Department M, co-founded by Mike Larocca and Michael Schaefer, is in discussions to acquire a significant stake in Neon, the Oscar-winning studio behind "Parasite" and "Anora."
Department M, a production company co-founded by Mike Larocca and Michael Schaefer, is currently in discussions to acquire a significant stake in Neon. Neon is an Oscar-winning studio known for films such as "Parasite" and "Anora".
Department M's efforts are supported by a consortium of private investors. The company itself was initially financed by private investors upon its establishment in 2024.
Background on Neon
Neon had previously explored a sale in 2022, but a potential deal with investor Steven Rales of Indian Paintbrush did not proceed. The company was founded in 2017 by Tom Quinn.
Neon's recent film credits include "Sentimental Value" by Joachim Trier, "It Was Just An Accident" by Jafar Panahi (Palme d'Or winner), and "The Secret Agent" by Kleber Mendonça Filho.
Further recent releases from Neon include "Sirât" by Oliver Laxe, "No Other Choice" by Park Chan-wook, and "Arco" by Ugo Bienvenu. The horror film "Longlegs," released in 2025, grossed approximately $130 million.
Background on Department M
Department M's upcoming projects include "Blood on Snow," an adaptation of Jo Nesbø starring Aaron Taylor-Johnson and Benedict Cumberbatch, to be directed by Cary Joji Fukunaga.
The company is also producing a remake of "The Hand That Rocks the Cradle," written and directed by Michelle Garza Cervera.
Key Personnel Backgrounds
Michael Schaefer previously served as president of New Regency.
Mike Larocca co-founded AGBO with Joe and Anthony Russo.
Department M declined to comment on the negotiations. A spokesperson for Neon did not immediately provide a response to a request for comment.