Multi-Oscar and Cannes Palme d’Or winning studio Neon has sold a majority stake to Mike Larocca and Michael Schaefer’s Department M, with Schaefer also appointed as Chief Content Officer, and Neon TV launching as part of the deal.

Mike Larocca and Michael Schaefer are behind the company that was launched in 2024.

Neon, the Oscar-winning studio behind 'Parasite' and 'Anora,' is reportedly in talks to sell a significant stake to Department M, a production company founded by Mike Larocca and Michael Schaefer.