Michael MacMillan-led company eyes M&A and secures C$155m (£85m) credit facility ahead of stock market bow
Blue Ant Media is to start trading on the Toronto Stock Exchange (TSE) later this week after completing its reverse takeover of fellow Canadian firm Boat Rocker Media.
The Michael MacMillan-owned company, which first revealed the Boat Rocker deal in March, had previously been privately held but is now set to trade under the new ticker BAMI on the TSE around 6 August.
The company has also secured a C$155m (£85m) credit facility with the Bank of Montreal, which Blue Ant said would support ongoing operations, including working capital needs, interim production financing, and strategic investments.
Following news of the deal in March, MacMillan told Broadcast International that he was plotting “signifcant” growth and was considering raising further finance to fuel an M&A streak.
As per the agreement, Blue Ant shareholders now own 73.5% of the enlarged company, with Boat Rocker’s shareholders taking a 26.5% stake. The deal also hands a raft of Boat Rocker assets to Blue Ant, including Insight Productions, Jam Filled Entertainment, and Proper Television.
MacMillan is chief exec, Robb Chase is chief financial officer and Brad Martin is chair of the board of directors of the enlarged company. The rest of the board consists of: Robb Chase, Richard Wernham, Phyllis Yaffe, Kent Sobey, Lisa Knutson, Kevin Johnson, Lisa Hsia, Kathryn Houlden, and Ellis Jacob.
Boat Rocker co-founders and co-executive chairmen Ivan Schneeberg and David Fortier, alongside chief exec John Young, struck their own agreement to acquire the Boat Rocker Studios business in a separate management buyout.
That deal includes Boat Rocker Studio’s content investment business, all current projects, all library titles, and the company’s production, distribution, and brand assets and operations, aside from Insight, Jam Filled and Proper TV.
Blue Ant was founded in 2011 by MacMillan, former chair and chief exec at Alliance Atlantis, and is behind shows ranging from Nat Geo’s Northwood’s Survival, to Davey & Jonesie’s Locker for Prime Video and Hulu.
It has bases in Toronto, LA, New York, Washington, London and Sydney, and generated C$196m in revenues in fiscal year ending 31 August, 2024, marking a 16% increase year-over-year. Net income was C$18m.
“With a strong capital position, a proven content model and operations across key international markets, we’re well-positioned to scale in a rapidly evolving landscape,” said MacMillan.
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