Blue Ant buys Thunderbird in C$89m deal

Blue Ant Media Corporation has agreed a C$89m (£48m) deal to acquire Kim’s Convenience and Highway Thru Hell firm Thunderbird Entertainment.

Thunderbird shareholders will receive £1.77 for each share held, a 28% premium to yesterday’s trading price.

The deal is expected to close in Q1 2026 and is subject to shareholder approval, although Thunderbird’s board are backing the takeover.

Blue Ant expects to find annual cost synergies of around C$7m from the acquistion, which will see Thunderbird chief exec Jennifer Twiner McCarron joining the Michael MacMillan-led company to oversee its kids, animation and young adult unit.

The deal follows Blue Ant’s reverse takeover (RTO) of Boat Rocker Media earlier this year, after which chief exec Michael MacMillan told Broadcast International he was looking at more M&A activity to “turbocharge” the business.

The company subsequently acquired factual streamer MagellanTV in October.

MacMillan said the acquisition of Thunderbird would ”add scale and complementary capabilities that strengthen Blue Ant’s studio business and enhance our earnings and cash flow.

“Thunderbird’s world-class service work and proprietary content creation strengthens Blue Ant’s studio portfolio and fortifies our ability to develop, package, and monetise content across multiple platforms, while improving operating efficiency across our combined businesses.

“We are thrilled to carry on the momentum we started with the RTO this summer.”

The deal comes three years since Vancouver-based Thunderbird was the subject of a shareholder battle after activist investor Voss Capital took a stake in the production firm in a bid to push the company into a sale. 

McCarron, whose company is behind shows such as Netflix drama Crew Girl and Timber Titans for USA Network, added that the deal would deliver “stronger commissioning opportunities, global distribution, and greater emphasis on IP ownership and monetisation.

“It creates a powerful platform for future growth, while also delivering compelling value for shareholders,” she continued, pointing to the fact that 76% of revenue associated with its current slate is approved and underway.

Thunderbird investors will be paid in either cash or Blue Ant shares. If shareholders choose to take cash, existing Blue Ant and Thunderbird shareholders are expected to own approximately 79% and 21% of the enlarged company, respectively.

If no cash elections are made, existing Blue Ant and Thunderbird shareholders would own approximately 67% and 33%, respectively.