Tom Quinn and Tim League’s Neon has partnered with MUFG Union Bank on a new revolving credit facility that will help the 3-year-old film company continue to grow its film footprint, Neon announced Wednesday.
The amount of the deal was not disclosed, but a studio spokesperson described it is “significant.” The “Parasite” studio will use the capital to build upon its core film business and expand its production slate.
Tom Quinn, Jessica Nickelsberg, Jeff Deutchman and Jim Wehrfritz negotiated the deal on behalf of the studio along with MUFG Director Matt Rosenberg and Managing Director Tony Beaudoin. NEON is represented by Sidley Austin and MUFG Union Bank by Akin Gump Strauss Hauer & Feld LLP.
Like all others in Hollywood has seen the effects of COVID-19, Neon has sought fresh ways to release content. Last week, the studio released the documentary “Spaceship Earth,” one of several films it acquired out of Sundance, in a virtual cinema format in both traditional and non-traditional venues such as coffee shops, nonprofit organizations, restaurants and more as a way of sharing revenue with local businesses in need of support. It even projected the film on a wall above a New York City street and allowed onlookers or passersby to listen to the film’s audio via a mobile app.
Upcoming films on Neon’s slate include “Pig” starring Nicolas Cage, Brandon Cronenberg’s “Possessor,” the Andy Samberg comedy “Palm Springs” acquired with Hulu, Josephine Decker’s “Shirley” starring Elisabeth Moss, “The Painter and the Thief” as directed by Benjamin Ree, Amy Seimetz’s SXSW title “She Dies Tomorrow,” and the documentary Gunda, directed by Viktor Kossakovsky and executive produced by Joaquin Phoenix.
Read original story Neon Secures New Revolving Credit Facility With MUFG Union Bank At TheWrap