(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.
(Reporting by Jaiveer Singh Shekhawat in Bengaluru; Editing by Shilpi Majumdar)
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