Angel Studios and 2521 Entertainment Form Joint Venture 'Giant Slayer Media', Effective October 7, 2025; The Equity Split In The JV Will Be 42% To Angel Studios And 58% To 2521

Angel Studios, Inc. (the "Company") entered into a term sheet (the "Term Sheet") with 2521 Entertainment, LLC ("2521", together with the Company, the "JV Partners") that sets forth the principal terms and conditions governing the joint venture between the JV Partners, through Giant Slayer Media LLC ("Giant Slayer Media" or the "JV"). The Term Sheet, pursuant to its terms, became binding on October 7, 2025, upon the execution of that certain Asset Purchase Agreement by and between Slingshot USA LLC ("Slingshot") and Giant Slayer Media, also dated as of October 7, 2025 (the "Asset Purchase Agreement"). The Term Sheet will remain in effect until the earlier of (a) the execution of the definitive Limited Liability Company Agreement for the JV (the "LLCA") and a distribution agreement between the Company (or one of its affiliates) and Giant Slayer Media (the "Distribution Agreement") or (b) the mutual agreement of the JV Partners to terminate the Term Sheet. 

 

Pursuant to the Term Sheet, the Company will contribute US$31,366,685.51 and 2521 will contribute US$46,550,473.41 in cash to the JV. Moreover, the Company will also be credited, as a capital contribution, an amount equal to US$2,342,277 on account of a previous investment with Slingshot, which will result in the Company's total initial capital contribution of US$33,708,962.51. Following the cash contribution by the JV Partners, the equity split in the JV will be 42% to the Company and 58% to 2521.