{"id":3846,"date":"2024-09-30T07:36:41","date_gmt":"2024-09-30T11:36:41","guid":{"rendered":"https:\/\/www.beliefnet.com\/columnists\/latestnews\/?p=3846"},"modified":"2024-09-26T14:36:55","modified_gmt":"2024-09-26T18:36:55","slug":"angel-studios-going-public-via-1-6-billion-merger","status":"publish","type":"post","link":"https:\/\/www.beliefnet.com\/columnists\/latestnews\/2024\/09\/30\/angel-studios-going-public-via-1-6-billion-merger\/","title":{"rendered":"Angel Studios Going Public via $1.6 Billion Merger"},"content":{"rendered":"

The signature studio of faith-based entertainment, home of\u00a0Sound of Freedom<\/a>,\u00a0<\/em>His Only Son<\/a>, Cabrini<\/a>, <\/em>and Dry Bar Comedy<\/a>\u00a0<\/em>stand-up series, announced it is merging with Southport Acquisition Corporation in a Special Purpose Acquisition Company (SPAC) deal worth $1.6 billion.<\/p>\n

The unique nature of a SPAC is because of the merging company, Southport Acquisition Corporate (OTC:\u00a0“PORT<\/a>“). Because the primary merger is public already, Angel Studios will be permitted to trade its Class A common stock<\/a> on the New York Stock Exchange or NASDAQ exchange under the ticker symbol \u201cAGSD\u201d because Southport is a public company and a controlling factor of the merger.<\/p>\n

In one year,\u00a0Angel Studios’ revenue rose to $45 million, compared with $39 million a year earlier this past June.<\/p>\n

Angel Studios’ Profit Soaring on a Wing and a Prayer<\/h2>\n
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Promotional poster, “Sound of Freedom” (Image Credit: 2521 Productions\/Angel Studios)<\/figcaption><\/figure>\n

Angel Studios’ most substantial profiting content comes from one of the top 10 most-grossing movies of 2023<\/a>, “Sound of Freedom.” Directed by Alejandro Monteverde,<\/a> the film is a grim depiction of a haunting true story. The film’s synopsis says it is the “incredible true story of a former government agent turned vigilante who embarks on a dangerous mission to rescue hundreds of children from traffickers.”<\/p>\n

Sound of Freedom<\/em> stars Jim Caviezel (Jesus in “The Passion of the Christ”) and Mira Sorvino (Academy Award for Best Supporting Actress in “Mighty Aphrodite”). It earned over $184 million at the domestic box office–a mark that was only $3 million less than “John Wick 4.”<\/p>\n

Co-founded as VidAngel by CEO Neal Harmon in 2013, this was a faith-based competitor against Netflix’s original model of mail-in DVDs. Today, Angel Studios is arguably the catalyst to Hollywood’s attention to content unabashed with its commitment to a Christ-centered message. Formed in a pivot from its previous business as a video filtering service, Angel Studios has leveraged a unique model to fund and distribute movie and TV content, finding early success with the child trafficking film \u201cSound of Freedom,” which earned a spot as one of the top grossing films last year.<\/p>\n

Aside from entertainment, Angel Studios generates revenue from licensing its films and television shows to streaming platforms such as Amazon Prime, Apple TV+, and Netflix, along with theatrical distribution of its movies. Following the successful\u00a0Sound of Freedom<\/em>, Angel Studios has a couple of projects later this year:<\/p>\n