Department M, the distribution and media company led by Michael Schaefer, completes a deal to acquire a majority stake in Neon, the Santa Monica-based studio known for acclaimed films including “Anora” and “Parasite.” The transaction includes new capital to support Neon’s expanding operations and enables Neon to launch “Neon TV,” described as a new streaming and television-focused platform or mini-studio.
Under the agreement, Michael Schaefer—who previously served as president of New Regency—joins Neon as chief content officer for content leadership related to the studio’s slate. The deal also brings Mike Larocca, formerly president of AGBO, onto Neon’s board.
Both outlets characterize the move as a strategic expansion of Neon’s production and distribution infrastructure through Department M’s investment, while simultaneously positioning Neon to develop and distribute television content via Neon TV. The sources also note the companies’ existing industry footprint and the leadership roles assumed by Schaefer and Larocca following the stake acquisition.
