Episode 94: Department M Buys Into Neon, Launches Neon TV
Department M, the production company founded in 2024 by Mike Larocca and Michael Schaefer, has closed on a significant equity stake in Neon — the studio behind Parasite, Anora, and seven consecutive Cannes Palme d'Or wins. The deal injects capital, installs Schaefer as Chief Content Officer, and simultaneously launches Neon TV, while the Friedkin Group retains its position as a significant shareholder. For agents, producers, and executives tracking where independent film money is moving, this is one of the most structurally significant deals in the art-house space in years. Key Takeaways…
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