As far as distribution goes, 20th Century Fox released the original Borat, but since Fox was acquired by Disney, which isn’t known for churning out R-rated comedies, perhaps Cohen and his team shopped the sequel elsewhere.
Furthermore, Borat 2 has already been screened for “a select few industry types,” although when it’s going to be released to the public is unclear.
This news comes from Collider, which reports that Borat 2 is the secret project that Sacha Baron Cohen was shooting in Los Angeles, and was discussed on social media.
Maybe a streamer like Netflix or HBO Max is behind it.