We introduce Magenta Green Screen, a novel matting technique for recording the color image of a foreground actor with a simultaneous high-quality alpha channel without requiring a special camera or manual keying techniques. We record the actor on a green background, but light them with only red and blue foreground lighting. In this configuration, the green channel shows the actor silhouetted against a bright, even background, which can be used directly as a holdout matte, the inverse of the actor’s alpha channel. We then restore the green channel of the foreground using a machine learning colorization technique. We train the colorization model with an example sequence of the actor lit by white lighting, yielding convincing and temporally stable colorization results. We further show that time-multiplexing the lighting between magenta green screen and green magenta screen allows the technique to be practiced under what appears to be mostly normal lighting. We demonstrate that our technique yields high-quality compositing results when implemented on a modern LED virtual production stage. The high-quality alpha channel data obtainable with our technique can provide significantly higher quality training data for natural image matting algorithms to support future ML matting research.