On November 26, 2025, Blue Ant Media Corporation has agreed to acquire all issued and outstanding common shares of Thunderbird Entertainment Group Inc. for approximately $89 million, representing $1.77 per Thunderbird share - a 28 percent premium to the 45-day volume-weighted average price. Thunderbird shareholders may elect to receive 0.2165 Blue Ant subordinate voting shares, $1.77 in cash, or a combination thereof, subject to a maximum cash consideration of $40 million. Voting support agreements cover approximately 37 percent of outstanding shares.

The acquisition is expected to be immediately accretive to Blue Ant's earnings per share, with anticipated cost synergies of $7 million within the first 12 months. The transaction strengthens Blue Ant's production capabilities in unscripted, animation, and kids and young adult content while expanding distribution infrastructure and intellectual property monetization opportunities. Thunderbird brings established relationships with Disney, Netflix, Warner Bros., Marvel, and LEGO.

Jennifer Twiner McCarron, Thunderbird's Chief Executive Officer, will join Blue Ant to oversee the combined kids, young adult, and animation division. Completion is anticipated in the first quarter of 2026, subject to court approval, Competition Bureau review, and Thunderbird shareholder approval.

Bennett Jones LLP and Cormark Securities Inc. advised Blue Ant; DLA Piper (Canada) LLP and Canaccord Genuity Corp. advised Thunderbird.