Southport Acquisition PORT-UN

Angel Studios is a media and technology company that operates a community-driven platform to select, produce, and distribute films and television shows that align with values-driven storytelling. The company leverages its Angel Guild, a community of approximately 2.0 million paying members as of December 31, 2025, to vote on content submissions, fund projects, and support theatrical releases. Its proprietary technology platform integrates artificial intelligence and data analytics to enhance decision-making across film selection, marketing, distribution, and streaming operations, creating a scalable alternative to traditional Hollywood gatekeeping models.

Angel Studios generates revenue primarily through the distribution and licensing of films and television shows, including theatrical releases, video on demand platforms, and its own streaming service via the Angel App. The company earns income from box office receipts, digital transactions, subscription and ad-supported video on demand, and crowdfunding initiatives facilitated through third-party portals. Revenue is derived from net profit sharing with filmmakers under distribution agreements where payouts are based on revenues minus verified distribution and marketing costs. Additionally, the company monetizes its technology platform and audience intelligence data to inform greenlight decisions and marketing strategies, though direct revenue from data licensing is not detailed in the filing.

The company operates through the following segments:

• Original Content. This segment involves the development, production, and distribution of original films and television series created in partnership with filmmakers who submit projects to the Angel Guild for approval. As of December 31, 2025, Angel Studios has exclusively licensed 137 titles for worldwide distribution, including 101 films and 36 television series, and has produced 776 original comedy specials as part of its Dry Bar Comedy series. The segment also includes internally produced content such as films released through its theatrical division, including “His Only Son,” “Sound of Freedom,” “The King of Kings,” and “David,” which contributed significantly to box office performance in 2023 and 2025.
• Distribution and License Agreements. This segment focuses on securing distribution rights for films and television shows from third-party producers and managing the release of such content across theatrical, digital, and international markets. Angel Studios enters into distribution agreements where it does not take an upfront fee but instead shares net profits with filmmakers after recouping verified distribution and marketing expenses. The company has built an international distribution network spanning multiple continents through partners such as Paris Filmes in Brazil, FilmOne in Africa, Kinostar in Germany, and RIALTO in Australia and New Zealand. Material distribution agreements tied to over $573.0 million in global gross box office as of December 31, 2025 include titles such as “Sound of Freedom,” “Cabriini,” “Bonhoeffer,” and “The King of Kings.”.
• Theatrical Distribution. This segment encompasses the company’s efforts to release films in movie theaters through agreements with exhibitors, where theater owners collect ticket sales and remit the net box office to Angel Studios after retaining their share. The company mitigates theatrical risk by leveraging Angel Guild data to predict audience appeal, selling tickets directly to theaters to measure marketing effectiveness, and offering free tickets to Angel Guild Premium members for each release. In 2025, Angel Studios released eight films theatrically, including “Brave the Dark,” “Rule Breakers,” “The King of Kings,” and “David,” and was ranked as the #10 domestic distributor by TheNumbers.com for that year. The segment also utilizes proprietary technology like “Theatrical Pay it Forward” to enable community-supported ticket gifting for underserved audiences.

Angel Studios operates in a highly competitive media and entertainment industry, contending with major film studios, streaming platforms, and digital content providers for audience attention, talent, and intellectual property. Its competitive advantages stem from a proprietary data moat generated by the Angel Guild’s voting patterns, viewing behavior, and engagement signals, which the company believes is unmatched in scale and specificity for values-driven entertainment. This dataset enhances the accuracy of its Guild Score algorithm and audience intelligence tools, improving film selection and marketing efficiency. Additionally, the company’s AI-accelerated operations across engineering, media processing, and data analysis enable faster technology deployment and operational scalability. Its trust and curation model—combining AI-driven technology with a community committed to selecting content that is “true, honest, noble, just, authentic, lovely or admirable”—differentiates its approach in an increasingly automated content landscape.

The company serves a global audience of viewers who engage with its content through the Angel App, theatrical releases, and international distribution partners. Its core customer base consists of individuals and families seeking values-driven entertainment that aligns with themes of truth, honesty, nobility, justice, authenticity, loveliness, or admirability. While specific end-user customer names are not disclosed, the company references partnerships with filmmakers and production companies whose projects have been approved by the Angel Guild, including creators of “Dry Bar Comedy,” “The Tuttle Twins,” “The Wingfeather Saga,” and “Testament: The Series.” Internationally, content is distributed through regional partners in Europe, Latin America, Africa, Asia, and Oceania, enabling access to diverse markets across multiple languages and territories.