Indie production company Blue Ant Media, known for creating reality shows such as “Canada’s Drag Race” and “Northwoods Survival,” has announced its strategy to go public through a reverse IPO. This will enable them to trade on the Toronto Stock Exchange by acquiring assets from Boat Rocker Media Inc.
I, as a gaming enthusiast, am excited about the upcoming public debut of Blue Ant, a company previously owned by Michael McMillan, the former head of Alliance Atlantis. This transformation will happen through a reverse takeover involving Insight Productions, Jam Filled Entertainment, and Proper Television, which were all part of Boat Rocker Media.
In this deal, Boat Rocker Media will be acquiring all Blue Ant shares for $2.25 each, representing a 125% premium over the closing price of Boat Rocker Media’s stock on March 21. This move is sure to create some interesting changes in the media landscape!
Following the finalization of the deal, Blue Ant Media Corp.’s shares will be traded on the TSO. In this arrangement, Blue Ant shareholders are projected to own approximately 73.5% of the Toronto-based media company, while Boat Rocker Media shareholders will hold around 26.5%. Blue Ant reported a revenue of CAN$196 million (equivalent to US$137 million) in its last fiscal year ending August 31, 2024, marking a 16% increase compared to the previous year, and generated a net income of CAN$18 million (US$12.5 million).
In a separate deal, the existing management team at Boat Rocker Media, comprising co-founders Ivan Schneeberg and David Fortier who also serve as co-executive chairmen, along with CEO John Young, will purchase Boat Rocker Studios in what’s known as a management buyout. This studio is currently working on Netflix’s “Bet,” produced by Simon Berry, and “The Ridge” for BBC Scotland and Sky New Zealand.
For Blue Ant Media Corporation, McMillan has been appointed as the CEO of the upcoming publicly-traded company, with Brad Martin taking on the role of chairman. In a statement issued on Monday, McMillan expressed that this is a strategic time for Blue Ant to go public, opening up possibilities for sustained value creation in the future.
He stated that we’re optimistic this deal will generate substantial worth for all stockholders. By securing a public listing, reinforcing our financial standing, and having a sizable amount of cash in hand following the transaction, we feel strategically poised for profitable expansion on a global scale, both organically and through acquisitions.
In 2007, McMillan disposed of Alliance Atlantis, an entity that once owned a profitable half-share in the successful CSI: Crime Scene Investigation series franchise, to a joint venture between CanWest Global Communications and Goldman Sachs Capital Partners for approximately $2.3 billion. This happened before Blue Ant was launched in 2011.
At present, Blue Ant Media primarily operates across three main sectors: its broadcast and streaming channel operations, Blue Ant Studios – a production company specializing in unscripted and animated content with offices in Toronto, Los Angeles, New York, Miami, and London; and a Canadian division focused on cable television.
1) Insight Productions, Proper Television (both known for unscripted series), and animation-centric Jam Filled will carry on functioning under the Blue Ant corporate roof. On the other hand, Boat Rocker Media’s scripted, unscripted, and kids/family TV studio, Boat Rocker Studios, along with its distribution arm and brand management divisions, are set to be purchased by Boat Rocker leaders Schneeberg, Fortier, and Young in a management buyout.
It’s anticipated that the newly formed business, referred to as IDJCo, will function under the brand name Boat Rocker. This deal is set to be finalized in June 2025, provided it receives approval from shareholders and regulatory bodies.
Schneeberg, Fortier, and Young expressed enthusiasm about the prospect of owning Boat Rocker Studios. They believe that this acquisition will provide them with a sharper strategic direction and more agility, enabling them to seize the intriguing content creation, investment, and collaboration possibilities they’ve spotted in the international market.
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2025-03-24 16:24