‘Parasite’ Distributor Neon Closes Deal for Credit Facility With MUFG Union Bank
By Dave McNary
LOS ANGELES (Variety.com) – U.S.-based distributor Neon, which handled best picture winner “Parasite,” has closed on a revolving credit facility with MUFG Union Bank.
The three-year-old company did not disclose the dollar amount of the facility. Neon said it will use the capital to continue building upon its core film business, as well as to expand its production slate.
“Parasite” landed four Academy Awards and grossed over $54 million at the domestic box office, the third-best result ever for a foreign-language film in the U.S. Neon recently launched Matt Wolf’s Sundance documentary “Spaceship Earth” across traditional and non-traditional venues, as a way to address current social-distancing limitations due to COVID-19.
Neon has amassed a library of titles that include Todd Douglas Miller’s “Apollo 11,” the highest grossing documentary of 2019; Tim Wardle’s Sundance special jury award winner “Three Identical Strangers,” which made $13 million at the box office; and Craig Gillespie’s “I, Tonya,” which earned three Academy Award nominations and a win for Allison Janney, in addition to more than $30 million at the box office.
After collaborating on “I, Tonya,” 30West (Dan Friedkin and Micah Green’s strategic venture) partnered with Neon co-founders Tom Quinn and Tim League to become majority investors in the company.
Neon also recently acquired the Nicolas Cage thriller “Pig” and Max Barbakow’s twisted romantic comedy “Palm Springs” starring Andy Samberg, which Neon bought with Hulu at this year’s Sundance Film Festival. Also on deck is Josephine Decker’s “Shirley” starring Elisabeth Moss and the documentary “Gunda,” which was directed by Viktor Kossakovsky and executive produced by Joaquin Phoenix.
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 is repped by Akin Gump Strauss Hauer & Feld LLP.
