme d’Or in Cannes and opened Stateside October 18 to the highest per-screen average of 2024; Nicolas Cage-starring horror Longlegs which is the highest grossing independent film of the year at $75 million domestically; and Immaculate starring Sydney Sweeney.
Last week, Neon won studio of the year at the 2024 Clio Entertainment Awards, making it the first indie to receive that honor.
“Comerica believes in the vision of NEON and couldn’t be more thrilled to support their continued growth. Their ability to identify and curate film, while finding innovative ways to connect audiences with cinema, is unmatched. Supporting NEON and the independent film landscape is a core pillar of our business and we are excited about the future,” said Derek Riedel, SVP of Comerica’s Entertainment Group in a statement.
The studio has continued to expand production capabilities, most recently on the highly anticipated Boots Riley feature I Love Boosters starring Keke Palmer, Naomi Ackie, LaKeith Stanfield, Demi Moore, Eiza González, Poppy Liu, Taylour Paige, and Will Poulter; They Follow, the long-awaited sequel to the modern horror classic It Follows from visionary writer/director David Robert Mitchell, starring Maika Monroe; and Michael Covino’s Splitsville starring Dakota Johnson and Adria Arjona. Upcoming releases include The Seed of the Sacred Fig on November 27, which has been selected as the German entry for Best International Feature at the 97th Academy Awards; Josh Oppenheimer’s The End, a golden-age musical starring Academy Award winner Tilda Swinton on Dec. 6th; and the genre-bending, visionary documentary 2073 from Academy Award-winning and BAFTA-winning director Asif Kapadia which will be released in select U.S. theaters on December 27th, following its well-received world premiere at the Venice Film Festival.
Seven-year-old Neon has garnered 32 Academy Award nominations (7 this year), 6 wins, including Best Picture, and has grossed over $300 million at the box office. It’s the company behind Bong Joon Ho’s Cannes Palme d’Or- winner Parasite, which made history winning four Academy Awards, becoming the first non-English-language film to claim Best Picture.