November 26, 2025
Blue Ant Media Corp., an international streamer, production studio and rights business, has entered into an agreement to acquire Thunderbird Entertainment Group, a multiplatform production, distribution, and rights management company.
Under the terms of the agreement, each Thunderbird shareholder will have the option to elect to receive, for each Thunderbird Share, 0.2165 Blue Ant subordinate voting shares, $1.77 in cash, or a combination thereof, subject to rounding and proration based on a maximum cash consideration of $40 million (Canadian).
The transaction follows Blue Ant’s reverse takeover of Boat Rocker Media, completed on Aug. 1, 2025, and its subsequent listing on the the Toronto Stock Exchange (TSX).
“The acquisition of Thunderbird is anticipated to add scale and complementary capabilities that strengthen Blue Ant’s studio business and enhance our earnings and cash flow,” Michael MacMillan, Blue Ant’s CEO, said in a statement. “Thunderbird’s world-class service work and proprietary content creation strengthens Blue Ant’s studio portfolio and fortifies our ability to develop, package, and monetize 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.”
“This Transaction brings Thunderbird into a larger, more diversified media group with stronger commissioning opportunities, global distribution, and greater emphasis on IP ownership and monetization. It creates a powerful platform for future growth, while also delivering compelling value for shareholders,” Jennifer Twiner McCarron, Thunderbird CEO and chair said in a statement. “We anticipate joining Blue Ant from a position of financial strength in fiscal 2026. As of today, productions representing approximately 76% of the revenue associated with Thunderbird’s current slate are approved and underway. Based on Thunderbird management’s current visibility, we expect full-year revenue growth in the mid- to high-single-digit range year-over-year. Thunderbird also anticipates a corresponding increase in Adjusted EBITDA[2], with margins in line with the prior year.
“We are excited to further strengthen our trajectory within a larger organization, and look forward to uniting the talent and capabilities of both teams as we move confidently into this next chapter of growth.”
Under the transaction, assuming full cash proration, consideration per Thunderbird Share represents approximately $0.80 in cash and 0.1192 of a Blue Ant SVS. The total consideration to be received by Thunderbird shareholders values Thunderbird at $1.77 per Thunderbird share based on the closing price of Blue Ant SVS on Nov. 25, 2025, representing a total equity transaction value of $89 million.
Upon completion of the transaction, assuming full cash proration, existing Blue Ant and Thunderbird Shareholders are expected to own approximately 79% and 21% of the pro forma company, respectively. If no cash elections are made, existing Blue Ant and Thunderbird shareholders would own approximately 67% and 33% of the pro forma company, respectively.
The transaction is expected to close in the first quarter of 2026, subject to the satisfaction of customary closing conditions including court approval, approval of the Competition Bureau of Canada, the Toronto Stock Exchange (“TSX”), and Thunderbird shareholder approval.
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