Production upstart M has struck a deal to acquire a major stake in Neon.
Under the deal, which was first reported as being in talks in February, Neon founder Tom Quinn will remain the company’s CEO, while M-Partner Michael Schaefer will become Neon’s chief content officer. Division M partner Mike LaRocca will remain with Division M and become a member of Neon’s board of directors.
Neon’s Jeff Deutschman remains president of film acquisitions, production and development. Division M’s Carina Sposato is now Executive Vice President of Television at Neon. Both executives report directly to Schaefer. Neon’s backers, the Friedkin Group, remain major shareholders and members of the company’s board of directors.
Financial details were not disclosed, but Neon’s expansion is said to be important growth capital, including the launch of its Neon TV division.
Neon, which Quinn founded in 2017, is a major force in the niche film market, backing Best Picture winners. parasite and Anoraand recently acquired the much-talked-about Luca Guadagnino film industrial After being dropped by Amazon MGM Studios.
As for Division M, Schaefer and Larocca launched the company in early 2024 with backing from private investors including Forta Advisors after spending years in production. Larocca co-founded and worked on Russo Bros.banner AGBO extraction, Gray man and Cherry. Schiffer spent nearly seven years at New Regency before co-founding Department M, before which he received an Academy Award nomination for the production Martian While working on Ridley Scott’s Scott Free.
Their projects include The hand that rocks the cradle And Steven Soderbergh Christopherscaptured by Neon from the 2025 Toronto International Film Festival.
