Neon has closed a deal on a revolving credit facility with Comerica Bank, the distributor announced Tuesday. The deal is intended to help the “Moonage Daydream” aggressively expand its production slate and build on its core film business.
This deal with Comerica is also an expansion of a previous revolving credit facility that Neon set with MUFG Union Bank in 2020. There was also a report from this summer that Neon would be exploring a sale after its rival A24 recently sold a minority stake for $225 million.
“Comerica is ecstatic to establish a relationship with Tom and the Neon team as they enter this new phase of exciting growth,” said Derek Riedel, SVP of Comerica Bank’s Entertainment Group, in a statement. “The company has been a market leader since their formation and continues to acquire, produce and release dynamic films in the marketplace. We couldn’t be more thrilled to be their partner moving forward.”
Neon recently released “Triangle of Sadness,” Ruben Östlund’s Palme d’Or winner out of Cannes, and it will soon release Laura Poitras’ “All the Beauty and the Bloodshed,” which won the Golden Lion at Venice. It also acquired out of TIFF “How to Blow Up a Pipeline” and will soon release Hirokazu Kore-eda’s “Broker,” starring “Parasite” actor Song Kang-ho.
Some of its projects in development and production include Asif Kapadia’s “2073,” “The Painter and the Thief” narrative remake, Brandon Cronenberg’s “Infinity Pool” and “The End” from Joshua Oppenheimer and star Tilda Swinton, among others.
Ryan Friscia and Jessica Nickelsberg negotiated the deal on behalf of NEON along with Comerica Bank’s Derek Riedel and David Shaver. NEON is repped by Sidley Austin LLP and Comerica Bank by Babok & Robinson LLP.
