Blue Ant Media Corp is snapping up one of Canada‘s top production companies, Thunderbird Entertainment.
The deal is priced in total at C$89M ($63.2M), with Blue Ant paying in cash and shares for all common shares in Thunderbird, which makes the likes of Kim’s Convenience, Highway Thru Hell and Reginald the Vampire. This prices Thunderbird’s shares at C$1.77, a 28% premium on the share price at end of trading yesterday.
Blue Ant says the acquisition will result in cost synergies of C$7M.
The deal comes in a busy year for Blue Ant, coming just months after it completed a reverse takeover (RTO) of Boat Rocker Media and listing on the Toronto Stock Exchange. It also follows a multi-million dollar deal for documentary streamer MagellanTV in October.
“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,” said Michael MacMillan, Blue Ant’s founder and CEO.
“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.”
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‘ The preceding article may include information circulated by third parties ’
‘ Some details of this article were extracted from the following source deadline.com ’
