(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 (NASDAQ:AMZN), Apple (NASDAQ:AAPL) and Netflix (NASDAQ:NFLX), 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.