Neon, the Oscar-winning independent studio behind films including “Parasite,” “Anora,” and “Longlegs,” completes a deal to sell a significant stake to Department M, according to reports from The Hollywood Reporter and Variety. Both outlets say the transaction has been closed and that the stake is described as “significant,” though the companies do not publicly disclose the financial terms. Neon’s founder Tom Quinn is expected to continue leading the studio as CEO after the sale. Variety adds that Quinn remains in the role following the transaction, while The Hollywood Reporter similarly states that he will stay on as CEO. Both articles frame Neon’s film credits as central to its profile, citing major awards and recognition tied to the studio’s releases. A representative for Department M is not identified in the available summaries, and no additional details about the ownership structure or governance changes are provided in the reports. The announcement therefore centers on the completion of the stake acquisition and Neon’s leadership continuity under Quinn.