Angel Studios to go public via $1.6 bln SPAC deal
Angel Studios plans to go public through a merger with Southport Acquisition Corporation, valuing the deal at $1.6 billion. Founded in 2013 by CEO Neal Harmon, the company earns revenue from licensing films and shows to platforms like Amazon and Netflix. After the merger, its Class A common stock will be listed on NYSE or Nasdaq under the ticker "AGSD." SPACs, which gained popularity in 2020, are facing declining interest due to regulatory scrutiny and economic challenges.
Sept 11 (Reuters) - Media company Angel Studios said on Wednesday it would go public via a merger with blank check firm Southport Acquisition Corporation in a deal valued at $1.6 billion.
Co-founded in 2013 by CEO Neal Harmon, Angel Studios generates revenue from licensing its films and television shows to streaming platforms such as Amazon, Apple and Netflix, along with theatrical distributions of its movies.
Upon the closing of the transaction, its Class A common stock is expected to be listed on the New York Stock Exchange or Nasdaq under the ticker symbol “AGSD”.
Blank-check firms, also known as special purpose acquisition companies, offer an alternative route to firms to list their shares. SPACs gained popularity in 2020 but have since seen a decline in interest with several companies abandoning deals, strict regulatory oversight and challenging economic conditions.
