Bennett Jones advising Blue Ant; DLA Piper Canada representing Thunderbird
Blue Ant Media Corporation is set to acquire Thunderbird Entertainment Group Inc. in a cash-and-share deal valued at about $89 million, a move that further reshapes Canada’s independent production landscape as mid-sized players bulk up to compete for global streaming dollars.
Under a definitive arrangement agreement, Toronto-based Blue Ant will acquire all issued and outstanding common shares of Vancouver-headquartered Thunderbird for $1.77 per share. The offer represents a 28 percent premium to Thunderbird’s 45-day volume-weighted average price and a 50 percent premium to its closing share price on November 25, 2025.
Thunderbird shareholders can choose to receive either $1.77 in cash, 0.2165 Blue Ant subordinate voting shares, or a mix of cash and shares, subject to a maximum cash pool of $40 million. Assuming full cash proration, the consideration per Thunderbird share works out to roughly $0.80 in cash and 0.1192 of a Blue Ant subordinate voting share.
Blue Ant, which recently completed a reverse takeover of Boat Rocker Media and listed on the Toronto Stock Exchange on August 1, 2025, has been moving quickly to build scale across production, rights and streaming. Its portfolio spans free streaming and pay TV brands such as Love Nature, Cottage Life, Smithsonian Channel Canada, BBC Earth Canada, HauntTV, Homeful and Love Pets, alongside factual subscription service MagellanTV.
Thunderbird brings in a mix of service and owned IP across its core banners. Its production units include Atomic Cartoons, the animation studio behind work for major streamers, and Great Pacific Media, which focuses on scripted and unscripted series for global buyers.
If the transaction closes as structured, the ownership of the combined company will tilt heavily toward existing Blue Ant shareholders. With full cash proration, Blue Ant investors are expected to hold about 79 percent of the pro forma entity, while Thunderbird shareholders would own roughly 21 percent. If all consideration is taken in shares, those stakes would shift to approximately 67 percent and 33 percent, respectively.
Both sides are pitching the deal as a scale play designed to improve profitability and bargaining power with platforms.
“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,” Blue Ant CEO Michael MacMillan said in a press release. “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,” said Thunderbird CEO and Chair Jennifer Twiner McCarron. “We anticipate joining Blue Ant from a position of financial strength in fiscal 2026. As of today, productions representing approximately 76 percent of the revenue associated with Thunderbird’s current slate are approved and underway.”
Bennett Jones LLP acted as legal advisor and Cormark Securities Inc. acted as financial advisor to Blue Ant. DLA Piper (Canada) LLP acted as legal advisor and Canaccord Genuity Corp. acted as financial advisor to Thunderbird.
The deal is expected to close in the first quarter of 2026, subject to customary closing conditions.
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