Angel Studios Revises TCP Merger; Adds 439,127 Preferred Reallocation Shares, Cuts Incentives to 77,493
Angel Studios revised its merger agreement with Toothy Cow Productions, adding 439,127 preferred shares and reducing incentive shares to 77,493. The company has committed up to $11.9 million for future seasons and provided $12.6 million to date, which may convert into TCP preferred units if the deal fails. The agreement was signed on September 17, 2026.
