Neon, the indie-film distributor that is partly responsible for Bong Joon Ho’s kissing Oscars, is reportedly considering a sale. The New York Times broke the news that the company behind Academy Award–winning movies like Parasite and I, Tonya is testing the market for a potential sale of some or all of its business. Neon reportedly declined to comment, but according to the Times, the investment bank Raine has been recruited to explore Neon’s options. The decision comes five months after indie studio A24 sold a $225 million minority stake that put the Everything Everywhere All at Once company’s worth at around $2.5 billion. It’s not clear how much Neon would be valued at, but a source familiar with the matter told the Times that it would be a profitable move for the company. Variety reports that the indie darling is open to a minority-stake sale but is hoping for a deal that would keep Neon intact. Apparently, there’s also a possibility that the company will become a label on a streaming service.
Neon was founded in 2017 by Tom Quinn, the former head of RADiUS, and Tim League, the co-founder of Alamo Drafthouse. The company quickly made a name for itself; the past three winners of the Cannes Film Festival’s prestigious Palme d’Or — Triangle of Sadness, Titane, and Parasite — are movies acquired by Neon. The company is also handling the release of the volcano documentary and Sundance hit Fire of Love, as well as the upcoming David Bowie documentary, Moonage Daydream. According to the Times, Neon is eyeing international expansion and opportunities in television and streaming, with plans to use any financing to bolster its production businesses. Here’s to hoping that the possible sale won’t affect Neon’s award-winning streak. It’d be a shame if future directors who worked with Neon didn’t have the chance to make their statues smooch.