“Sound of Freedom” distributor Angel Studios made its inventory market debut Thursday as the corporate appears to be like to develop its streaming service and finally penetrate worldwide markets.
The Provo, Utah-based agency is buying and selling on the New York Inventory Trade below the ticker image ANGX. Shares of the corporate rose 8% to $13.
Angel Studios’ launch on the general public market is the newest step within the firm’s unconventional journey into the leisure enterprise.
Based by brothers Neal, Daniel, Jeffrey and Jordan Harmon, the corporate started as VidAngel, a service that allowed viewers to sanitize Hollywood motion pictures by erasing intercourse, violence and swear phrases. However in 2016, VidAngel was sued for copyright infringement by Walt Disney Co. and Warner Bros., who mentioned the corporate’s enterprise mannequin — which concerned buying 1000’s of DVDs and Blu-ray discs and permitting customers to stream them on-line — was primarily piracy.
VidAngel finally settled the case, and the Harmon brothers offered off the filtering enterprise. The corporate rebranded as Angel Studios and stored its content material manufacturing and crowdfunding operation.
As we speak, the agency operates a streaming service and releases motion pictures theatrically, together with 2023’s massively standard “Sound of Freedom,” which grossed $250 million worldwide, and the animated movie “The King of Kings,” which got here out in Might and tells the story of Jesus. The studio focuses on what it calls “values-based storytelling,” and its slate is set via the vote of its 1.5 million Angel Guild members, who additionally get free film tickets and different perks.
“It’s actually a mix of the values of a broader viewers,” mentioned Jordan Harmon, president. “In case you have a look at motion pictures like ‘The Sound of Music,’ or ‘Casablanca’ or ‘12 Offended Males,’ all these have been broad, unimaginable tales that touched the lives of tens, if not a whole lot, of hundreds of thousands of individuals. These are the kind of tales that we expect fall proper into this values-driven, light-amplifying mission.”
Although thought of small for Hollywood, Angel Studios moved to develop into a publicly traded firm as a result of its almost 70,000 buyers required it to, mentioned firm Chief Government Neal Harmon. The corporate merged with a particular objective acquisition firm (or SPAC) known as Southport Acquisition Corp. to go public. A SPAC is basically a shell firm that exists solely to purchase a non-public firm and take it public with out the scrutiny of a conventional IPO.
“We’re turning the way in which that this trade works on its head,” he mentioned. “And since we’re not doing the normal Hollywood gatekeeper factor, we additionally wanted to entry capital in an untraditional approach.”
The trail is much from the potato farm in Idaho the place the brothers grew up, and the place the closest neighbor was a quarter-mile away. Working collectively on the farm — and sharing a bed room for years — helped foster the communication and bond between the brothers, mentioned Jeff Harmon, chief content material officer.
“In case you look in Hollywood, one of the best partnerships have all been brothers,” he mentioned, ticking off a number of profitable film enterprise sibling partnerships together with the Disneys, Warners and Nolans. “Once they truly work collectively rather well, it turns into unstoppable.”
