Award-winning studio NEON has announced the close of a $200 million plus credit facility led by Comerica Bank. The funding, which follows NEON’s previous revolving credit facility with Comerica Bank in October 2022, will be allocated to bolster its 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.
The deal, which was negotiated and managed by NEON Chief Financial Officer Ryan Friscia, comes after the company recently released Anora, the highly-anticipated new film from Sean Baker starring Mikey Madison, which won the coveted Palme d’Or in Cannes and opened in select theaters October 18 to the highest per-screen average of 2024; Osgood Perkins’ horror film 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 win the award.
Derek Riedel, SVP of the Entertainment Group, led the transaction on behalf of Comerica Bank and remarked: “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.”
The studio has continued to expand their 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.
